Allen & Overy's leveraged finance and high yield team has been recognised for innovation in bank/high yield bond structures.
A&O was short-listed in The Lawyer Awards 2012 for its advice on two deals: Refresco, involving €660 million secured high yield notes and a €75 million super senior revolving credit facility; and Dematic, involving $300 million of secured high yield notes, a €25 million super senior revolving credit facility and a €60m guarantee facility.
In Refresco, the team imported a tranching technique from acquisition bank financings into the high yield structure to mitigate financial assistance and corporate benefit issues – a market first. In Dematic, the team developed an innovative intercreditor mechanism to solve the issue of allowing future acquisition financing into the structure through the bank or bond markets – another market first.
The A&O team advising Refresco (and its financial sponsor, 3i Group) was led by Jonathan Brownson, Jeanette Cruz and Kevin Muzilla. The A&O team advising Dematic (and its financial sponsor, Triton Private Equity) was led by Kevin Muzilla and Tim Polglase.
Find out more about Allen & Overy's high yield practice.