Clifford Chance

Clifford Chance advises ONO on Rule 144A/Reg. S high yield offering of €300 million 8.875% senior secured notes due 2018

As European high yield issuance continues to soared in the first half of 2011, it proved to be a very busy and successful period for the Clifford Chance leveraged finance team, closing several high yield transactions in the last few months.

The most recent ONO issue  follows on from two others on which Clifford Chance also advised  in October 2010 and January 2011. In addition, other recent highlights include advising:

• the joint bookrunners on the $375 million senior secured bond due 2018 by Calcipar S.A, a fully owned subsidiary of Carmeuse Holding
• EQT and the Issuer on the issuance of €202 million PIK Notes due 2019 in connection with the acquisition of Dometic Holdings AB.  This transaction was the first true PIK note issuance in Europe in the last two years and also involved SEK 6.6 billion of senior facilities, on which Clifford Chance also advised
• Heidelberger Druckmaschinen on €300 million high yield bond due 2018.The notes were issued in connection with a complete refinancing of the company which included a €500 million revolving credit facility with respect to which Clifford Chance also advised

Michael Dakin, high yield partner said:

"There is an increasingly varied range of legal structures being used within the high yield market, with each of the above transactions presenting different and complex issues and requiring a special set of skills. In addition, there is frequently both a loan and bond element to a deal and Clifford Chance is one of the few firms that is able to offer the complete financing package, in addition to having the specialist high yield expertise."

The Clifford Chance team on the ONO issues was led by John  Connolly. The Carmeuse deal was led by Chris Walton and Tony Lopez. Michael Dakin was the lead partner on Dometic Holdings and Heidelberger Druckmaschinen.