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Clifford Chance advises Quotient Limited on US$120 million high yield private placement of senior secured notes

27 October 2016

Clifford Chance advises Quotient Limited on US$120 million high yield private placement of senior secured notes

International law firm Clifford Chance has advised Quotient Limited, a commercial-stage diagnostics company based in Jersey, Channel Islands, on a private placement of up to US$120 million of 12% Senior Secured Notes due 2023. The transaction, which closed on October 14th, also included the sale of a royalty right to the note purchasers. The Firm had previously represented Quotient on its US IPO, which closed in April 2014, and its follow-on PIPE and public equity offerings.

Capital Markets partner Per Chilstrom notes that "the transaction involved cross-border negotiations under US, Jersey, Swiss and Scottish law, with aspects of the deal requiring expertise across four of the Firm's practices."

Also advising on the transaction were Capital Markets partner Alex Camacho; Tax partner Avrohom Gelber; Intellectual Property counsel Daryl Fairbairn; and associates Allein Sabel (Capital Markets), Devon MacLaughlin (Capital Markets), John McManmon (Banking & Finance), Eric Naftel (Tax), Jesse Overall (Cross Area) and Jennifer Saionz (IP).

Clifford Chance has a market-leading reputation in advising non-US companies on US IPOs and listings. These representations play to the Firm's strengths in tapping its global footprint and premier capabilities across all relevant legal disciplines. The Firm's New York Capital Markets team has also recently counselled on the US IPOs of Materialise, a Belgian technology company specializing in 3D printing (joint-representation with the Firm's Brussels office), and Sky Solar Holdings, a Cayman Islands renewable energy provider with projects based in North America, Asia, Europe and South America.