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Clifford Chance

Clifford Chance
High Yield<br />

High Yield

Cutting edge, commercially focused high yield expertise

We are driving the development of the high yield market advising on some of the most complex, often first-of-a-kind transactions. We have a proven track-record of advising underwriters, issuers and sponsors across the globe.

Working closely with our experienced practices across leverage finance, private equity, banking, capital markets and corporate, we provide commercially-focused expertise, delivering high yield financing solutions in the context of wider refinancing, acquisition financing, restructuring or other commercial transactions.

We bring cross-border coverage with a strong presence in all major high yield centres globally.

How we can help you

Integrated global high yield team

A proven track-record of advising sponsors, issuers and underwriters globally and an involvement in the developments that shape the high yield market, you can be assured that we can offer you:

  • Solution-focused advice taking into account the current market conditions, and a complete understanding of your particular transaction and an insight into the future of the high yield market.

  • The expert execution in the market for your high yield transactions assuring you the best possible outcome.

Experts in leverage finance, corporate, M&A and private equity

A multi-disciplinary team of lawyers with broad range of expertise and regularly deliver an integrated service to our clients. We advise on the other elements of a financing, refinancing or acquisition, or appreciate the wider context.

We can provide you with:

  • Commercially-focused advice on high yield offerings in the context of the wider refinancing, acquisition financing or other commercial transaction.
  • A coordinated, ‘one-stop’ team to advise on: multiple or alternate track financings (e.g. high yield bond / IPO/ M&A disposition). Combination financings (e.g. high yield and loan financings and refinancings).

These overlapping work streams maintain flexibility and optionality, as well as providing the potential for significant time and cost savings.

Excellent cross-border coverage

‘On the ground’, country-by-country, expertise relevant to your particular transaction, including local advice on structuring, security and solvency issues. We have 31 offices across the world of which 17 are in Europe.

For those of our clients who are choosing to use a variety of financing techniques, across different jurisdictions, we are ideally placed to handle the entire process and ensure it is managed efficiently as one-firm, with one main point of contact. We are proud to be able to offer this in the globally high yield market.

One point of contact, in London or locally as and when required.


European Green Bond Regulation

At the end of May 2022, the Committee on Economic and Monetary Affairs (ECON) published its long-awaited report which inter alia includes proposals to increase disclosure requirements and to extend the scope of the EU GBS to all issuers of "bonds marketed as environmentally sustainable" in the EU.

Read the report

Recent client highlights

NewDay on its £264.1 million high yield bond exchange offer

NewDay, an established and leading consumer credit company serving approximately five million customers in the United Kingdom, on its offer to exchange its outstanding Senior Secured Notes due 2024 for new Senior Secured Notes due 2026 and cash consideration. In connection with the exchange offer, Clifford Chance also advised NewDay on the amendment and extension of its revolving credit facility.

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Cinven and True Potential on bond and loan acquisition financing

Cinven, a leading international private equity firm, and True Potential Group Limited, a fully integrated technology-led wealth management company serving investors and advisers across the United Kingdom, in connection with the financing for Cinven's previously announced acquisition of True Potential.

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Codere group on its €1.2bn financial restructuring

Codere group, a leading player in the private gaming industry, on its €1.2bn restructuring by way of a new money offering and consent solicitation, the need for which arose from continuing COVID-related restrictions and closures which impacted materially on the group's gaming and casino businesses.

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OCI N.V. on its offering of $400 million

Headquartered in the Netherlands and listed on the Euronext Amsterdam, OCI is a leading global producer and distributor of nitrogen products and methanol, the proceeds of the Notes, along with drawings under the Company's existing revolving credit facility, have been used to refinance existing debt of the Company.

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SYNLAB on a multi-facetted transaction

SYNLAB, the Cinven-backed European laboratory services provider, in relation to a complex extension of loan facilities, floating rate note (FRN) lines into a new Term Loan B (TLB) structure and refinancing of FRNs through an issuance of new FRNs.

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EUR 550 million debut high yield green bonds issuance by Getlink

Acted as counsel to the initial purchasers in connection with the issuance by Getlink SE, a key player in mobility infrastructures and international transport and a leader in eco-responsible transport that, among other things, is the holding company of the manager and operator of the Channel Tunnel between England and France, of €550 million of its 3.625% senior secured notes.

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