William Fry is proud to have advised on 12 award winning transactions in Finance Dublin’s Deals of the Year Awards 2018:
Deal of the Year Equity Capital Markets: AIB Initial Public Offering
AIB’s IPO marks further year of capital markets advance in Ireland supported by growing advisory excellence
“The IPO represented a significant step in the continued normalisation of the State’s involvement in Ireland’s banking system and reaffirmed the Irish Government’s commitment to recovering its investment in AIB for the benefit of the Irish taxpayer. In addition, the IPO was the largest undertaken in Europe in 2017 and the second largest undertaken anywhere in the world during the same period. It also comprised the first retail offer undertaken in Ireland since the Aer Lingus IPO in 2006. Having acted for the Department of Finance on the 2015 capital reorganisation of AIB, which marked the first meaningful return of capital from AIB to the State, we were delighted to act for the Minister for Finance on this landmark transaction.” Mark Talbot, Corporate Partner
M&A (Public): Sale of Stake in Glanbia plc’s Dairy Ireland
Complex Glanbia deal will support growth in diary and ingredients businesses
“This transaction represented the continuing evolution of the Glanbia model with the integration of three further Irish business units into the Glanbia Ireland Joint Venture. This transaction involved shareholder approvals on both sides of the transaction and timing was a key driver in managing that part of the process.” David Fitzgibbon, Corporate Partner
Bank Restructuring: Bank of Ireland holding company
The winning ‘Deal of the Year’ in the ‘Financial Services – Bank Restructuring’ category is Bank of Ireland’s creation of a new listed holding company as part of the implementation of a single point of entry resolution strategy.
Debt Capital Markets Repackaging Programme: Guotai Junan Securities
Guotai Junan’s Irish SPV unlocks door to China for investors
“William Fry advised Guotai Junan Securities, one of the largest investment banks and securities companies in the People’s Republic of China, on the establishment of an Irish debt issuance programme to offer investors access to Chinese securities, equities, bonds and fund investments. Guotai Junan Securities is engaged in a variety of industry recognised innovative services to its clients and William Fry was delighted to represent them in this significant transaction.” David Maughan, Banking & Finance Partner
Debt Capital Markets Eurobonds: Smurfit Kappa EUR500m Note Issuance
Smurfit Kappa taps Eurobond market to tackle debt after Brazil investments
Smurfit Kappa has a sophisticated treasury team with considerable experience in executing large capital markets transactions in a short space of time. Timing is always a key consideration in these trasnactions and the Smurfit Kappa treasury team got its timing right again.
Equity Capital Markets Most Innovative Deal: Greencoat Renewables
IPO and innovative financing gives Greencoat agility in its investment strategy
“Greencoat Renewables is the first renewable energy infrastructure company to list on the Irish Stock Exchange, and the first euro-denominated renewable energy infrastructure company to list on the London Stock Exchange. Investors included the State’s Ireland Strategic Investment Fund and AIB, which helped finance the company’s seed portfolio, comprising 137 megawatts of wind farm assets in Munster that the company acquired earlier this year from Canada’s Brookfield Renewable Partners. Renewable energy is capital intensive and requires significant investment and Greencoat’s IPO demonstrated that capital markets are a real option for this sector to raise funds and hopefully Greencoat’s success encourages other companies to consider equity markets for their future financing needs. The transaction followed on from the ISIF’s successful investments in ISE-listed Malin and Draper Esprit at IPO in 2015 and 2016.” Mark Talbot, Corporate Partner
Equity Capital Markets Initial Public Offering: Glenveagh Properties plc IPO
Glenveagh IPO success a vote of confidence in Irish housebuilding and the economy
The success of this heavily oversubscribed offering by an Irish housebuilder has had a significant impact not only on the Irish property sector but on the Irish economy as a whole.
Equity Capital Markets International IPO: Ardagh plc
Ardagh NYSE debut achieved at top end of price guidance
Ardagh plc’s long awaited $354m debut in March 2017 with the flotation on the New York Stock Exchange of new shares representing around 7 percent of its enlarged capital.
Loans & Financing Public Sector: Port of Cork Expansion, Port of Cork Company
AIB, EIB and ISIF support economically significant expansion by Port of Cork Company
The Ringaskiddy Port redevelopment by The Port of Cork is a Strategic Trans –European Transport Network (TEN-T) project which recognises the Cork Port as a key National and Regional Container Terminal Gateway with significant growth potential. The Project will provide replacement facilities for the City quays traffic and facilitate the Tivoli Regeneration and Cork Docklands Development. The Project will enable the handling of larger feeder vessels .This is a significant project for both POCC and Cork. The funding by the European Investment Bank is a significant commitment to the future of the Irish maritime sector.
Small Market M&A: Joyce Supermarkets
€27m package helps Joyce Supermarkets double in size
The Joyce Supermarkets acquisition of four stores to become one Ireland’s largest independent food retailers. The deal involved refinancing of existing facilities, with many twists and turns from a structure, legal and funding aspect.
SME: Fastway Couriers
Fastway raises €14m to fund growth spurred by innovative internet shopping solution
The winning ‘Deal of the Year’ in the ‘Loans & Financing SME ‘category is the provision of €14 million of growth capital facilities to Fastway Couriers in April 2017. Fastway is an innovative SME which has grown rapidly since it was founded in 2001 and today employs 550 people nationwide. Its growth has been spurred by a solution that guarantees delivery to the target in online shopping and now delivers over 15 million parcels a year. It has also attracted private equity investment.
Large Corporate: Irish Continental Group
The winning ‘Deal of the Year’ in the ‘Loans & Financing – Large Corporate ‘ category is Irish Continental Group plc’s €446m bespoke multi-faceted finance package. This represents one of the largest and most complex financing transactions for an Irish corporate in many years. The conclusion of this package, in the last quarter of 2017, means that ICG now has a wide range of finance options available to it for the expansion of its business.