20 January 2012
Clifford Chance advises on the establishment of £2.36 billion funding platform for Associated British Ports
Clifford Chance has advised the eleven funding banks (acting in various bank, bond and hedging capacities) in connection with the establishment of a new debt issuance platform by the UK’s largest ports group, Associated British Ports ("ABP"), which has raised £2.36 billion of senior bank and bond debt, to refinance the previous bank debt facilities put in place at the time of the group's acquisition in 2006. The platform includes the establishment of a Euro Medium Term Note (EMTN) programme, from which it issued a debut £500m 6.25% bond due 2026.
Steve Curtis, structured debt partner who led the transaction said:
"We are absolutely delighted to have been involved in this significant refinancing transaction. The fact that the refinancing was completed despite very challenging market conditions demonstrates the robustness of high quality infrastructure assets from a debt financing perspective. This transaction reinforces the emergence of structured corporate bonds as a leading asset class and shows that there are a range of structured debt solutions available to investment grade credits in the bank and capital markets without having to a accept a fully structured solution."
The Clifford Chance team also included partners Michael Bates, Jeremy Walter, Dan Neidle, and Jonathan Solomon, senior associates Derwin Jenkinson, James Boswell, Timothy Cleary, Clare Burgess, Lina Le Roux and Geraldine Pigot and associates, Adeline Goh, Manisha Gayaparsad and Niall Canny. Corporate Trustee partner Bruce Kahl, assisted by Andrew Bryan also advised Deutsche Trustee Company Limited as security trustee and bond trustee.