Clifford Chance

Fund Financing

Extensive experience advising on fund financing facilities, both syndicated and bilateral, and including:

• Manager/GP facilities
  
• Private fund bridge / capital call facilities
• Asset-backed / NAV facilities

Acting for a number of banks (including Wells Fargo, Citi, Lloyds, RBS, SMBC, ING, ANZ, Natixis and others) as well as a number of sponsors/borrowers.

Facilities include long-term leverage solutions (term/RCF, potentially including secured/unsecured hedging arrangements), for both funds and their managers, as well as short-term, deal specific equity bridges, advanced to a variety of fund types (PE, infrastructure, real estate, direct lending and others) in various jurisdictions (including UK, Ireland, Jersey, Guernsey, Luxembourg, US, Cayman and BVI).

• Andrew has been a speaker at Fund Finance Association conferences in London and New York.

Leveraged/Acquisition Finance

Advising:

• Cinven and CVC on the GBP£425 million fixed and floating notes and GBP£30 million super senior revolving credit facility financing the acquisition of NewDay, the UK consumer finance provider specialising in UK credit cards
• CVC on the EUR€340 million term and revolving facilities for its acquisition of AR Packaging (headquartered in Sweden)
  
• BC Partners on the senior financing in connection with its bid for an Eastern European business
  
• CVC in connection with its EUR€375 million financing in connection with the acquisition of Doc Generici s.r.l., a leading generic pharmaceuticals company in Italy
  
• Cinven on the financing (EUR€1.485bn of Senior Secured Notes, EUR€375 million of Senior Notes, and EUR€250 million RCF) for its EUR€3 billion acquisition of two separate groups: Labco, the French diagnostics business, and Synlab, the German laboratory services company, to create the largest European diagnostics business
  Private Equity Deal of the Year 2016, IFLR Europe Awards
  
• Pantheon group (backed by Permira) on a debt refinancing in connection with the acquisition of IBSL, the Italian clinical engineering and biomedical equipment services provider
  
• Cinven on the GBP£285 million loan facilities provided in relation to the acquisition of the public services division of Northgate Information Solutions (UK outsourcing and IT business)
  
• The arrangers in connection with Bridgepoints’s acquisition of Element Materials Technology from 3i Group Plc
  
• The arrangers on the GBP€300 million facilities which, together with a second lien facility, financed the acquisition by Clayton Dubilier & Rice of Kalle (the German artificial casings manufacturer)
  
• Cinven on financings relating to Amdipharm Mercury, the speciality pharmaceuticals group, formed from the merger of Amdipharm and Mercury Phama
  
• CVC on the financing in connection with their joint venture with Royal DSM regarding the acquisition of their polymer intermediates and resin business
  
• All3Media on its refinancing (ahead of its acquisition from Permira by Liberty Global and Discovery Communications) by way of GBP£320 million first lien and GBP£80 million second lien facilities
  
• Iglo Foods (then owned by Permira) on a refinancing by way of circa EUR€1.2 billion cov-lite facilities and the issuance of pari passu EUR€500m senior secured floating notes
  
• Antin on the financing aspects of its circa GBP£150 million acquisition of Roadchef
  
• Permira in connection with the financing for its circa GBP£300 million acquisition of the Dr Marten's business