Structured Finance & Securitisation

William Fry acts for issuers, sponsors, managers, derivative counterparties, monolines, rating agencies and administrators involved in the structuring and implementing of innovative and complex transactions in securitisations (in many asset classes including, in the insurance market, catastrophe risk and XXX) derivatives and tax-driven schemes. We have a niche practice in structured insurance and reinsurance transactions and have advised on almost all insurance-linked securitisation deals in the Irish market to date.

Ireland is well established as a favourable regime for the location of issuers and the Irish Stock Exchange Rules and responsive turnabout times has lead to an increasing number of issuers listing their notes on the Irish Stock Exchange.

We have been acknowledged as a leading firm in structured finance and have a reputation for providing innovative solutions on complex transactions.  We work closely with our Tax and Financial Regulation lawyers to provide comprehensive advice to clients on structures.  An increasingly regulated market and the demand for more competitive products has emphasised the need for experienced lawyers who understand all aspects of a transaction.

 

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

  • "They were very commercial on complex deals, extracted the important parts, were very proactive and made sure that nothing slipped away." Chambers Europe 2017 - Banking & Finance
  • William Fry excels in real estate finance. Legal 500 EMEA 2017 - Banking & Finance
  • An ‘excellent practice’. Legal 500 EMEA 2016 - Banking & Finance
  • "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 - Banking & Finance
  • Sources assert that "from a technical perspective they are clear and direct." Interviewees also value the team's "responsiveness to client needs and commercial awareness." Chambers Europe 2017 - Tax
  • "The firm is very responsive and has great resources, including access to a global network of tax advisers, which benefits us internationally and is a fantastic asset. The firm's ability to provide both legal and tax advice really ensures everything fits together." Chambers Europe 2016 - Tax 
  • Martin Phelan leads a ‘highly professional’ team at William Fry. Legal 500 EMEA 2016 - Tax 
  • William Fry’s ‘hands-on, straight-talking and practical approach’ finds favour with clients. Legal 500 EMEA, 2015 - Tax
  • "The lawyers are technically and commercially the best I have dealt with. I have always been very impressed with their well-thought-out and thorough advice. You can always get through to the partners and their brilliant associates." "This team is fantastic – always available and really responsive."  Chambers Europe, 2015 - Tax
  • "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
  • "One of the most conscientious firms I have dealt with."  "The team is knowledgeable and integrates well with other departments, which is very helpful."  Chambers Europe, 2014 - Tax 

Team

Elaine Hanly

  • William Fry excels in real estate finance, where practice head Elaine Hanly is ‘an excellent and thorough banking lawyer’. Legal 500 EMEA 2017 
  • 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 

Rachel Stanton

  • According to clients, Rachel Stanton is "very detail-oriented, has a commercial outlook and is excellent to deal with."  Chambers Global 2017
  • Rachel Stanton is ‘great at dealing with difficult situations’ in acquisition finance. Legal 500 EMEA 2017 
  • Rachel Stanton is an increasingly well-known partner in the firm's banking team, thanks to her "great work ethic" and "very commercial and solution-oriented" style of practice. Chambers Global 2016
  • 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 
  • Rachel Stanton provides ‘reliable and highly professional counsel’. Legal 500 EMEA, 2015
  • 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 fall-back position and is very strategic." Chambers & Partners, 2014 
  • Rachel Stanton is described as ‘very commercial, efficient and knowledgeable’. Legal 500 EMEA, 2013  

Paul Murray

  • "Paul Murray is especially well reputed for life and non-life risk securitisations, derivative transactions and issues arising in the context of custodial services and asset management activities."  Chambers Europe, 2011
  • Paul Murray is an "expert in SPV requirements".  Legal 500 EMEA, 2010

Martin Phelan

  • International tax specialist Martin Phelan is described as a "top guy" and "very switched-on." Chambers Europe 2017 
  • Martin Phelan is praised for "cutting to the chase" and being "technically very good." Chambers Global, 2015
  • He is "extremely efficient and effective". Legal 500 EMEA, 2015 
  • Martin Phelan is widely agreed to be one of the leading tax practitioners in Ireland. Clients appreciate that "he has his eye on the ball. He works with you one-on-one and has an ability to react very quickly." Chambers & Partners, 2014 
  • Martin Phelan is described as having 'a very practical mind set, understands the client's needs very well and offers clever solutions'.  Chambers Global, 2013 

Key Contacts

Elaine Hanly Partner