Debt Capital Markets

Our Debt Capital Markets team advises on Irish debt issues (both investment grade and high yield, public offers and private placements), securitisations and other debt capital markets transactions.  We work transnationally, and can co-ordinate all local counsel in respect of jurisdictional issues, security (where relevant) and legal opinions. 

We advise on debt repackagings, bond issues, EMTM and CP programmes, FRN issues, hybrid bonds, covered bonds and other debt issuances.

Our Debt Capital Markets team works closely with our Corporate, Tax and Regulatory lawyers, where required, for a particular transaction.

Ireland is a jurisdiction of choice for many programme issuers.  Recent changes to Irish tax legislation sought to ensure that Ireland could develop as a location for Shari'a – compliant products.

 

Our experience includes advising:

Ardagh Glass Finance plc on of its offering of €300m First Priority Senior Secured Loan Notes due 2016 and its offering  8.75% of €180m Senior Notes due 2020.  Ardagh Glass plc is a major European glass container manufacturer that supplies companies such as Heineken and Coca Cola

Duke Street on the restructuring of the Payzone Group, Europe’s largest consumer payments acceptance network, in conjunction with the senior debt funders to the Payzone Group resulting in Duke Street acquiring a controlling interest in the Payzone Group, a substantial senior debt write down and the syndicate lenders becoming shareholders in the restructured group

INEOS Group Limited in relation to the reorganisation of its financing arrangements including a secured bond issue

Smurfit Kappa Acquisitions plc, a wholly owned subsidiary of Smurfit Kappa Group, on its issuance of €1bn Senior Secured Notes in two series - €500m 7.25% Senior Secured Notes due 2017 and €500m 7.75% Senior Secured Notes due 2019.  The Notes are listed and traded on the Global Exchange Market of the Irish Stock Exchange

SCOR on its latest catastrophe bond, Atlas Capital VI Limited, which provides €75m of coverage to the SCOR Group in respect of certain European windstorm and Japanese earthquake risks for a risk period ending 31 March 2013

DCC plc as Irish counsel for DCC plc, DCC Treasury 2010 Limited as issuer, and associated group companies in a US dollar and euro denominated privately held debt note programme, placed with US and UK financial institutions

Smurfit Kappa on a €100m senior debt buyback by reverse Dutch auction

NTMA and NAMA in respect of structuring NAMA’s special purpose vehicle which will be responsible for the purchase, management and disposal of loan assets identified and valued by NAMA and the financing of such purchases through the issuance of debt securities which will consist of securities guaranteed by the Irish government

Duke Street Capital on the restructuring of the Payzone Group, Europe’s largest consumer payments acceptance network, in conjunction with the senior debt funders to the Payzone Group resulting in Duke Street acquiring a controlling interest in the Payzone Group, a substantial senior debt write down and the syndicate lenders becoming shareholders in the restructured group

United Business Media Limited on its quoted Eurobond

We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.

Department

'The banking team at William Fry continues to occupy a prominent place in the Irish market.'
Chambers Europe, 2012 - Banking & Finance

William Fry’s ten-partner group constitutes "a very experienced team" of "good negotiators" that "goes well beyond normal client service expectations".
Legal 500 EMEA, 2012 - Banking & Finance

William Fry provides "a first-class service", "client commitment and commercialism".
Legal 500 EMEA, 2012 - Capital Markets

William Fry's practice is "praised for its strong market repuation, excellent long established working relationships and proven track record."
Legal 500 EMEA, 2011 - Banking & Finance

Sources say William Fry "builds strong relationships with clients so is able to offer them a seamless and cost-effective service."
Chambers Europe, 2011 - Capital Markets

William Fry is "attentive to needs" and scores points for its "in-depth knowledge and practical application" and its "excellent access to partners".
Legal 500 EMEA, 2010  - Banking & Finance

Team

Elaine Hanly
Elaine Hanly is valued by clients, who say she is 'unbelievably dedicated, and has an ability to look ahead and find the difficult points and deal with them.'
Chambers Europe, 2012 - Capital Markets

Elaine Hanly 'has an impressive track record and wins the admiration of her peers.'
Chambers Europe, 2012 - Banking & Finance

Elaine Hanly is "highly regarded for her varied expertise". 
Chambers Global 2011 - Banking & Finance

Team head Elaine Hanly "guides you through the instruction with military precision".
Legal 500 EMEA, 2010  - Banking and Finance

Elaine Hanly is the group’s leading figure. Her extremely broad practice is complemented by her expertise in structured finance, derivatives, securitisation and debt capital markets.
Chambers Global, 2010 – Banking and Finance

Orla Brennan
'Orla Brennan handles a broad range of banking and finance work for an impressive client base.'
Chambers Europe, 2012 - Banking & Finance

Orla Brennan is highlighted for her "all-round excellence".
Legal 500 EMEA, 2012 - Banking & Finance

Sources hail Orla Brennan's dedication to her work and her ability to convey the most complicated legal technicalities in a clear and understandable way.
Chambers Global 2011 - Banking & Finance

Orla Brennan "goes above and beyond the call of duty," according to clients, who also praise her negotiating skills and ability to "communicate the key points in a simple manner."
Chambers Europe, 2011 - Banking & Finance

Orla Brennan is "particularly good".
Legal 500 EMEA, 2010  - Banking and Finance

Orla Brennan has substantial experience within domestic and international banking and finance.
Chambers Global, 2010 – Banking and Finance

Rachel Stanton
Rachel Stanton is highlighted for her "all-round excellence".
Legal 500 EMEA, 2012 - Banking & Finance

Rachel Stanton is picked out by clients as "highly experienced, quick to respond, commercial in her view and excellent to work with".
Legal 500 EMEA, 2011 - Banking & Finance

Owen O'Connell
Owen O’Connell is "a force to be reckoned with".
Legal 500 EMEA, 2012

The "superb" Owen O’Connell is "one of the very top lawyers in Ireland".
Legal 500 EMEA, 2011

Owen O'Connell is praised as "outstanding and resilient," and is "the leading light of the Irish market".
Chambers Global, 2010

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