Experience

• • A creditor in its role regarding a portion of Thames Water PLC’s super senior bonds, and the related restructuring plan submitted by Thames Water Utilities Holdings Limited to the High Court, sanctioning emergency financing instruments under Part 26A of the Companies Act.
  • Lovell Minnick in the financing aspects of its investment in Broadstone, a UK financial services consultancy delivering advice to employers, insurers, lenders and pension scheme trustees.
  • OCS Group, a global facilities services business and Clayton, Dubilier & Rice portfolio company, in the £1.08 billion refinancing of its existing term and revolving credit facility.
  • B&M in its offering of £250 million aggregate principal amount of 6.500% senior secured notes due 2031.
  • Wm Morrison Supermarkets in the amendment and extension of its term loan facilities and revolving credit facility.
  • Clayton, Dubilier & Rice in the financing aspects of its bid for a controlling stake in Opella, the French-headquartered consumer healthcare company, valuing the company at c.€16 billion.
  • Lovell Minnick in the financing aspects of the merger between wealth management companies London & Capital and Waverton. Lovell Minnick was London & Capital’s majority shareholder, and takes a majority shareholding in the combined business.
  • Wm Morrison Supermarkets in the successful completion of its debt reduction exercise.
  • Baring Vostok Capital Partners in the financing aspects of the sale of its stake in Ozon, Russia’s leading e-commerce platform, and other Russian assets held by the private equity firm.
  • Relevant parties in the financing aspects of the £2.5 billion acquisition of 337 petrol forecourts in the UK, and more than 400 associated sites.
  • B&M in the offering of £250 million of 8.125% senior secured notes due 2030, as well as the concurrent tender offer of a portion of its existing 3.625% senior secured notes due 2025.
  • The Evercare Group in equity and debt financing aspects of its sale of a majority shareholding in CARE Hospitals to private equity funds managed by Blackstone.
  • Avenue Group, the Kenyan healthcare provider, in financing aspects of an investment by IFC.
  • B&M in the refinancing of its existing senior credit facilities with a new senior facilities agreement, which comprises a £225 million term loan facility and a £225 million revolving credit facility.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisitions of Atalian and OCS to create a global facilities management platform.
  • Market Bidco Finco Plc, an indirect subsidiary of funds managed or advised by Clayton, Dubilier & Rice, in the offerings of £1.075 billion and €545 million of senior secured fixed rate notes relating to the financing of CD&R’s acquisition of Wm Morrison Supermarkets Limited.
  • Certain holders of second lien term loans issued by Integro Parent Inc., part of Tysers Insurance Brokers, Ltd., a leading Lloyds independent broker, in a transaction under which AUB Group Limited will acquire Tysers from Odyssey Investment Partners for $615.2 million.
  • Resolution Life, a global life insurance group, in its $2 billion multicurrency term and revolving facility agreement in connection with its reinsurance of $35 billion in fixed indexed annuities of Allianz Life.
  • Clayton, Dubilier & Rice, Huntsworth and Sharp in obtaining $787.5 million in debt financing for Huntsworth’s spin-off of Sharp.
  • Clayton, Dubilier & Rice in its offering and sale of £1.2 billion 6.75% senior notes due 2029 in connection with the financing aspects of Clayton, Dubilier & Rice’s £7 billion acquisition of Morrisons.
  • PJSC Polyus in its issuance and placement of new ordinary shares by way of closed subscription for approximately $81 million.
  • The Evercare Group in financing arrangements for the acquisition of CHL Hospitals and CIIGMA Hospitals.
  • PJSC Polyus in its $700 million Eurobond offering of 3.25% notes due 2028 and a related tender offer for outstanding notes due 2023 and 2024 for the aggregate principal amount of $605.3 million.
  • Clayton, Dubilier & Rice in financing aspects of its £7 billion recommended cash offer for Morrisons.
  • Ambac in the issuance and sale by Sitka Holdings, its newly formed special purpose entity, of its $1.175 billion aggregate principal amount of LIBOR plus 4.50% Floating Rate Senior Secured Notes due 2026.
  • NLMK in its €500 million Eurobond offering of 1.45% notes due 2026 and a related tender offer for outstanding notes due 2023 and 2024 for the aggregate principal amount of $470.6 million.
  • Clayton, Dubilier & Rice in the financing aspects of its $3.7 billion take-private acquisition of UDG Healthcare.
  • Clayton, Dubilier & Rice in the financing aspects of its £308 million acquisition of Wolseley UK, a leading distributor of plumbing, heating and climate products.
  • AIG's Lloyd's Syndicate 2019 in its Tier 1 Funds at Lloyd's facility.
  • Aveva Group, a global leader in industrial software, in the financing aspects of its $5 billion acquisition of OSIsoft.
  • B&M in its £400 million bond offering of 3.625% senior secured notes due 2025, and its related refinancing of its existing senior credit facilities with a £455 million senior secured facilities agreement.
  • GreyCastle in the financing aspects of its sale to Monument Re.
  • Clayton, Dubilier & Rice in the financing and tax aspects of its £400 million acquisition of Huntsworth.
  • A consortium of private equity investors in the financing aspects of the proposed acquisition through a competitive auction of equity interests in a privately-held insurance company in China.
  • Norilsk Nickel in the increase and extension of its unsecured syndicated facility, originally for up to $2.5 billion and signed in December 2017, with a syndicate of 25 international banks for up to $4.15 billion.
  • Lovell Minnick in the financing aspects of its take-private deal for Charles Taylor, a leading provider of professional services to the global insurance market.
  • Linkem in its €125 million senior secured notes due 2022.
  • Kalle Management GmbH, a Clayton, Dubilier & Rice portfolio company, in the restructuring of its various finance arrangements.
  • NLMK in its $500 million Eurobond offering of 4.70% notes due 2026.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisition of a controlling interest in Westbury Street, a leading independent contract caterer and hospitality services provider in the UK.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in the financing aspects of its revised AUS$3.0 billion acquisition of AMP Life.
  • Motor Fuel Group in the financing and tax structuring of its £1.2 billion acquisition of MRH, the UK's largest petrol station and convenience retail operator.
  • Solenis, a Clayton, Dubilier & Rice portfolio company, in the financing aspects of its combination with BASF's paper and water chemicals business.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisition of Carestream Dental, the digital dental business of Carestream Health.
  • AIA Group in its $500 million offering of 3.90% notes due 2028.
  • PJSC Polyus and its indirect subsidiary Polyus Finance in the issue of $250 million senior bonds convertible into global depositary receipts representing ordinary shares of PJSC Polyus.
  • Norilsk Nickel in its up to $2.5 billion syndicated term loan facility with an international syndicate comprising 17 banks and financial institutions.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisition of a 40% ownership interest in Belron, which valued the company at €3 billion.
  • A European direct lending fund as provider of second lien debt to finance an acquisition by a major sponsor of a human resources company.
  • A European direct lending fund on its second lien financing to finance the acquisition by a major sponsor of a global pharmaceuticals company.
  • Two direct lending funds as providers of junior financing to support the acquisition by a major private equity firm of an international group of companies with subsidiaries in the United States, Europe and Asia providing a wide range of outsourcing services, primarily for the automotive industry.
  • Metropolitan Life Insurance Company as lender in the privately placed AUS$100 million senior secured notes for InvoCare Limited.
  • Aflac as lender in a series of loan and bond transactions.
  • NLMK in its $500 million Eurobond offering of 4% notes due 2024, and a related tender offer for outstanding notes due 2018 and 2019 for the aggregate principal amount of $317 million.
  • FountainVest in its subscription line facility with CitiBank for FountainVest China Capital Partners Fund III.
  • Prudential Financial in its life insurance joint venture with CT Corp in Indonesia.
  • Motor Fuel Group in the upsizing and repricing of its £360 million facility to a £565 million facility.
  • AIA Group in its $500 million offering in Taiwan of 4.47% senior unsecured fixed rate notes due 2047.
  • NLMK and its U.S. subsidiaries in a $250 million ABL facility.
  • Norilsk Nickel in its $500 million credit facility with a syndicate of international banks.
  • Canada Pension Plan Investment Board in the debt financing aspects of its $1.1 billion acquisition of Ascot from American International Group.
  • Apex Fund Services in its $40 million credit facility with Highbridge Principal Strategies.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisition of BUT, the largest furniture retailer network in France, in a 50:50 partnership with WM Holding, a company related to the XXXLutz Group.
  • NLMK in its $700 million Eurobond offering of 4.5% loan participation notes due 2023, and a related tender offer for its outstanding notes due 2018 and 2019 for the aggregate principal amount of $571 million.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisition of Kalle.
  • NLMK in its $400 million pre-export finance facility.
  • Norilsk Nickel in its $1 billion Eurobond offering of 6.625% notes due 2022.
  • Clayton, Dubilier & Rice in the financing aspects of its approximately £500 million acquisition, alongside management, of Motor Fuel Group.
  • SPIE in the financing aspects of its initial public offering.
  • NLMK Europe Plate Division in its €250 million revolving collateralized credit facility.
  • Uralkali in its up to $800 million pre-export finance facility with a syndicate of eight international banks.
  • Haversham in the debt financing aspects of its approximately £1.2 billion acquisition of British Car Auctions.
  • TA Associates in the financing aspects of its acquisition of Access Technology Group.
  • SPIE in the €2.16 billion refinancing of its existing debt.
  • Morgan Stanley, as financial advisor to NASDAQ-listed life science and technology company Sigma-Aldrich, in the $17 billion acquisition of Sigma-Aldrich by Merck KGaA.
  • Clayton, Dubilier & Rice in the financing aspects of its €1.2 billion acquisition of Mauser Group, one of the world’s leading industrial packaging companies.
  • Exova in the financing aspects of the company’s £220 million initial public offering.
  • Clayton, Dubilier & Rice in the £585 million senior secured credit facilities for its investment in B&M Retail.
  • Rexel in its concurrent €650 million offering of 5.125% senior notes and $500 million offering of 5.250% senior notes, both due 2020.
  • Oaktree Capital Management in the establishment of a revolving credit facility for certain portfolio companies within its European Principal Opportunities Fund III.
  • NLMK in its $800 million Eurobond offering of 4.45% notes due 2018.
  • Clayton, Dubilier & Rice in the financing aspects of its acquisition of a significant stake in B&M Retail.
  • WMG Acquisition in the incurrence of a $600 million “covenant lite” secured term loan facility and a $150 million secured revolving facility, as well as the issuance of $500 million 6.00% Senior Secured Notes due 2021 and €175 million 6.25% Senior Secured Notes due 2021 to refinance $1.25 billion of its secured notes.
  • NLMK in its debut $500 million Eurobond offering of 4.95% notes due 2019.
  • Reynolds Group in its $3.25 billion offering of 5.75% senior secured notes due 2020, at the time the third-largest single-tranche issue on record in the high-yield market and the largest issue since 2008.
  • Stone Point Capital in the sale, to Lockton, of a minority stake in Lockton's international operations.
  • SPIE in its €375 million offering of 11% senior notes due 2019.
  • Rexel in its $500 million offering of 6.125% senior notes due 2019.
  • Universal Cargo Logistics Holding in its $4.2 billion acquisition of Freight One and the related $3.75 billion financing provided by a syndicate of banks.
  • Clayton, Dubilier & Rice, AXA Private Equity and Caisse de dépôt et placement du Québec in the financing aspects of their €2.1 billion acquisition of SPIE from PAI Partners, which included a €1.335 billion senior term and revolving credit facility and a €375 million bridge loan.
  • Exova in its £155 million high-yield offering of 10.5% senior notes.
  • American International Group in the proposed sale of AIA Group Limited to Prudential plc for $35.5 billion. (Terminated)
  • Clayton, Dubilier & Rice in the senior and mezzanine financing of its acquisition of British Car Auctions.
  • Reynolds Group in the financing aspects of its acquisition of Reynolds Consumer Products and Closure Systems International and associated financings and refinancings, a group of transactions valued at $3.2 billion.
  • AAC Capital Partners in its sale of a $1.5 billion investment portfolio to a group of investors led by Goldman Sachs Asset Management.
  • Clayton, Dubilier & Rice in the financing aspects of its £417 million acquisition of Bodycote Testing Group (now Exova) from Bodycote.
  • NLMK in its $1.6 billion pre-export credit facility.
  • Clayton, Dubilier & Rice in the financing aspects of its £1.3 billion sale of Brakes, a leading foodservice distributor in the UK and France, to Bain Capital.
  • Clayton, Dubilier & Rice, BAML Private Equity and Carlyle in the European $2.9 billion asset-based financing of the $15 billion acquisition of The Hertz Corporation.
  • Merrill Lynch Global Private Equity and Bank of America Capital Partners on the senior, second lien and mezzanine financing of their acquisition, and subsequent sale, of N&W Global Vending.
  • Clayton, Dubilier & Rice, Eurazeo and BAML Private Equity, in the €2.4 billion senior financing and €600 million high-yield offering for the €3.7 billion acquisition of Rexel.
  • Clayton, Dubilier & Rice on the acquisition of the Culligan Group and the related New York law-governed $325 million bank credit agreement and €185 million European high-yield offering.
  • Catlin Group in $500 million facilities for the acquisition of Wellington Underwriting.
  • Rank Group in the financing aspects of its acquisition of the SIG Group, a Swiss-based packaging company. The financing consisted of senior facilities of €825 million in aggregate, a subordinated bridge facility of €770 million and a €900 million high-yield bond facility.
  • BCA in the financing aspects of its acquisition of We Buy Any Car.
  • SPIE in the restructuring of its senior facilities for the purpose of a material acquisition.
  • Exova in its raising of an acquisition facility for the purpose of a specific acquisition.