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Clifford Chance

David Bickerton

Regional Managing Partner, London

Clifford Chance, London
Practice area Capital markets, Banking & finance, PFI PPP
Sector Energy & resources, Transport & logistics, Insurance
Tel +442070062317

David Bickerton specialises in structured finance, acquisition and project finance capital markets and is identified as "Leader in his Field" in Capital Markets and PFI/Projects categories of the Chambers Guide.

David does not receive CVs, applications or recruitment enquiries directly.  CVs, applications or recruitment enquiries that are sent to David will not be processed or acknowledged. All enquiries should be directed to recruitment.london@cliffordchance.com

Relevant experience

Relevant Restructuring experience includes advising:

  • Ambac UK on the effects of Ambac US' rehabilitation and certain commutations
  • all funders on the administration of the Metronet concession holders
  • Ambac and FSA on the subsequent interactions with interested parties in the proceeds of realisation of Metronet security enforcement
  • the project sponsors and Blue City Group in relation to the US$925 billion bond financing of the Blue City development in Oman and subsequent issues
  • MBIA UK on restructuring certain of its financial guarantees 
  • Goldman Sachs and Deutsche Bank on restructuring the Eurotunnel group and subsequent bond repackaging
  • the creditors on the administration of the New Schools Cornwall Scheme
  • the banks on the bond element of the Marconi restructuring
  • Barclays Capital/Mediobanca on Romulus Finance S.r.l. Guaranteed Secured Notes due 2031 – Aeroporti di Roma S.p.A. refinancing and subsequent issues
  • project companies, sponsors and funders on consequences of counterparty failure (Lehman) or downgrade
  • the banks on several project financings caught up in the Jarvis restructuring
  • to defaulting project financings

Relevant Infrastructure experience includes advising:

  • Pheonix Natural Gas and Terra Firm on the £275 million bond refinancing
  • Angel Trains on its £400 million MTN Programme to effect its refinancing platform
  • the project sponsors and Blue City Group in relation to the US$925 billion bond financing of the Blue City development in Oman
  • Goldman Sachs and Deutsche Bank in providing new debt (£2 billion) and equity finance (£1 billion) to restructure the Eurotunnel group
  • MBIA on the £2 billion wrapped and unwrapped asset-backed programme for Welsh Water
  • CSFB on the proposed financial restructuring of Southern Water
  • MBIA on the £800 million bonds to finance the BBC's Broadcasting House
  • the project company on the £450 million bond financing of Southern Derbyshire Acute Hospitals
  • Barclays Capital/Mediobanca on Romulus Finance S.r.l. Guaranteed Secured Notes due 2031 - Aeroporti di Roma S.p.A. refinancing 
  • AMBAC and MBIA on the first combined bond and EIB loan financing of a UK infrastructure project - financing A1(M) and A417/419 shadow toll roads 
  • MBIA on the £2 billion wrapped and unwrapped asset-backed programme for Welsh Water 
  • CSFB on the proposed financial restructuring of Southern Water 
  • MBIA on the financial restructuring of Anglian Water
  • project company on £2 billion Barts and The Royal London PFI scheme
  • FSA on the Keele University accommodation refinancing
  • SG as arranger of the SELCHP waste to energy plant bond refinancing
  • Octagon Healthcare on the £340 million bond refinancing and corporate restructuring of the Norfolk and Norwich Hospital PFI Scheme
  • MBIA on Polo Securities' €375 million financing for Caminhos de Ferro Portugueses
  • Sutton and East Surrey Water plc on its £100 million monoline wrapped bond issue
  • the bond arranger of an airport terminal project in Turkey
  • the underwriters of the debenture stock issue which refinanced the Kilroot Power Station in N. Ireland

Relevant PFI experience includes advising:

  • EIB on its Irish and UK Projects Panel 
  • EIB, Ambac, FSA and the commercial lenders on the Metronet transactions leading up to and following default
  • EIB, Forth Valley Hospital Project
  • EIB, Manchester Waste Project
  • EIB, M50 Road Project
  • EIB, loan to Transport for London
  • EIB, Enniskillen Hospital Project
  • EIB, Olympic Village
  • EIB, Medinvest Financing
  • EIB, M6 Hungarian Refinancing
  • EIB, St Helens Hospital
  • EIB, Limerick Irish Road Scheme
  • Funders (including EIB and NIB) to the New Karolinska Hospital in Stockholm
  • the project company on the £450 million bond financing of Southern Derbyshire Acute Hospitals
  • funders to the Allenby & Connaught PFI scheme
  • the project company on Aquatrine package C
  • the project company on the Hexham, Calderdale and Worcester hospital projects
  • AMBAC and MBIA on the first combined bond and EIB loan financing of a UK infrastructure project - financing A1(M) and A417/419 shadow toll roads
  • the project company on Barts and The Royal London PFI scheme
  • the banks on several project financings caught up in the Jarvis restructuring
  • MBIA on the first bond financing of a UK hospital project (Carlisle)
  • Meridian Hospital Company plc on the first unwrapped bond refinancing of UK PFI hospital (Greenwich)
  • Paribas as lead manager of the FSA wrapped bond refinancing of Tyseley Waste to Energy Project
  • the monoline MBIA and the lead manager on the Kings Hospital bonds
  • Greenwich Natwest as lead manager of the MBIA wrapped A13 road bonds
  • Octagon Healthcare on the bond refinancing and corporate restructuring of the Norfolk and Norwich Hospital PFI Scheme

Relevant Project Bond experience includes advising:

  • GLA on its debut access to the capital markets
  • Lloyds Banking Group on the establishment of its Samurai Programme
  • Portugal Telecom and Energias de Portugal on their financings
  • Transport for London on the establishment of its MTN Programme
  • the project sponsors and Blue City Group in relation to the US$925 million bond financing of the Blue City development in Oman
  • Goldman Sachs and Deutsche Bank on restructuring the Eurotunnel group and subsequent bond repackaging
  • MBIA on the £800 million bonds to finance the BBC's Broadcasting House
  • the project company on the £450 million bond financing of Southern Derbyshire Acute Hospitals
  • AMBAC and MBIA on the first combined bond and EIB loan financing of a UK infrastructure project
  • SACE on its wrap of the US$1.2 billion Loan Participation Notes of OJSC Gazprom refinancing the project financing of the Bluestream Pipeline
  • the project company on the £1 billion Barts and The Royal London PFI scheme
  • Barclays Capital/Mediobanca on Romulus Finance S.r.l. Guaranteed Secured Notes due 2031 - Aeroporti di Roma S.p.A. refinancing 
  • AMBAC and MBIA on the first combined bond and EIB loan financing of a UK infrastructure project - financing A1(M) and A417/419 shadow toll roads 
  • FSA on the Keele University accommodation refinancing
  • Meridian Hospital Company plc on the first unwrapped bond refinancing of a UK PFI hospital (Greenwich)
  • Paribas as lead manager of the FSA wrapped bond refinancing of Tyseley Waste to Energy Project
  • the monoline MBIA and the lead manager Greenwich Natwest on the Kings Hospital bonds
  • Greenwich Natwest as lead manager of the MBIA wrapped A13 road bonds
  • SG as arranger of the SELCHP waste to energy plant bond refinancing
  • Octagon Healthcare on the bond refinancing and corporate restructuring of the Norfolk and Norwich Hospital PFI Scheme
  • MBIA on Polo Securities' €375 million financing for Caminhos de Ferro Portugueses
  • the underwriters of the debenture stock issue which refinanced the Kilroot Power Station in N. Ireland
  • banks and oil companies in relation to prepayment and prefinancing transaction in Angola

Career & qualifications

  • Downing College, Cambridge (BA Law) 1986
  • Joined Clifford Chance 1987
  • Admitted as a solicitor in England & Wales 1989
  • Partner since 1997
  • Regional Managing Partner since 2009
  • Speak English, moderate French and Russian

Awards and citations

  • Managing partner of the London office, David Bickerton enjoys a strong reputation for his experience in the project bond and PFI sectors. He represents major banks in development and infrastructure projects, as well as acting for local authorities. Recently he advised the Greater London Authority on a GBP600 million debut bond issue.
    Chambers Global 2013 Capital Markets: Debt (Band 3) 
  • Sources describe banking and finance partner David Bickerton as "very clever". His specialisations include structured, acquisition and project finance. Recent work includes advising European Investment Bank on the E18 Koskenkylä–Kotka PPP in Finland.
    Chambers UK 2013, PFI/PPP (Band 2)
  • Clifford Chance is highlighted for its pre-eminence in high-profile transactions, with a team led by London managing partner David Bickerton.
    Legal 500 2013, Equity capital markets: UK capability, Tier 1
  • Emerging markets transactions are a focus for Clifford Chance's David Bickerton.
    Legal 500 UK 2013, Debt capital markets, Tier 1