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London Banking and Capital Markets

Cahill’s London-based banking and capital markets practice advises global financial institutions and companies on European and transatlantic transactions as well as U.S. transactions for European based companies. Headquartered in Paris from 1928 before moving to London in 2000, the firm has advised clients in Europe for over 90 years on some of the most complex, high-profile and ground-breaking transactional matters, including acting for the lead arrangers on the £5.5 billion financing to support Kraft’s acquisition of Cadbury in 2010 and the bookrunners on the $27 billion financing to support Comcast’s acquisition of Sky plc in 2018.

Our London practice provides English law lending and New York law capital markets and loans expertise across the spectrum of lending institutions, from investment and commercial banks, institutional investors to private credit providers. Working closely with our no.1 ranked capital markets and leveraged finance teams in New York, the firm’s unrivalled relationships with the world’s leading lenders means we are involved in the most sophisticated and challenging financial transactions.

Our combined London and New York practices have a wealth of experience executing transactions in Europe. With extensive knowledge in leveraged financings, secured and unsecured high-yield debt offerings, syndicated loans and asset-based loans, Cahill’s global team has been ranked no. 1 legal adviser to underwriters of U.S. high yield bond offerings by volume each year since 2005 and as no. 1 legal adviser to lead arrangers of U.S. leveraged loans each year since 2010 (Bloomberg, Refinitiv Loan Connector) and was recognised as a Capital Markets Practice Group of the Year in 2019. Our practice has achieved leading league table ranking for European transactions, including:

  • No. 2 legal adviser to lead banks for UKI leveraged loans (Debtwire 2020).
  • No. 3 legal adviser to managers and lenders in European Leveraged Finance (Bloomberg 2020).
  • No. 4 bank legal counsel for Western Europe sponsor-backed Finance (Debtwire 2020).
  • No. 5 legal adviser to European Currencies Corporate High-Yield Bond underwriters by volume (Bloomberg 2020).

Banking

Our team has extensive experience acting for lenders across the capital structure on European leveraged finance transactions, including cross-border financings, direct lending transactions and out-of-court restructurings, and is described by clients in Chambers Global 2021 as “our first, go-to firm.” Our clients include the market’s most prominent international banking institutions as well as private credit providers. To learn more about the firm’s banking and finance practice, click here.

Capital Markets

Our London team advises investment banking firms, commercial banks, and public and private companies on a broad range of debt capital markets instruments, with particular focus on secured and unsecured high-yield debt offerings. Chambers Global 2021 describes Cahill as having an “unrivalled position as the key adviser to global underwriters.” To learn more about the firm’s capital markets practice, click here.

Sector Expertise

Our practice operates across all major sectors, including in the business services, e-commerce, energy, entertainment, financial services, food & grocery, healthcare, infrastructure, manufacturing, oil & gas, pharmaceuticals, real estate, retail, telecommunications and travel industries.

Recent London Deal Highlights

  • The lead arrangers in connection with the $-equivalent of CHF560 million term loan and $125 million revolving credit facility provided to support the acquisition by SK Capital Partners and the Heubach Group of Clariant’s Pigments business.
  • The lead arrangers in connection with the $3.150 billion term loan, €625 million term loan, $500 million revolving credit and $150 million letter of credit facilities provided to support the acquisition by Jazz Pharmaceuticals plc of GW Pharmaceuticals plc, a UK pharmaceuticals business.
  • Icon plc in connection with the $6.360 billion senior secured financing provided to support its acquisition of PRA Health Sciences Inc.
  • The lead arrangers in connection with the $3 billion facilities to support Caesars Entertainment of William Hill PLC.
  • The lead arrangers in connection with the $1.62 billion and €840 million term loan and €665 million revolving credit facilities provided to Belron, a leading vehicle glass repair company.
  • Carlyle Global Credit Investment Management LLC in connection with a € 400 million unitranche facility provided to the Infront Group, a global sports events, media and marketing platform.
  • The lead arrangers in connection with the SEK16 billion EUR/USD equivalent first lien term loan and SEK3 billion revolving credit facilities provided to support the acquisition by EQT funds of Anticimex International AB, a global pest control company.
  • The lead arrangers in connection with the €1.63 billion term loan, €425 million guarantee facility and €400 million revolving credit facility provided to support the acquisition by Platinum Equity of Urbaser S.A.U., a global environmental services provider.
  • The initial purchasers in connection with a Rule 144A offering of $750 million senior secured notes by International Game Technology PLC, a multinational gaming company.
  • The initial purchasers in connection with a $2.8 billion notes offering by Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC, a global packaging business. The offering was reported to be the largest green bond issuance in the high-yield market to date.
  • The initial purchasers in a €1.45 billion notes offering by IQVIA Inc, a health information technology and clinical research company.