Starting news article english 20 May 2013

Clifford Chance advises on first of a kind investment company IPO

International law firm Clifford Chance is advising on the proposed initial public offering of ordinary shares in CVC Credit Partners European Opportunities Limited (the "Company"), aiming to raise in excess of €300 million for investment into an existing European credit opportunities investment vehicle managed by CVC Credit Partners.

The Company intends to apply for admission of its shares to the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange. The Company, which would be listed as a closed-ended investment company, is taking an innovative approach to shareholder liquidity through a contractual quarterly tender facility, which is subject to shareholder approval, intended to provide additional liquidity relative to other closed-ended investment companies.

Iain Hunter, lead partner for the Clifford Chance team advising the Company and CVC Credit Partners, comments: "We are delighted to have collaborated with two significant clients of the firm, CVC and Goldman Sachs, on this uniquely structured investment company. Alternative sources of finance are increasingly important as traditional providers continue to face real challenges and sub-investment grade companies, in particular, anticipate significant refinancing needs. This new vehicle is an important development in that context and could be a sign of things to come."

Goldman Sachs is acting as Sponsor, Global Co-ordinator and Bookrunner and Dexion Capital is acting as Placing Agent.

Clifford Chance's European equity capital markets team has also recently advised on the IPOs of Crest Nicholson, Zenith Bank and Partnership Assurance in London.

The Clifford Chance team, led by Iain Hunter, includes US securities partner John Connolly and associates Inigo Esteve, Chris Osborne and Claudius Furtwängler.