Capital Markets

Our Capital Markets Group is consistently regarded as a market leader and advises on the full range of public and private debt and equity issuances in Ireland and internationally, advising Irish and international issuers, financial institutions, dealers, arrangers and rating agencies.

Our experience includes advising on:

Debt:

  • Bond issues (unsecured, secured and guaranteed)
  • MTN and other debt issuance programmes
  • CLO/CDOs
  • Hybrid bonds
  • High yield debt
  • Securitisations

Equity:

  • Initial public offerings (IPOs)
  • Private equity/venture capital transactions
  • Secondary placings of shares and related instruments

 

As a full service legal firm we are able to draw on the expertise of lawyers from other practice areas, particularly in the corporate and tax areas and in key industry sectors, to create client-centred multi-disciplinary teams.

Our Regulatory Enforcement team works closely with us on all relevant transactions.

 

 

Equity – Public companies

Our experience includes advising:

  • Norkom Group plc and its two subsidiaries on capital reductions totalling €330m.
  • Waterford Wedgwood plc in relation to its €120m fundraising and its receivership, asset sale and unwinding.
  • Skillsoft plc on a landmark $685m court approved capital reduction involving the reduction of a share premium account and the application of the reserves arising to eliminate historic deficits of US$407m and the creation of US$278m distributable reserves.

Equity – Private Investments

Our experience includes advising:

  • Biancamed Limited on a €6m investment round led by Seventures, a French VC firm, the single biggest fundraising in this space in 2009.
  • ACT Venture Capital and Seroba Bioventures in respect of their follow on investment in Novate Medical Limited
  • Scottish Equity Partners and Delta Partners on a €2.25m investment round in Clavis Technology Limited.
  • Continental Farmers Group plc on two investment rounds (each led by Origin Enterprises plc) with aggregate investment proceeds of €20m.
  • Kernel Capital Partners on its acquisition of a 40% stake in Seroba Kernel Life Science Venture Capital Fund.

Debt

Our experience includes advising:

  • Ardagh Group on its issuance of $770m and €845m of Senior Secured Toggle Notes due 2023 to raise finance to redeem existing Payment-In-Kind Notes due 2019 and to fund a return of capital to its shareholders.  Ardagh Group is a global leader in glass and metal packaging solutions. It operates 110 glass and metal manufacturing facilities in 22 countries, employing over 23,000 people and has global sales exceeding €7.9bn. 
  • Barclays in relation to the issuance by INEOS Finance Plc, a subsidiary of INEOS Group Holdings S.A., of €770m of 4% senior secured notes due 2023;
  • Bank of America Merrill Lynch on financing  to Medtronic in connection with its merger with Covidien plc for $42.9bn in cash and stock
  • Goldman Sachs as lead arranger on a $583,370,000 aircraft-backed securitisation
  • Fairfax Financial Holdings on the acquisition of a convertible bond issued by FBD
  • Trinity Biotech on its $115m Exchangeable Senior Note issuance;
  • Future Finance on its warehousing of UK student loans, arranged by Goldman Sachs;
  • Cavendish Square Funding 2 Ltd on the sale of its portfolio of bonds, one of the largest bond sales in the European markets in June 2015;
  • Guotai Junan Securities (Hong Kong) Limited in connection with the establishment of a USD $5,000,000,000 fund-linked secured notes issuance programme;
  • J&E Davy on the establishment of a property backed programme for its investors, which was listed on the Irish Stock Exchange;
  • Meadow Star on its ABS programme to acquire distressed European assets; 
  • Deutsche Bank AG and others as initial purchaser of US$750,000,000 senior notes due in 2022; and
  • Smurfit Kappa Group in relation to the issuing of €250,000,000 2.75% Senior Notes due 2025.

New Market Abuse Regime Comes into Effect

On 3 July 2016, the Market Abuse Regulation (MAR) came into effect across the EU replacing and repealing the existing framework that has been in place since 2005


Managers’ and Issuers’ Obligations to Disclose Transactions under Market Abuse Regulation

Our updates on the MAR continue with this article which summarises the wide-ranging and prescriptive regime to be introduced for the notification of managers' transactions


Market Abuse Update

We continue our series of updates on the Market Abuse Regulation with an overview of the enhanced requirement to maintain insider lists


Irish Tech SMEs Raise €237m in the First Quarter of 2016

Irish high tech SMEs raised €237m in the first quarter of 2016, or nearly double the amount over the same period last year, according to the Irish Venture Capital Association VenturePulse survey published today in association with William Fry.


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We are consistently ranked as one of the leading Capital Markets law firms in Ireland.

Department – Debt Capital Markets

  • "Very prompt, responsive and commercially minded." Chambers Europe 2016 
  • "Working with the team is very positive; I have a good relationship with the people there and I can trust them to get the job done in the time set."
    Chambers Europe, 2015 - Capital Markets
  • William Fry has ‘deep business knowledge’ and ‘its expertise instils confidence’. Legal 500 EMEA, 2015 - Capital Markets
  • Sources say: "The lawyers are excellent negotiators. They always get me where I want to be and we never end at an impasse."  Chambers & Partners, 2014 - Capital Markets
  • Sources say: "The team was critical to the successful outcome of a complex deal." Chambers Europe, 2013 - Capital Markets
  • "Each lawyer has an absolute command of their speciality" and is "a pleasure to work with". Legal 500 EMEA, 2013 - Capital Markets
  • William Fry provides "a first-class service", "client commitment and commercialism". Legal 500 EMEA, 2012 - Capital Markets

 Team – Debt Capital Markets

  • Elaine Hanly
    • "Elaine Hanly's background in banking and finance enables her to handle complex DCM transactions, particularly financial institutions. She recently advised Barclays Bank on a multicurrency term loan bank financing alongside a USD750 million high-yield secured bond issue." Chambers & Partners, 2014 
    • "Elaine Hanly has expertise in derivatives, syndicated lending and debt restructuring. She recently assisted Ardagh Packaging Finance with a EUR250 million and USD420 million senior secured notes issue." Chambers & Partners, 2014
    • Elaine Hanly wins praise for her in-depth knowledge of derivatives, syndicated loans and securitisation. Observers describe her as "dedicated and thorough."  Chambers Global, 2013
    • Elaine Hanly is “unbelievably dedicated, and has an ability to look ahead and find the difficult points and deal with them.” Chambers Global, 2012  

Department – Equity Capital Markets

  • "I think the strong point of this outfit is the depth of resources. I have worked with a lot of firms and often, once you go beyond a partner, the quality reduces. This never happens with this department, due to the great depth of quality within the team." Chambers Europe 2016 
  • William Fry has ‘deep business knowledge’ and ‘its expertise instils confidence’. On the equity side, Myra Garrett provides ‘guidance grounded in a business context’, and Bryan Bourke is also recommended. Legal 500 EMEA, 2015
  • "Working with the team is very positive; I have a good relationship with the people there and I can trust them to get the job done in the time set."  Chambers Europe, 2015 
  • "Each lawyer has an absolute command of their specialty" and is "a pleasure to work with". Legal 500 EMEA, 2013
  • William Fry provides "a first-class service", "client commitment and commercialism". Legal 500 EMEA, 2012

Team – Equity Capital Markets

  • Myra Garrett
    • Myra Garrett has an excellent reputation amongst clients, who comment on her "particular strength on the technology and emerging businesses side of things." She co-led the team advising Davy on the EUR265 million share placing undertaken by Dalata as part of its listing on the AIM arm of the LSE and ISE. Chambers & Partners, 2015
    • Myra Garrett provides ‘guidance grounded in a business context’. Legal 500 EMEA, 2015
    • Myra Garrett is an experienced M&A and equity capital markets specialist. According to one client she is "one of the best." Chambers & Partners, 2014
    • The ‘always excellent’ managing partner Myra Garrett. Legal 500 EMEA, 2013
    • Myra Garrett is described as "simply outstanding; she is an exceptionally talented lawyer and a highly skilled deal broker." Chambers Global, 2013
    • Managing partner Myra Garrett is "highly accomplished". Legal 500 EMEA, 2012
    • Myra Garrett is renowned for her expertise in representing public limited companies. According to sources, she “has a clear understanding of the requirements and complexities of the transaction". Chambers Global 2012
  • Mark Quealy 
    • Mark Quealy is "very solutions-driven and gets me to where I need to be," according to one client. He is also described as a "rising star" and "unbelievably responsive and technically impressive." Chambers Europe, 2014 
  • Stephen Keogh
    • Stephen Keogh heads the firm's London office and is actively engaged in working with clients looking to move to or do business in Ireland. "He has particular expertise in private equity investments". Chambers & Partners, 2015
    • Stephen Keogh is a "very clever and clear-thinking guy who can see the wood from the trees," according to clients. He is joint head of the venture capital and private equity group. Chambers & Partners, 2014 

Key Contacts

David Maughan Partner

Myra Garrett Partner

Elaine Hanly Partner

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