Clifford Chance LLP intentionally focuses on high-quality and innovative transactions, rather than high-volume high yield work, and it has built up a strong track record in challenging deals, particularly those related to large M&A transactions. Practice head Michael Dakin is highly regarded for his advice to private equity sponsors, issuers and underwriters. He recently acted for NewDay Bondco Plc in a simultaneous exchange offer and offering of new notes, the tranches totalling £264m and $320m. Newly promoted partner Drew Rundus assisted OCI N.V. as guarantor of the obligations in connection with the issuance of municipal bonds, and on three tranches of new bonds with a total value of $838m. Jill Concannon, who joined from White & Case LLP in 2023, has a long track record in acting for sponsors and underwriters in international securities offerings. US securities law specialist John Connolly retired in 2023.

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Key clients

OCI N.V.
Azelis Finance NV
NewDay Bondco Plc
Citigroup Global Markets Inc
DNB Markets, Inc.
BNP Paribas Securities Corp.
BofA Securities, Inc.
Credit Agricole Securities (USA) Inc.
ING Bank N.V.
Intesa Sanpaolo S.p.A.
Natixis Securities Americas LLC
SG Americas Securities LLC
SMBC Nikko Securities America, Inc.
UniCredit Capital Markets LLC
Wells Fargo Securities, LLC
Barclays Capital Inc.
J.P. Morgan Securities LLC
Cinven
Swiss Re America Holding Corporation
Swiss Re Treasury (US) Corporation
Kane Bidco Limited
True Potential Group Limited
THG plc

Work highlights

Advised True Potential Group Limited and Cinven as sponsor - in connection with the issuance of senior secured notes. The bond offering consisted of (i) GBP 400.0 million 6.500% Senior Secured Notes due 2027; and (ii) EUR 360.0 million 5.000% Senior Secured Notes due 2027.
Advised NewDay Bondco Plc - we advised NewDay on a simultaneous Exchange Offer and offering of notes that were equivalent to the notes in the exchange. The Exchange Offer and New Cash Notes offer launched simultaneously, with the Exchange Offer being regulation S-only, and the New Cash Notes both 144A and Reg. S only.
Advised the group of 14 underwriters, which included Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., DNB Markets, Inc., ING Bank N.V., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC on the issuance of US$1 billion 7.5% senior notes due 2028 and US$1 billion 8.0% senior notes due 2032 by Vår Energi ASA.