Clifford Chance LLP has a four-partner team in London handling high yield and US securities transactions. Michael Dakin leads 'a terrific team that is building out a real presence in the London high yield space, rivalling US firms'. Focused intentionally on more complex and high-value deals, rather than seeking a high volume of transactions, the firm has developed a strong track record in acting for corporate issuers, though it also acts for large financial institutions as bookrunners and initial purchasers. The 'approachable and experienced' Jill Concannon handles bond offerings for European retailers, while newly promoted partner Drew Rundus, who is 'very proactive and works efficiently', advises on financing which includes both high yield notes and revolving credit facilities. Johannes Juette, who relocated to London from Singapore in late 2022, handles high yield as part of a broad DCM and ECM practice.
Legal 500 Editorial commentary
Testimonials
Collated independently by Legal 500 research team.
‘Terrific team that is building out a real presence in the London high yield space – certainly ahead of other Magic Circle firms and rivalling US firms. Will look to work with them more often across straight HY and EM crossover deals in the coming year. Would also like to see how they fare acting for banks on LBOs – don't think I have seen them on one of these in quite some time.’
‘Michael Dakin – personable, deeply knowledgeable and available. A pleasure to work with on either side of a transaction. Jill Concannon – a great acquisition for the CC team, approachable and experienced. Brings a closer level of involvement in industry forums and regulatory reforms. Phil Houten and Yash Ranade – two up-and-coming counsel/associates to watch. Appreciate the effort and availability they bring to transactions.’
- 'Market knowledge, and the ability to coordinate different jurisdictions, countries and matters with success, discipline and legal certainty. Excellence in results. It is a firm that guarantees good results. Innovators in digitalisation of legal functions and services.'
- 'They are enormously dedicated to us as their client, really making efforts to understand the business. They take a very proactive approach and can keep up with our high pace of dealings. Furthermore, one of CC's strengths is its ability to be product agnostic and collaborative across groups (given developments there was need for difference financings).'
- 'Drew Rundus (partner) is very pleasant to work with. Very proactive, making investment into getting to know us as client, leveraging on this relationship-based approach. He truly understands our business. Furthermore, works efficiently with other counsel as well.'
- 'Depth and breath of expertise, delivered in an effective manner. Speed of response and achievement of ambitious timelines.'
- 'Extremely responsive and exceptional availability. Deep industry-sector knowledge to provide effective and innovative solutions.'
Key clients
- Cinven
- Amara NZero
- SYNLAB
- Eroski
- True Potential
- Azelis
- OCI Global
- Codere
- NewDay
- BNP Paribas
- Goldman Sachs
- J.P. Morgan
- Deutsche Bank
- Citigroup
- ING
Work highlights
- Advised Cinven on the financing for a majority stake in Amara NZero, a transaction that included the first-ever use of proceeds of a green bond issued as part of the financing for a European leveraged buyout.
- Advised Cinven on the financing for its public acquisition offer for up to 100% of the outstanding shares of SYNLAB AG. The financing transaction included the issuance of €450m of 7.75% senior secured notes, €1bn of term loan B debt, a €500m revolving credit facility and €500m of PIK debt.
- Advised Eroski, S. Coop. on its debut issuance of €500m 10 5/8% senior secured notes, as well as new term loan A and working capital facilities, a bridge facility and a new intercreditor agreement.
Lawyers
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Practice head
The lawyer(s) leading their teams.
Michael Dakin