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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.

Selected Recent European Transactions

  • Apcoa:  The lead arrangers in connection with a €685 million equivalent offering of senior secured fixed and floating rates notes and a €80 million super senior revolving credit facility for Apcoa Parking, a portfolio company of Centerbridge Partners, and Europe’s longest-established parking provider headquartered in Germany.
  • 888/William Hill:  The lead arrangers in connection with the financing to support the acquisition by 888 Holdings plc, one of the world’s leading online betting and gaming companies, of the international (non-US) business of William Hill at an enterprise value of £2.2 billion.
  • Infront:  The lenders in connection with the unitranche and super-senior revolving credit facilities provided to the Infront Group, a leading global sports events, media and marketing platform headquartered in Switzerland.
  • Kem One:  The lead arrangers in connection with the bridge to bond and super senior revolving credit facilities provided to support the acquisition by Apollo Global Management of the Kem One Group, a leading European chemicals producer headquartered in France.
  • Urbaser:  The lead arrangers in connection with the €2.455 billion credit facilities to support the acquisition by Platinum Equity of Urbaser S.A.U., a global environmental services provider headquartered in Spain.
  • Anticimex:  The lead arrangers in connection with the SEK16 billion EUR/USD/AUD equivalent first lien term loan and SEK3 billion revolving credit facilities to support the acquisition by EQT of Anticimex International AB, a global pest control company headquartered in Sweden.
  • Keepmoat:  The lead arrangers in connection with the bridge to bond and super senior revolving credit facilities provided to support the acquisition by Aermont Capital of the Keepmoat Homes, one of the largest UK home builders.
  • Antolin:  The initial purchasers in a €390 million notes offering by Grupo Antolin-Irausa, S.A.U., a provider of components for vehicle interiors worldwide.
  • Marlink:  The lead arrangers in connection with the USD815 million financing to support the acquisition by Providence Equity Partners of Marlink, leading provider of smart network solutions.
  • Belden:  The initial purchasers in a €300 million notes offering by Belden Inc., a signal transmission solutions provider built around two global business platforms – Enterprise Solutions and Industrial Solutions.
  • Nasdaq:  The initial purchasers in a €615 million notes offering by Nasdaq, Inc., a global technology company serving the capital markets and other industries.

Selected Recent Cross-Border Transactions

  • GW Pharmaceuticals:  The lead arrangers in connection with the credit facilities provided to support the acquisition by Jazz Pharmaceuticals plc of GW Pharmaceuticals plc, a UK pharmaceuticals business.
  • PRA Health Sciences:  Icon plc on the debt financing provided to support its acquisition of PRA Health Sciences, Inc., a global health sciences group headquartered in the United States.
  • Avast:  The lead arrangers in connection with the credit facilities provided to support the acquisition by NortonLifeLock of Avast Plc, a cybersecurity company.
  • Ardagh Metals:  The initial purchasers in a USD2.8 billion (equivalent) notes offering by Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC in connection with the combination of the Ardagh Metal Packaging business with a SPAC.
  • Sanne:  The lead arrangers in connection with the first and second lien credit facilities provided to support the proposed acquisition by Apex Group of Sanne Group plc, a FTSE 250 specialist alternative asset fund and corporate administrator.
  • William Hill:  The lead arrangers in connection with the credit facilities provided to support the acquisition by Caesar’s Entertainment of William Hill Plc, a UK headquartered gaming business.
  • Clariant:  The lead arrangers in connection with the credit facilities provided to support the acquisition by SK Capital Partners and the Heubach Group of Clariant’s Pigments business.
  • Apex:  The lead arrangers in connection with the refinancing of credit facilities provided to the Apex Group, a global financial services provider.
  • Belron:  The lead arrangers in connection with a €665 million revolving credit facility, a USD1.62 billion term B credit facility, and a €840 million term B credit facility for Belron, an international vehicle glass repair and replacement company.
  • IGT:  The initial purchasers in a USD750 million notes offering by IGT PLC, a multinational gaming company.
  • City Football Group:  The lead arrangers in connection with the credit facilities provided to the City Football Group, the holding company of Manchester City FC.