Linklaters LLP 'operates at the very top of the market', and clients describe a 'diverse practice with a broader focus than some of its competitors'. This approach to high yield work sees the firm act for both corporate issuers and sponsors, as well as banks. Practice head Alexander Naidenov frequently acts for leading private equity sponsors and financial institutions, and was involved in some of the most significant deals in the market in 2023. Among these was a €1bn high yield offering on behalf of a large corporate issuer, and a major bond restructuring for a large real estate portfolio company. Emerging partner talent Giacomo Reali is 'on-point all the time, driven and able to cope with the most complicated of situations'. US partner Colin Chang and cross-border leveraged finance transactions specialist Christianne Williams also play pivotal roles in the practice.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Linklaters has an established practice in high yield and they operate at the very top of the market. We work with them and see them as head and shoulders above many of their competitors. They have a pretty diverse practice and a broader focus than some of their competitors, splitting their work equally between company and sponsor side as well as bank side representations. They have grown a lot in recent years as a result of lateral hires and have performed incredibly well. We see them fairly often in high yield.’
‘I have worked a lot with Giacomo Reali, one of the high yield partners, over the years. He is a highly regarded lawyer in this space, who is on-point all the time, driven and able to cope with the most complicated of situations. He is definitely someone who I would hire and we find him very user-friendly. He has increased Linklaters' market share significantly and is now one of the key players in high yield in Italy and France. His service level and responsiveness are both excellent. He’s a very successful, charismatic and hugely capable individual and knows the market really well. Some of the work he handled recently is really impressive.’
‘We have a long history of collaborating with Linklaters, but this time we had the opportunity to work closely with their high yield practice during a complex and challenging refinancing. We were thoroughly impressed. Giacomo Reali led the team on the bond aspects, and his exceptional support truly stood out. During the refinancing, we also observed how other law firms operated, and it was obvious that some were suggesting unnecessary issues or alternatives simply to rack up fees. We truly valued the straightforward and practical approach we experienced with the Linklaters team. Their collaborative and coordinated team, with a true commitment to help us, is something we really appreciated. Their associates are also well trained, so there is great value in their services across all levels of seniority. With the help of Giacomo and the rest of the team, we achieved a great result.’
‘Giacomo Reali was the high yield partner that guided us smoothly through a complex transaction, demonstrating deep expertise and a collaborative and proactive approach that was really valued by all the key decision makers. His extensive market knowledge and very commercial approach were evident, as he consistently provided solution-oriented advice. We all appreciated his ability for simplifying complex concepts, articulating things clearly, and getting straight to the point. Giacomo never lost sight of the bigger picture, ensuring a smoother process for us. He is always accessible, and his ability to suggest practical and strategic solutions that we could easily implement was invaluable. Despite a challenging market, he was able to improve the terms of our documents. He’s definitely someone we would recommend without hesitation.’
Key clients
- Lecta
- Lottomatica
- Barclays
- Bank of America
- BNP Paribas
- Morgan Stanley Infrastructure Fund
- AMS Osram
- Goldman Sachs
- BNP Paribas
- Deutsche Bank
- J.P. Morgan
- Shelf Drilling
- Helios Towers
- Cirsa
- Playtech
- Assemblin
- Bormioli Pharma
- Triton
- First Quantum Minerals
- Lycra
- Tullow Oil
- King Street Capital
- Naviera Armas
- Eramet
Work highlights
- Advised the largest shareholder (Morgan Stanley Infrastructure Partners) of TeleColumbus on the refinancing and reprofiling of €1.1bn of TeleColumbus’s outstanding debt, implemented through an English scheme of arrangement, which represented one of the largest and most complex restructurings of high yield debt in the European market.
- Advised the shareholders and certain creditors of The LYCRA Company on the comprehensive refinancing of the company’s debt maturing in 2023. The refinancing represented one of the most innovative “drop-down financing” transactions that has been seen in the European market to date, receiving extensive press coverage.
- Advised ams OMERS on its offering of €1bn high yield bonds alongside an underwritten rights issuance, an amendment to the revolving credit facility and a sale and leaseback transaction. The transaction was notable because it was a very rare combination of interconditional high yield and equity offerings as part of a €2.3bn comprehensive refinancing.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Giacomo Reali
Linklaters LLPPractice head
The lawyer(s) leading their teams.
Alexander Naidenov