Contact details

Charlotte Drake

T: +44 20 7809 2583 Email Charlotte | vCard Office: London

Charlotte Drake Of counsel

Contact details

Charlotte Drake

Charlotte Drake
Of counsel

T: +44 20 7809 2583 Email Charlotte | vCard Office: London

Charlotte works in Stephenson Harwood's finance group. Charlotte supports and promotes the work of the firm's corporate trusts and bond restructuring team and its clients, as well as working on strategic knowledge based projects for the banking and real estate finance team.
  • Profile
  • Services

Charlotte is a senior finance and corporate trusts lawyer with 20 years' experience gained in private practice and in-house roles.

As part of her corporate trusts and bond restructuring work Charlotte has advised trustees on a number of high profile restructurings and reorganisations including Railtrack, Marconi, British Energy, TH Global, the merger of Whistlejacket and White Pine (two SIVs), the Battersea Power Station restructuring and the £1 billion restructuring of Fairhold Securitisation Limited's notes and swaps liabilities.

Charlotte has also advised banks and borrowers on high profile, high value, real estate finance transactions.

Alongside her corporate trusts work Charlotte currently supports the partners and fee earners in the banking and real estate finance team by working on and promoting knowledge based projects to help ensure the team's fee earners provide top quality advice to their clients in an efficient manner.

  • Corporate trusts
  • Restructuring and insolvency

GLAS

Advised Global Loan Agency Services on a complex restructuring of over £1 billion of debt constituted by £430 million CMBS loan notes issued by Fairhold Securitisation Limited and over £600 million of swap close-out claims. The restructuring involved a partial debt for equity swap with the creditors taking control over the group through the transfer of the property owning vehicles. The deal also concerned a compromise of the remaining debt and close-out claims under the swaps, through the issuance of £369 million new senior secured notes for the hedge counterparties, and £341 million of new junior secured notes for the existing noteholders (2020).

Battersea Power Station

Advising the CULS trustee in connection with the financial restructuring of the Real Estate Opportunities group, whose key asset was Battersea Power Station.

British Energy

Advising the existing bond trustee on the restructuring of the British Energy Group and the related Scheme of Arrangement and advising the new trustee in relation to a new issue of £700 million bonds issued by British Energy Holdings plc as part of the restructuring.

Marconi

Advising the trustee in relation to the restructuring of Marconi Corporation plc and its subsidiaries and the related Schemes of Arrangement.

Railtrack

Advising the bond trustee in relation to Railtrack’s 7 bond issues on the transfer of Railtrack’s business to Network Rail, following Railtrack being placed into special administration.

White Pine / Whistlejacket

Advising the security trustee on the merger of White Pine and Whistlejacket, two SIVs.

More: Corporate trusts

GLAS

Advised Global Loan Agency Services on a complex restructuring of over £1 billion of debt constituted by £430 million CMBS loan notes issued by Fairhold Securitisation Limited and over £600 million of swap close-out claims. The restructuring involved a partial debt for equity swap with the creditors taking control over the group through the transfer of the property owning vehicles. The deal also concerned a compromise of the remaining debt and close-out claims under the swaps, through the issuance of £369 million new senior secured notes for the hedge counterparties, and £341 million of new junior secured notes for the existing noteholders (2020).

Battersea Power Station

Advising the CULS trustee in connection with the financial restructuring of the Real Estate Opportunities group, whose key asset was Battersea Power Station.

British Energy

Advising the existing bond trustee on the restructuring of the British Energy Group and the related Scheme of Arrangement and advising the new trustee in relation to a new issue of £700 million bonds issued by British Energy Holdings plc as part of the restructuring.

Marconi

Advising the trustee in relation to the restructuring of Marconi Corporation plc and its subsidiaries and the related Schemes of Arrangement.

Railtrack

Advising the bond trustee in relation to Railtrack’s 7 bond issues on the transfer of Railtrack’s business to Network Rail, following Railtrack being placed into special administration.

Latest news & insights

30 Jun 2022

From Insights

Trustee basics: Edition 3 - Identifying a "noteholder"

In this, the third of a series of "Trustee basics" articles, Jayesh Patel and Charlotte Drake of Stephenson Harwood look at how to verify the identity of a person or o..

More

25 May 2022

From Insights

Trustee basics: Edition 2 - The no action clause

In this, the second of a series of "Trustee basics" articles, Charlotte Drake and Jayesh Patel of Stephenson Harwood look at the "no action" clause in an English law-g..

More

28 Mar 2022

From Insights

The Economic Crime (Transparency and Enforcement) Act 2022 – what do lenders need to know?

This article explains what actions lenders should be taking as a result of the new Economic Crime (Transparency and Enforcement) Act 2022 (the "Act") – both now and al..

More

24 Mar 2022

From Insights

Trustee basics: Edition 1

A Note Trustee's discretion to agree modifications

More

17 Mar 2022

From Insights

Answers to 10 key questions about how the new Economic Crime (Transparency and Enforcement) Act 2022 affects property ownership

The new Economic Crime (Transparency and Enforcement) Act ("the ECA") provides for a register of overseas entities and their beneficial owners.

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11 Mar 2022

From Insights

Sustainability-Linked Loan Principles in real estate finance and real estate development finance transactions

The LMA has recently launched new guidance on the application of the LMA's Sustainability-Linked Loan Principles ("SLLPs") in Real Estate Finance and Real Estate Devel..

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30 Nov 2021

From Insights

LIBOR transition: it's getting critical

From 31 December 2021, the Euro, Swiss Franc, Japanese Yen and Sterling LIBOR will no longer be published.

More

11 Nov 2021

From Insights

Finance litigation podcast series 2021

Welcome to our 2021 finance litigation series of four short podcasts in which we take a bite-sized look at some of the key themes emerging in financial disputes over t..

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03 Nov 2021

From Insights

The LMA's green, sustainable and social loan principles – what more can be done?

The UK's Loan Market Association has taken a leading role in developing frameworks to assist the UK finance industry in meeting this call for action.

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12 Aug 2021

From Insights

Hurricane Energy restructuring refusal: an ill wind blowing for bondholders?

The High Court has, for the first time since the introduction of the legislation in June 2020, refused to sanction a cross-class cram-down restructuring plan under Par..

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02 Jul 2021

From Insights

Give back the money I sent you – I have made a mistake!

In most cases, if you have paid out monies by mistake and the recipient has been “unjustly enriched”, you can get your money back.

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28 May 2021

From Insights

National Security and Investment Act 2021 – the impact on loans and finance transactions

We are pleased to share with you our briefing on how the NSIA (which received Royal Assent on 29 April 2021 and is likely to come into full effect later this year) may..

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20 Apr 2021

From Insights

Asymmetric jurisdiction clauses & the Hague Choice of Court Convention: time to shape up? (Etihad Airways v Flöther)

The 2005 Hague Convention on Choice of Court Agreements (the “Convention”) has been thrown into the spotlight recently. Following Brexit, the Brussels Recast Regulatio..

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25 Mar 2021

From Insights

Understanding Brexit

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10 Feb 2021

From Insights

Who is the creditor in a bond restructuring?

Towards the end of 2020, the Law Commission published a paper analysing the current law underlying intermediated securities – Intermediated securities: who owns your s..

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11 Nov 2020

From Insights

LIBOR discontinuation and its impact for borrowers in the international debt markets

Current expectation is that LIBOR as a benchmark rate will cease to exist after the end of 2021, or, if it does continue to exist, that it will no longer pass regulato..

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