Structured Finance & Securitisation

William Fry acts for issuers, sponsors, managers, derivative counterparties, monolines, rating agencies and administrators involved in the structuring and implementing of innovative and complex transactions in securitisations (in many asset classes including, in the insurance market, catastrophe risk and XXX) derivatives and tax-driven schemes. We have a niche practice in structured insurance and reinsurance transactions and have advised on almost all insurance-linked securitisation deals in the Irish market to date.
 
Ireland is well established as a favourable regime for the location of issuers and the Irish Stock Exchange Rules and responsive turnabout times has lead to an increasing number of issuers listing their notes on the Irish Stock Exchange.

We have been acknowledged as a leading firm in structured finance and have a reputation for providing innovative solutions on complex transactions.  We work closely with our Tax and Financial Regulation lawyers to provide comprehensive advice to clients on structures.  An increasingly regulated market and the demand for more competitive products has emphasised the need for experienced lawyers who understand all aspects of a transaction.

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

Sources say: 'The team is extremely smart and most importantly it is good at recognising a client's objective.'
Chambers Europe, 2012 - Tax

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

"Headed up by the highly thought of Martin Phelan, William Fry’s team continues to drive forward in the Irish market."
Legal 500 EMEA, 2011 - Tax

Clients highlight qualities of the team such as "its speed in dealing with a query, using language that I can understand, and its consistent professional courtesy of keeping us in the loop at every stage of the process."
Chambers Europe, 2011 - Tax

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

Clients readily recommend William Fry for tax work: “It is great using William Fry for tax because we get a more personal service than you might at the big accounting firms. Its approach is to get a truly deep understanding of our business, and focus on solutions.”
Chambers Global, 2010 - Tax

William Fry fields an "experienced team" under Martin Phelan.
Legal 500 EMEA, 2010 – Tax

Team

Elaine Hanly
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 & 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 & 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 & Finance

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

Paul Murray
"Paul Murray is especially well reputed for life and non-life risk securitisations, derivative transactions and issues arising in the context of custodial services and asset management activities."
Chambers Europe, 2011

Paul Murray is an "expert in SPV requirements".
Legal 500 EMEA, 2010

Martin Phelan
Martin Phelan is a towering force in the local market and enjoys recognition on a global scale. With a special interest in tax aspects of M&A and restructuring, he is described as a 'constructive, creative and compliant adviser.'
Chambers Europe, 2012 - Tax

Sources praise Martin Phelan, whose "profound knowledge allows him to give excellent industry-specific solutions."
Chambers Global, 2011 - Tax

"Practice head Martin Phelan is a highly regarded figure in the market. He is particularly experienced in relevant aspects of M&A and restructuring transactions, and he has recently advised extensively on the migration of IP portfolios to Ireland". 
Chambers Europe, 2011 - Tax

Martin Phelan is a “commercially minded practitioner who delivers structures quickly”.
Chambers Global, 2010 – Tax

Martin Phelan "understands clients' needs and gets them to where they want to go effortlessly".
Legal 500 EMEA, 2010 – Tax

Back to Overview