Our Equity Capital Markets team is rated in the top tier by leading legal commentators. We act across all industry sectors advising issuers, major investment banks, underwriters and sponsors in Ireland, the UK, Europe and the United States on domestic and multi-jurisdictional transactions.
We have extensive experience in initial public offerings (on the main markets in Ireland, the UK and the US and on AIM/IEX), rights issues, all types of securitisations and secondary placings of shares. We continually work with clients to find novel solutions to the issues which face publicly listed companies. We have recently devised innovative and unique restructuring and capital reduction solutions for publicly listed clients, facilitating the elimination of historic deficits and the creation of positive reserve surpluses.
We also work closely with our Debt Capital Markets and Financial Regulation colleagues on large-scale cross border debt and capital restructuring and refinancings.
We advise many Irish and international plcs, as well as sponsors of Irish plcs, on their ongoing compliance and regulatory obligations pursuant to the Listing Rules and the Transparency, Market Abuse and Prospectus regimes. We are also retained on a regular basis by the Irish Stock Exchange and The Irish Takeover Panel to provide regulatory advice and Chairman and partner, Alvin Price, serves on the board of the Irish Takeover Panel. In addition, we provide securities law and financial regulation advices to investors in Irish financial institutions and other public companies.
We advise companies and Boards on a wide range of corporate governance issues, including board evaluations, board composition and powers, and committee charters. Members of our team also regularly present at conferences and workshops on Corporate Governance issues facing public companies.
Our recent experience includes advising:
SkillSoft plc on a debt syndication and related funding in connection with the $1.1bn takeover of SkillSoft plc by a consortium of international private equity firms comprising Berkshire Partners, Advent International and Bain Capital Partners, by means of a court-approved scheme of arrangement.
Glanbia Co-operative Society Limited in relation to a €300m+ placing of the Society’s shares in Glanbia plc, to part fund the acquisition of ISE- and LSE-listed Glanbia plc's Irish operations including dairy operations, property business, group business services and related Irish joint ventures and associations.
Goldman Sachs (as Sponsor) in relation to the restructuring of Irish Life & Permanent plc by way of scheme of arrangement (involving an associated reduction of capital to create distributable reserves) and admission to listing on the Irish Stock Exchange and London Stock Exchange of its new holding company, Irish Life & Permanent Group Holdings plc.
Norkom Group plc and its subsidiaries on capital reductions totalling €330m, eliminating historic deficits and creating an aggregate positive reserve surplus of €126m.
Ardagh Glass Finance plc on its offering of €180m Senior notes, due 2020. William Fry's role involved providing legal advice on all Irish elements of the transaction (including the structuring of the offer by an Irish issuer) and negotiating amendments to facility documentation with Anglo Irish Bank required as a result of the notes issue.
Ardagh Glass Finance plc on its offering of €300m First Priority Senior secured notes, due 2016. The deal was one of the largest corporate fundraising deals of 2009. Proceeds were used to repay Anglo Irish Bank Corporation Limited in respect of certain existing debts of the Ardagh Group and for general corporate purposes. The deal involved an elaborate security package provided by various subsidiaries in the Ardagh Glass Group, covering ten different jurisdictions throughout Europe. William Fry's role involved co-ordinating all local counsel in respect of numerous jurisdictional issues, security and legal opinions.
Smurfit Kappa Acquisitions, a wholly owned subsidiary of Smurfit Kappa Group, on its issuance of €1 billion Senior Secured Notes in two series - €500 million 7.25% Senior Secured Notes due 2017 and €500 million 7.75% Senior Secured Notes due 2019. The Notes are listed and traded on the Global Exchange Market of the Irish Stock Exchange. The security package included guarantees and asset security created by over 100 companies throughout the world. This was the largest “non-bank” Irish bond offering in 2009.
Smurfit Kappa Corporation Limited on a €100m senior debt buyback by reverse Dutch auction (the first such transaction in Ireland which, as such, involved providing solutions to various Irish legal and regulatory issues) and on a package of material amendments to its credit facilities.
SkillSoft plc on a landmark $685m court approved capital reduction involving the reduction of a share premium account and the application of the reserves arising to eliminate historic deficits of US$407m and the creation of US$278m distributable reserves.
We are consistently ranked as one of the leading Capital Markets law firms in Ireland.
Department
William Fry provides "a first-class service", "client commitment and commercialism".
Legal 500 EMEA, 2012 - Capital Markets
Sources Say: “A dedicated team with great depth – and things are run by a solid partner at the top.”
Chambers Global, 2010 – Capital Markets
William Fry's reputation in the market lies in the equity capital markets, where the firm is ranked in tier one.
IFLR1000, 2010 - Capital Markets
Team
Myra Garrett
Managing partner Myra Garrett is "highly accomplished".
Legal 500 EMEA, 2012 - Capital Markets
Myra Garrett is renowned for her expertise in representing public limited companies. According to sources, she “has a clear understanding of the requirements and complexities of the transaction".
Chambers Global 2012 - Capital Markets
On the equity side, Myra Garrett has a ‘keen understanding of client needs and communicates effectively’.
Legal 500 EMEA, 2010 – Capital Markets
Managing partner Myra Garrett is a “high-performing, tenacious lawyer.” She has a broad practice but is particularly noted for her expertise on tech fund-raisings and IPOs.
Chambers Global, 2010 – Capital Markets
Myra Garrett is “intellectually very impressive,” according to sources; “she just gets on with the job and is very good on technical points”.
Chambers Global, 2009 – Capital Markets
Owen O'Connell
Owen O'Connell is a “formidable corporate/M&A and capital markets lawyer” who gives “good, straight advice” and “can get complex things done really easily.”
Chambers Global, 2010 – Capital Markets
Owen O'Connell is lauded as “a giant of the corporate field”.
Chambers Global, 2009 – Capital Markets
Brendan Heneghan
Leading light Brendan Heneghan is, according to clients, “one of the best there is in terms of training and mentoring his team.”
Chambers Global, 2010 – Capital Markets
Clients value corporate partner Brendan Heneghan’s expertise on IPOs and fund-raising matters.
Chambers Global, 2009 – Capital Markets
Ken Casey
Ken Casey is a strong generalist with particular expertise in M&A, corporate reorganisations and capital markets transactions.
Chambers Global, 2010 – Corporate/M&A