28 February – LAWFUEL – The Law News Network – International law fir…

28 February – LAWFUEL – The Law News Network – International law firm Clifford Chance has advised on two major European high yield transactions in the early part of 2006.

A team led by John Connolly advised ONO Finance II, Cableuropa and the other guarantors on the sale of €270,000,000 of fixed-rate seven-year 8% Senior Notes. This issue formed part of a larger transaction in which Cableuropa acquired the cable assets of Auna, transforming the company into the leading cable operator in Spain. Clifford Chance has acted on all of Cableuropa’s deals, from the formation of the company to the bank financing of this acquisition.

BNP Paribas and the other managers in connection with the offering and sale of $300 million 7¼% Senior Notes due 2013 by S.A.global The high-yield offering was part of a larger transaction that included the offering of corporate asset backed secured notes and bank financing. The proceeds from the financings will be used by the company to purchase up to twelve new container ships.

Clifford Chance’s high yield practice has also been active outside Europe in the early part of this year. A team of lawyers from their Hong Kong office, led by partner Alex Lloyd recently closed the largest Asian high yield transaction so far this year. Clifford Chance represented Citigroup and Goldman Sachs as Initial Purchasers of $650 million of Notes issued by C&M Finance Ltd. The Notes are guaranteed by C&M Co. Ltd and certain of its subsidiaries, all of whom are Korean cable television companies. C&M Finance Ltd is an orphan SPV and used the proceeds to purchase debt securities issued by C&M Co. Ltd and certain of its subsidiaries.

John Connolly, Head of Clifford Chance’s US Securities Group commented:

“The success of these deals is a testament to our increased focus on high yield at Clifford Chance. Our recent partner-level recruitment of high yield specialist, Michael Dakin and the influx over the next few months of three new US associates focusing on this area is boosting the strength of our European practice.”

Bob Trefny, lead partner on the CMA CGM transaction commented:

“We are hopeful that this represents the beginning of a more active period for the European high yield markets.”

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