Restructuring and insolvency

Fairhold Securitisation Limited

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.

Astaldi

Advised the note trustee on the "concordato" restructuring plan for the creditors of Astaldi SPA, the international construction group, resulting in the compromise of the €3,433,500,000 unsecured debts (including the UK notes) for ordinary shares and Italian participative financial instruments.

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.

Shopping centre assets 

Advising a lender syndicate on restructuring and enforcement options around distresses shopping centre assets.

EA Partners

Advised the security trustee on the enforcement of security attaching to c. $1,200,000,000 notes issued by EA Partners I B.V. and EA Partners II B.V..  This involved the consideration of complex and multi-jurisdictional enforcement and insolvency issues.

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Real estate finance

Langham Estate

Advised a 10 bank syndicate, comprising HSBC, NatWest, Helaba, Barclays, UBS, SMTB, SMBC, Santander, ICBC and Bank of China on the £750 million financing of the Langham Estate.

Shopping centre assets 

Advising a lender syndicate on restructuring and enforcement options around distressed shopping centre assets. 

Listed investment fund 

Advising a listed investment fund as borrower on financing around a UK brewery. 

Finance

Langham Estate

Advised a 10 bank syndicate, comprising HSBC, NatWest, Helaba, Barclays, CACIB, SMTB, SMBC, Santander, ICBC and Bank of China on the £750 million refinancing of the Langham Estate (2019).

Supermarket REIT

Advised Wells Fargo, on a £160 million ‘accordion’ debt facility to Supermarket Income REIT plc, for the acquisition of a portfolio of UK supermarket assets, UK, (2020). 

Restructuring transaction

Advised HNWI Family Trust, on a taxed-based refinancing and restructuring of £180 million debt facilities secured on London real estate, (2019).

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Corporate trusts

Fairhold Securitisation Limited

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.

EA Partners I B.V. & II B.V.

Advising the security trustee on a complex security enforcement process concerning the sale of a package of loans worth approximately US$460 million made to various airlines in connection with defaulting securitisations aggregating US$1.2 billion.  

Astaldi

Advised the note trustee on the "concordato" restructuring plan for the creditors of Astaldi SPA, the international construction group, resulting in the compromise of the €3,433,500,000 unsecured debts (including the UK notes) for ordinary shares and Italian participative financial instruments.

Bank of Ireland

Advising the bond trustee on a liability management exercise implemented in relation to an aggregate of €2.6 billion of subordinated bonds issued by Bank of Ireland, including extensive dealings with an action group representing retail bondholders.

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.

More: Corporate trusts

Banks and banking

Langham Estate

Advising a 10 bank syndicate, comprising HSBC, NatWest, Helaba, Barclays, UBS, SMTB, SMBC, Santander, ICBC and Bank of China on the £750 million refinancing of the Langham Estate.

Shopping centre assets 

Advising a lender syndicate on restructuring and enforcement options around distressed shopping centre assets.

Care home assets

Advising a UK lender on the financing of a portfolio of care home assets owned and operated by a leading UK operator.

Real estate investors and developers

Bideford UK

Advised vehicles controlled by a high net worth individual on a corporate and debt restructuring of the Group.  Jonathan also advised the Group on a refinancing of its debt funding arrangements.
 

TIAA Henderson

Advised on the €47.3 million refinancing of an Italian shopping centre with a TIAA Henderson Real Estate Fund entity as borrower and Deutsche Bank A.G., London Branch as lender.

Major UK real estate fund

Advised a major UK Real Estate Fund on a £100 million RCF provided by a large UK-centred bank to finance real estate investments.
More: Real estate investors and developers