Debt Capital Markets

Our Debt Capital Markets team advises on Irish debt issues (both investment grade and high yield, public offers and private placements), securitisations and other debt capital markets transactions.  We work transnationally, and can co-ordinate all local counsel in respect of jurisdictional issues, security (where relevant) and legal opinions. 

We advise on debt repackagings, bond issues, EMTM and CP programmes, FRN issues, hybrid bonds, covered bonds and other debt issuances.

Our Debt Capital Markets team works closely with our Corporate, Tax and Regulatory lawyers, where required, for a particular transaction.

Ireland is a jurisdiction of choice for many programme issuers.  Recent changes to Irish tax legislation sought to ensure that Ireland could develop as a location for Shari'a – compliant products.

 

Our experience includes advising:

Ardagh Glass Finance plc on of its offering of €300m First Priority Senior Secured Loan Notes due 2016 and its offering  8.75% of €180m Senior Notes due 2020.  Ardagh Glass plc is a major European glass container manufacturer that supplies companies such as Heineken and Coca Cola

Duke Street on the restructuring of the Payzone Group, Europe’s largest consumer payments acceptance network, in conjunction with the senior debt funders to the Payzone Group resulting in Duke Street acquiring a controlling interest in the Payzone Group, a substantial senior debt write down and the syndicate lenders becoming shareholders in the restructured group

INEOS Group Limited in relation to the reorganisation of its financing arrangements including a secured bond issue

Smurfit Kappa Acquisitions plc, a wholly owned subsidiary of Smurfit Kappa Group, on its issuance of €1bn Senior Secured Notes in two series - €500m 7.25% Senior Secured Notes due 2017 and €500m 7.75% Senior Secured Notes due 2019.  The Notes are listed and traded on the Global Exchange Market of the Irish Stock Exchange

SCOR on its latest catastrophe bond, Atlas Capital VI Limited, which provides €75m of coverage to the SCOR Group in respect of certain European windstorm and Japanese earthquake risks for a risk period ending 31 March 2013

DCC plc as Irish counsel for DCC plc, DCC Treasury 2010 Limited as issuer, and associated group companies in a US dollar and euro denominated privately held debt note programme, placed with US and UK financial institutions

Smurfit Kappa on a €100m senior debt buyback by reverse Dutch auction

NTMA and NAMA in respect of structuring NAMA’s special purpose vehicle which will be responsible for the purchase, management and disposal of loan assets identified and valued by NAMA and the financing of such purchases through the issuance of debt securities which will consist of securities guaranteed by the Irish government

United Business Media Limited on its quoted Eurobond

 

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We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.

Department

"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

"The team provides a good-quality service and gets the project done." 
Chambers Europe, 2015 - Banking & Finance

William Fry provides ‘proactive service’ and ‘sensible advice that gets to the heart of the commercial issues’ through its ‘highly knowledgeable partners’.
Legal 500 EMEA, 2015

 

"The lawyers have real strength in managing and driving the process and can see the wood for the trees and negotiate the key clauses very hard."   "The team does the really complex work with both speed and efficiency."
Chambers & Partners, 2014 - Banking & Finance

  

"The lawyers are excellent negotiators. They always get me where I want to be and we never end at an impasse."
Chambers Europe, 2014 - Capital Markets

   

Sources say: "The team was critical to the successful outcome of a complex deal." 
Chambers Europe, 2013 - Capital Markets

  

"The team provides complete asset finance solutions in an effective and timely manner." 
Chambers Europe, 2013 - Banking & Finance

  

‘Each lawyer has an absolute command of their speciality’ and is ‘a pleasure to work with’.
Legal 500 EMEA, 2013 - Capital Markets

  

'The banking team at William Fry continues to occupy a prominent place in the Irish market.'
Chambers Europe, 2012 - Banking & Finance

   

William Fry’s ten-partner group constitutes "a very experienced team" of "good negotiators" that "goes well beyond normal client service expectations". 
Legal 500 EMEA, 2012 - Banking & Finance

   

William Fry provides "a first-class service", "client commitment and commercialism".
Legal 500 EMEA, 2012 - Capital Markets

Team

Elaine Hanly
Elaine Hanly receives praise for her pragmatic approach: "She manages to distil the advice from a technical legal point of view into a business suggestion."
Chambers Global, 2015 - Banking & Finance

Elaine Hanly’s team at William Fry provides ‘proactive service’.
Legal 500 EMEA, 2015

Elaine Hanly is a "a top lawyer, a great operator, with a fast turnaround. She works all day and night to get the job done".
Chambers & Partners, 2014 - Banking & Finance

 

Elaine Hanly 'has an impressive track record and wins the admiration of her peers.'
Chambers Europe, 2012 - Banking & Finance

 

Orla Brennan
Orla Brennan recently assisted Deutsche Bank Securities, acting as lead underwriter, with the provision of an 8.75% senior secured note for Trinseo. Clients find her "very attentive, proactive in finding solutions and happy to discuss strategies on how to solve issues."
Chambers Global, 2015 - Banking & Finance
 

Orla Brennan is 'recommended'.
Legal 500 EMEA, 2015
 

Orla Brennan is praised for her "responsive, proactive approach and commercial outlook." 
Chambers & Partners, 2014 - Banking & Finance

Orla Brennan is 'a lawyer with gravitas and good connections, experienced in cross-border mandates.'
Chambers Global, 2013 - Banking & Finance

 

 'Orla Brennan handles a broad range of banking and finance work for an impressive client base.'
Chambers Europe, 2012 - Banking & Finance

 

Orla Brennan is highlighted for her "all-round excellence".
Legal 500 EMEA, 2012 - Banking & Finance

 

Rachel Stanton
Rachel Stanton draws praise for her business understanding, with one interviewee saying: "She gives a quick turnaround but with practical and commercial solutions."
Chambers Global, 2015 - Banking & Finance

Rachel Stanton provides ‘reliable and highly professional counsel’.
Legal 500 EMEA, 2015 - Banking & Finance

Rachel Stanton is "very pleasant to deal with and someone who, from the very outset, had a strong plan for the process. She understood our initial position and fallback position and is very strategic."
Chambers & Partners, 2014 - Banking & Finance

 

Rachel Stanton is described as ‘very commercial, efficient and knowledgeable’.
Legal 500 EMEA, 2013 - Banking & Finance

 

Rachel Stanton is highlighted for her ‘all-round excellence’.
Legal 500 EMEA, 2012 - Banking & Finance

 

Owen O'Connell
Owen is described as the "standout corporate adviser. He has excellent commercial judgement."
Chambers & Partners, 2014  

Owen O'Connell is lauded as a "smart, succinct practitioner with outstanding technical ability."
Chambers Global, 2013

 

Owen O’Connell is "a force to be reckoned with".
Legal 500 EMEA, 2012

 

David Maughan
"He always gives me a practical answer to any issues that come up and is always willing to work around the unique structures we like to set up."
Chambers Europe, 2015 - Capital Markets

Key Contacts

Orla Brennan Partner

Elaine Hanly Partner