- DLA Piper

DLA PIPER
OUR STRUCTURED FINANCE CAPABILITIES
SECURITISATION - PORTFOLIO SALES - DERIVATIVES - DEBT CAPITAL MARKETS
ABOUT DLA PIPER
DLA Piper is the largest law firm in the world with more than 4,700 lawyers providing a full
range of legal services to meet our clients global needs. Lawyers operating from offices in
Asia, Australia, Europe, the Middle East and the Americas provide high quality legal advice
to enable our clients to issue securities, raise funding, arrange and complete financing
transactions and to buy, sell, take positions in or utilise assets of all types both in their local
market and through the global financial markets.
OUR VISION
Our vision is to be the leading global business law firm. We
draw on the knowledge of our locally and internationally
trained lawyers advising on a broad range of matters including
commercial, corporate, bankruptcy and restructuring, tax,
finance, human resources, litigation, real estate, regulatory
and legislative, technology, and media and communications in
every major market around the world.
Our global services are grounded by the strength of our
domestic offices, our sector knowledge and our commitment
to client-driven services. We support the strategic and
operational needs of our clients, wherever they do business.
OUR PERFORMANCE 2013
For more information about our practices please
contact:
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No 1 - law firm in the world by revenue
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No 1 - law firm in the world by number of lawyers
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78 offices worldwide
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Most innovative law firm - FT
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No 1 - for client service
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First PCS label Auto Securitisation in the UK
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First Project Bond post financial crisis
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First CLO 2.0 in Europe for Ares
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Whole business securitisation tap for Dignity
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Asset securitisation, sales and repackaging for the world’s
largest banks through more than 20 countries
Martin Bartlam
Partner & Global Group Co-Head
T +44 (0)207 796 6309
martin.bartlam@dlapiper.com
Developing new laws and financing structures across new
markets around the world
2 | DLA Piper - Our Structured Finance Capabilities
www.dlapiper.com |
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SECURITISATION - DEBT CAPITAL MARKETS - PORTFOLIO SALES - DERIVATIVES
Depth and quality of
experience
Providing the highest quality service
requires a deep understanding of the
underlying assets, relevant geographic
and regulatory issues, extensive
experience of the financing techniques
that are applied in the capital markets
and structured finance sector and a
commitment to provide an excellent
product.
Our award-winning team can draw
from the widest pool of experience
and benefit from our global depth and
breadth to provide all of the above.
We are viewed as market leaders in
the areas of Structured Finance and
have advised on numerous highly
complex projects. We have more than
200 finance lawyers practising in this
important sector of the market on a
global basis. The team is supported
by our leading corporate, regulatory
and tax teams and, as required, works
together with our enforcement,
litigation and restructuring teams,
enabling us to call on over 2,000
lawyers within these areas to complete
large and/or complex transactions.
We have an extensive commitment on
a global basis and understand issues
which face the industry as well as
applicable regulatory and consumer
law issues across a wide range of
jurisdictions. Our work has included
advising the full range of industry
participants ensuring that we have a
good understanding of the needs and
motivations of all the key players.
Our understanding of the
market
Given the fall out arising from the
global financial crisis, and in particular
the role of sub-prime mortgage
securitisations in that crisis, it is not
surprising that the securitisation
markets over the past five years have
faced significant adverse legislative and
regulatory repercussions. These are
still being felt, with the result that it is
impossible to predict with any degree
of certainty what the new paradigm
for structured debt issuance will be as
the capital markets recover. In spite of
this the structured finance market has
continued to operate and lawyers at
DLA Piper have been actively involved
in advising on a significant number of
transactions in the recent post-crisis
period. We fully believe that with the
global DLA Piper platform, with its
rare combination of multi-specialty
expertise, thought leadership and
entrepreneurship, the DLA Piper team
is uniquely situated to play a vital role
in the rebuilding and reshaping of the
finance market of the future.
OUR RANGE OF MARKETS
AND PRODUCTS EXPERTISE
Our structured finance team covers
a range of international markets and
financing products bringing together
aspects in a number of interrelated
sectors to provide comprehensive
solutions to our clients financing
and investment needs. A deep
understanding of the interconnection
of related products and disciplines such
as financing instruments, derivatives,
rating agency requirements, capital
structures and regulatory advice is
ever more important in the evolving
capital and corporate finance market.
The following pages set out the main
markets and product areas covered by
our team.
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OUR BANKING AND STRUCTURED
FINANCE CAPABILITIES
“The interaction and quality at partner level is outstanding. They know how to judge
and manage a negotiation.” Sources add that the team’s advice is “absolutely concise
and straight to the point.” – Chambers 2012
DLA Piper’s International Banking &
Finance practice consists of over
450 advisers providing services within
78 DLA Piper offices all over the world.
Our cohesive organisational structure
ensures the constant exchange of
know-how as well as fluid and effective
internal communication.
DLA Piper’s specialists from our offices
in Europe, Asia, North America,
South America and Australia cooperate
with our UK lawyers on a daily basis.
As a result, we provide comprehensive
legal and tax advisory services related
to domestic and international projects.
DLA Piper’s Banking & Finance Team
in the UK consists of advisers with
wide experience gained in numerous
projects performed for all types of
entities including foreign banks, global
and local corporations, international
financial institutions, investment funds
and private investors.
At DLA Piper, we offer comprehensive
support to our clients at all stages of
projects, starting from planning the
structure of financing (term-sheet),
through negotiations of transaction
documents, establishment of security,
preparation of offer documents, to the
disbursement of funding.
Examples of our experience in the following areas is set out below:
Securitisation
Portfolio Asset Sales
Auto Loan Securitisation
Derivatives
Real Estate Securitisation
High Yield Bonds
CLO’s
Structured and Project Bonds
Debt Capital Markets
4 | DLA Piper - Our Structured Finance Capabilities
SECURITISATION
ABS, MBS and CLOs
Our global team work on ABS, MBS
and CLO transactions around the
world. We have more than 200 finance
lawyers practising in this important
sector of the market on a global basis.
The team is supported by our leading
corporate, regulatory and tax teams
and, as required, works together
with our enforcement, litigation and
restructuring teams, enabling us to
apply the experience and understanding
of some of the largest sector focus
teams of any law firm in the world. Our
ability to call on over 2,000 lawyers
within these areas enable us to
complete even the largest and/or
most complex and multi-disciplinary
transactions.
This effective combination of practice
skills and geographical reach is essential
in an increasingly complex and global
economic environment. Our ability to
deliver an efficient integrated service
allows us to offer quick and high quality
solutions with significant savings for
clients in terms of administration,
management time and bureaucracy.
Our solutions are both legally effective
and economically attractive.
Understanding your
requirements
securitisation, IP securitisation and
whole business securitisation.
The credit market meltdown not
only put a virtual halt to most new
issuance in the ABS, MBS and CLO
markets, but also had a debilitating
impact on most law firms with any
significant commitment of resources
to structured finance. DLA Piper
was fortunate in that it was not
forced into a downsizing mode by the
meltdown but has instead been able
to take a contrarian view and use the
down market as an opportunity to
expand and upgrade its securitisation
capabilities.
The structured finance group of DLA
Piper comprises not only practitioners
with years of hands-on experience with
these diverse types of transactions, but
also thought leaders who are known in
the industry for their creative problemsolving and their entrepreneurial track
record in designing and executing
new structured finance programs. In
addition, the DLA Piper Structured
Finance lawyers have ready access
to the Firm’s diverse mix of other
global specialty practices to provide
substantive law and business coverage
for anticipated future securitisation
activity, including real estate, litigation,
bankruptcy, intellectual property,
franchising, insurance and renewable
energy. Examples of our experience
in these sectors are set out in the
following sections.
The structured finance practice of
DLA Piper now encompasses a deep
bench with significant substantive
experience in a broad range of
structured debt transactions. Our team
has extensive experience in consumer
asset backed structures and is a leader
in areas such as auto securitisation.
We have deep experience of property
structured finance including CMBS and
RMBS, CDOs and CLOs as well as
leading experience in esoteric assets
such as ships, aircraft and project
finance securitisations, tobacco fee
TAX EFFICIENCY
BOND AND
NOTE ISSUANCE
CROSS BORDER
AND TRANSPARENCY
ISSUES
INTERCREDITOR
AND SECURITY
ISSUES
FINANCIAL
REGULATION AND
EFFICIENT CAPITAL
STRUCTURING
DERIVATIVES
CORPORATE SUPPORT
AND ADVISORY
EQUITY
FINANCE
INSOLVENCY PROTECTIONS
AND ENFORCEMENT ISSUES
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AUTO LOAN SECURITISATION
DLA Piper has extensive experience advising clients in the automotive sector as we act for
the full spectrum of clients in the automotive and manufacturing industries.
SOPHISTICATED AUTO
SECURITISATION STRUCTURES
We have worked with many of the
leading vehicles manufacturers and
finance providers to the auto sector
over many years. Members of our team
worked on several leading UK market
transactions as well as the securitisation
of auto loan portfolios across
Continental Europe and the US.
EMERGING AUTO
SECURITISATION MARKETS
The DLA team are actively working
with originators and arranger banks on
a number of auto loan and consumer
loan securitisations in the CEE region.
The opening of securitisation in these
markets will provide a valuable funding
tool for businesses in the region.
Through our network of offices across
the CEE and Nordic regions we believe
we have the most comprehensive
coverage of consumer loan and auto
finance issues of any law firm in the
EMEA region.
RELEVANT EXPERTISE
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Advising currently on auto loan
securitisations in the CEE region.
Advising in connection with
the securitisation of various UK
auto-loan receivables.
Advising in connection with the
securitisation of German
auto-loan receivables arranged by
Crédit Agricole CIB and Société
Générale.
6 | DLA Piper - Our Structured Finance Capabilities
Advising Citibank as deal counsel
in respect of a portfolio of auto
loan and consumer finance
receivables.
Advising Santander Global
Markets as deal counsel in
respect of a variety of underlying
asset types including vehicles,
ships and aircraft.
Advising Unicredit as the
arrangers on the securitisation
by FGA, the in house credit
institution of Fiat, of receivables
relating to its auto-loan
receivables business in the UK.
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Advising FGA Capital, the
in-house credit institution of Fiat,
in respect of the securitisation of
its auto-loan receivable assets.
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Advising a floor plan financing
company with respect to auto
and boat inventories.
Advising a company that
originated, securitized and
serviced auto-loans and leases.
Advising on a car loans
securitisation by FCE Bank plc
including advising on various
amendments to the structure
over the years.
Advising a financial institution
performing due diligence
on several billion dollars of
securitised loan portfolios
including auto-loans and leases.
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Advising an auto conglomerate in
connection with performing due
diligence and bidding on auto-loan
originator and servicing platform.
Advising the arranger on the
establishment of a $3.6 billion
future flow facility for a national
auto-loan finance company.
Advising as lead counsel, the
US finance subsidiary of a global
automobile manufacturer for all
capital markets and derivatives
transactions.
Advising an originator of
auto-loans in connection with
publicly registered securitisation
transactions aggregating
approximately $2 billion.
Advising the arranger and joint
lead managers on the structuring,
documentation and issue of
Notes listed on the Luxembourg
Stock Exchange and rated by
Standard & Poor’s.
Advising the originator and
servicer on amendment
and restatement of securitisation
documents relating to increase
in size and maturity of auto-loan
securitisation transactions.
VEHICLE FUNDING SOLUTIONS
We advise on a variety of structures and
products in funding fleet management
companies, contract service providers
and rental companies including tax
driven operating lease facilities, finance
lease and hire purchase as well as agency
and residual value structures.
We also advise providers of fleet
management and contract hire services
on their funding arrangements, their
supply agreements with manufacturers
and dealers (including buyback
arrangements and volume rated
discounts), outsourcing arrangements
and securitisations of contract hire
receivables.
We draft and advise on standard
documentation for contract hire,
contract purchase, finance lease,
sale-and-lease-back and bespoke
employee car ownership scheme
(ECOS) structures.
Our aim is always to provide the legal
advice that fully supports our clients’
commercial objectives.
Working With Leading
Originators and
Arrangers
We have worked with many of the
leading auto manufacturers in supporting
their day to day operations as well as
helping to put together securitisations
and other complex funding structures on
their behalf.
Members of our team also regularly
work with leading arranger banks in
providing deal structures and acting
as deal counsel in significant financing
transactions. An example transaction
includes acting for Unicredit as arranger
in respect of FGA, the in-house credit
institution of Fiat, with regard to the
securitisation of its UK receivables.
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Relevant Expertise
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Advising the UK asset finance arm
of a leading European bank on
the outsourcing of vehicle funding
solutions for its SME customer
base to a large Dutch provider of
fleet management services and the
funding by the bank of all vehicle
acquisition costs over the lifetime of
the outsourcing contract;
Advising a UK clearing bank on the
purchase and semi-securitisation of
up to £500m of vehicles and related
contract hire receivables from the
financing arm of a major US motor
manufacturer;
Advising the consumer finance arm
of a UK bank on its JV arrangements
with an Asian manufacturer to
establish a captive finance company
to fund its UK dealer network and
retail business;
Advising the funder on a £50m
agency facility in favour of a start-up
business providing fleet management
and contract hire facilities for LCVs.
The funding structure involved
complex risk sharing arrangements
on fleet residual values including
‘cap’ and ‘collar’ aggregations;
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Advising a leading UK contract hire
and fleet management provider
on its standard contract hire and
contract purchase documentation
for use with large corporate
end users;
Advising a UK funder and specialist
ECOS provider on the drafting of its
standard, CCA regulated conditional
sale and credit sale agreements for
employees, establishing a funding and
lease structure to mitigate risks on
cash in transit and employers’ salary
deduction obligations and designing
a suite of receivables purchase
documentation enabling each ECOS
to be discreetly funded on a
bank-by-bank basis;
Advising the funders on vehicle
finance facilities for most of the UK’s
leading daily rental and accident
management companies;
Advising various funders on the
insolvency of Rover Group including
the unwinding of ECOS funding
positions, recovery of funded
vehicles, buyback arrangements and
lease terminations; and
Advising a UK lessor on its volume
related discount and buyback
arrangements with an LCV
manufacturer, the subsequent
administration of the manufacturer
and the renegotiation of new
buyback arrangements with the
VC-backed NewCo business.
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REAL ESTATE SECURITISATION
Real estate is one of our favourite asset types. The range of real estate assets, from
portfolios of residential mortgages to large single and multi-property commercial
developments, make these assets ideally suited to current structured financing
techniques.
Depth and quality of
experience
DLA Piper is at the forefront of
crafting ground-breaking solutions that
intelligently address the challenges
presented by today’s real estate
economy. As the real estate sector
increasingly looks to the capital markets
to raise long-term financing, our
structured finance lawyers are uniquely
positioned to guide our clients through
this re-emerging marketplace.
We are viewed as market leaders in
the areas of Structured Finance and
Securitisations and have advised on
numerous highly structured real estate
projects. Decades of experience,
recognised acumen, and the backing of
the world’s largest real estate practice
gives us unparalleled strength in the
financing and refinancing of complex
international commercial real estate
transactions, including residential and
commercial mortgage-backed securities
issuances, construction, conduit,
floating and fixed rate financings,
forward loan commitments, mezzanine
loans, loan participations and lowincome housing tax credits.
8 | DLA Piper - Our Structured Finance Capabilities
We have an extensive commitment on
a global basis to the real estate sector
and understand issues which face the
sector as well as applicable regulatory
and local law issues in nearly every
corner of the global market. Our work
has included advising the full range of
real estate participants ensuring that we
have a good understanding of the needs
and motivations of all the key players.
Our understanding of the
market
We have worked on CMBS and RMBS
products since the early development of
these products in the European market.
New issuances of CMBS and RMBS in
Europe have, by historical standards,
remained relatively low in recent years
following the financial crisis. European
banks however continue to face
intense pressure to deleverage their
real estate loan portfolios which will
require alternative funders and the use
of capital markets techniques to meet
much of the funding needed. Given
the size of the funding gap facing the
European real estate markets over the
next several years and, to date, the
limited availability of alternative funding
sources, the capital markets look set to
again become an important source of
capital for the real estate industry.
Our global platform that combines the
largest real estate capability of any law
firm in the world with multi-specialty
expertise, thought leadership and
entrepreneurship, ensures that the DLA
Piper real estate structured finance
team is uniquely situated to play a vital
role in the rebuilding and reshaping of
the real estate capital markets of the
future.
LEADING EXPERTISE IN THE
REAL ESTATE SECTOR
DLA Piper has extensive experience
advising clients in the commercial real
estate sector as we act for the full
spectrum of clients in the real estate
industry.
We recently advised Blackstone in
connection with the highly publicised
“Project Isobel” loan portfolio sale
transaction. The transaction involved
the sale of approximately £1.3 billion
(face value) of troubled commercial
real estate loans by The Royal Bank of
Scotland to a joint venture purchaser,
with senior financing provided by
the seller. The senior financing was
eventually securitised in a market
leading transaction that was the first
non-performing loan securitisation in
Europe in the current business cycle.
In the years since the onset of the
financial crisis, we have advised
Blackstone, Credit Suisse and
other major financial institutions in
connection with numerous consensual
and non-consensual restructurings,
workouts and refinancings of CMBS
and other commercial real estate
structures, frequently advising market
participants with respect to their
relative rights and obligations as
lenders, swap providers, security agents
and loan servicers. (See Portfolio Asset
Sales for more examples of our real
estate portfolio transfers expertise)
We are working with a number of real
estate developers in raising funding
through capital markets structures
combining bonds, captive insurance
providers and derivative products
to generate funding opportunities to
meet current real estate development
opportunities.
HIGHLIGHT TRANSACTIONS
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We have acted for arrangers and
swap providers in structuring and
documenting RMBS transactions in the
UK and various European markets such
as Mornington Funding plc’s UK RMBS
transaction.
Members of our team acted on many
billions of CMBS and RMBS asset
securitisations structured for European
banks to provide liquidity through
enabling senior tranches to be applied
as collateral in ECB money market
operations.
We have acted on a range of single
property and multi-property (single
originator) commercial property
securitisations.
Our knowledge and experience of a
vast range of financing techniques for
property assets makes us a leader
in this sector providing innovative
solutions and a range of reusable
financing techniques for all participants
in the property market.
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In 2013 we acted for Leeds
County Council on the successful
close of its social housing
regeneration project for areas
to the north and south of Leeds
city centre, with a capital value
of £138.5 million. Under the
project, these areas around
Leeds will be regenerated with
more than 1200 council homes
refurbished, 388 new council
homes built and environmental
improvements to local
neighbourhoods and estates.
In 2013 we advise Dignity plc on
its consent solicitation exercise
to Noteholders and further issue
of Notes in connection with its
whole business securitisation.
The securitisation involved the
issue by Dignity Finance plc of
(in total) £204,200,000 Class A
Secured 6.310 per cent. Notes due
2023 and £165,600,000 Class B
Secured 8.151 per cent. Notes
due 2031, listed on the Irish Stock
Exchange.
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COLLATERAL LOAN OBLIGATIONS
LEADERS IN CLO
STRUCTURING
Members of the DLA Piper CLO team
are at the forefront of developing
CLO 2.0 for the European and
US market. Having been involved in
structuring, documenting, issuing and
restructuring many of the first wave
of CLOs and CDOs working closely
with investors, managers and arrangers
through the last decade our team have
a deep understanding of the issues
affecting investors, managers and
arrangers.
Working with participants and following
closely regulatory developments
affecting the sector we have completed
a number of CLOs in the European
and US markets that are designed to
meet the needs of investors, managers
and arrangers within the new regulatory
environment. We are currently working
with participants to further develop and
improve securities available for funding
and issuing CLOs in the current market.
Our depth of experience and
understanding of the markets puts
us at the forefront of the developing
CLO markets.
Collateralised Loan
Obligations (“CLOs”)
Deals in 2013 have marked the revival
of the European CLO market. With
increased issuance in the US, and
successful early deals in 2013 there
is increased interest and appetite for
developing the market in Europe.
10 | DLA Piper - Our Structured Finance Capabilities
Publication of the CRR has tempered
outright optimism for the rebirth of the
product but enthusiasm remains that
with appropriate controls and structuring
there is the opportunity to rebuild this
hugely important asset class.
With economic growth in Europe
flat or declining over recent years
and banks under pressure to further
reduce balance sheets, the opportunity
to rebuild liquidity in this asset class
should not be missed as a way of
helping Europe towards economic
recovery. CLOs provide one of the
most efficient mechanisms for putting
capital to work and, contrary to much
press comment, the asset class has
performed reasonably well through
the financial crisis. The reopening of
the CLO market will provide a much
needed liquidity mechanism helping
to relieve pressure on banks’ strained
balance sheets enabling the real
economy to develop and maintain a
period of sustained growth.
Lessons have however been learnt from
the pre-crisis period. Up until 2007 the
CLO market had experienced a period
of unprecedented growth. In early
2007 however cracks were beginning
to show. July 2007 marked the end of a
period of amazing growth in the CLO
market. More than a year earlier than
the collapse of Lehman in October
2008, the market in CLOs and CDOs
had effectively dried up. A realisation
that higher than expected default rates
particularly in US property lending
would significantly impact the market
led to a halt in the appetite of investors
to take on more product leaving
arrangers and managers with bloated
warehouses of often over geared and
poorly structured assets. As default
rates increased, participants realised that
over leveraged and inflexible structures
incorporating tranches of lower grade
(technically higher yielding) corporate
or structured assets combined with
highly illiquid markets presented a highly
toxic mix. Whilst CLOs were not as
exposed to many of these features as
highly structured CDOs the market
effect was dramatic and managers and
investors realised significant losses.
Many of the features of the new wave
of European CLOs or CLO 2.0 as they
are sometimes referred, are attempts
to recognise and improve the first
round of CLO product. Other changes
reflect changes to the regulatory regime
applicable to CLOs.
DLA lawyers have extensive experience with US and European CLOs having represented most arrangers and
many prominent collateral managers including the following:
Goldman Sachs
Alcentra
Deutsche Bank
Ares
JPMorgan
Axa
Morgan Stanley
Babson Capital Europe
Credit Suisse
Carlyle
BAML
Highland Capital
Citi
GSO/Blackstone
CIBC
Natixis
UBS
Lloyds Bank
In addition to acting as deal counsel
and collateral manager counsel on
CLOs, DLA lawyers have substantial
experience advising buyers and
sellers of CLO platforms. Our lawyers
represented GSO/Blackstone in
its acquisition of Harbourmaster,
Ares Management in its acquisition of
Octagon’s European CLO platform
and the principals of Indicus Advisors
in the sale of their interests to
Ares Management.
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DEBT CAPITAL MARKETS
“The service and advice are top class” at DLA Piper UK LLP
Debt Capital Markets – Legal 500 2012
OUR INTERNATIONAL CAPITAL
MARKETS PRACTICE
OUR DEBT CAPITAL MARKETS
PRACTICE
Our International Capital Markets
practice comprises lawyers worldwide,
with a presence in most of the world’s
key financial centres.
Our Capital Markets practice has
represented issuers and investment
banks on numerous debt securities
offerings in both corporate finance
and structured finance debt capital
markets transactions. In the corporate
finance area, we advise on issuances of
investment grade, high-yield, convertible
and exchangeable debt securities,
eurobonds, debt issuance, commercial
paper and Medium Term Note (MTN)
programmes. In the structured finance
area, we advise on securitisations,
project and infrastructure bonds,
structured notes and derivatives. We also
advise on debt capital markets liability
management transactions, including
consent solicitations, bond tender offers
and exchange offers and advise banks
and insurance companies on a range of
regulatory capital transactions.
These lawyers specialise in equity and
debt capital markets offerings, including
structured bonds and project bonds, and
work closely with experienced capital
markets lawyers in a number of our
offices across EMEA as well as in Asia
and the United States.
ADVISING MARKET
PARTICIPANTS ON THE FULL
SPECTRUM OF TRANSACTIONS
Our Capital Markets lawyers
advise issuers, underwriters, selling
shareholders, sponsors, arrangers, lead
managers, originators, dealers, trustees
and depositaries on a broad range
of capital markets offerings, including
equity, equity-linked and debt securities,
structured and project financings and
securitisations and collaborate with our
derivatives, financial regulation and tax
practices both in London and our other
EMEA offices and in the United States.
12 | DLA Piper - Our Structured Finance Capabilities
With both English- and US-qualified
lawyers in the practice, we are able to
advise on the full range of Regulation S,
Rule 144A Reg D and SEC-Registered
debt offerings.
Our debt securities lawyers work closely
with our derivatives, banking, projects,
restructuring, regulatory, corporate,
real estate, litigation and tax experts to
deliver complete advice on any type of
financing seeking to tap the debt capital
markets for various types of complex
products or structures and from various
jurisdictions.
OUR INTERNATIONAL
PLATFORM SUPPORTS OUR
CLIENTS’ CAPITAL MARKETS
INITIATIVES
We have built a significant international
platform, including well-established and
comprehensive practice capabilities,
deep industry knowledge in key growth
sectors and access to international
funding sources through our strong
relationships with the business
and funding communities, including
investment banks and the private equity,
hedge fund and venture capital fund
communities.
Using our international platform, our
capital markets group provides the
efficiencies of local and cross-border
on-the-ground support. We maintain
a significant presence throughout
Europe, including in France, Germany,
Spain, Italy, Austria, Belgium (including a
Luxembourg law practice), Netherlands,
Ukraine, Poland and several other CEE
countries. DLA Piper’s specialists from
our offices in Europe, Asia, Middle East,
North America, South America and
Australia cooperate with the UK
lawyers on a daily basis. As a result, we
provide comprehensive legal and tax
advisory services related to domestic
and international projects. Our cohesive
organisational structure ensures the
constant exchange of know-how as
well as fluid and effective internal
communication.
With our broad cross-border experience
and our extensive international network,
we are in a unique position to deliver
integrated advice and support for truly
international transactions, involving
a number of different jurisdictions,
operating closely together and
coordinating as one team to provide
reliable and efficient services to our
clients.
Our strong international platform and
the commitment it represents is why
many issuers, shareholders, sponsors,
arrangers and underwriters rely on our
Capital Markets group to deliver global
advice and unmatched local resources
to support private and public equity and
debt capital raising transactions.
WE PROVIDE ENGLISH, US AND
LOCAL LAW ADVICE
Our international Capital Markets
practice includes capital markets
lawyers qualified to practice in several
jurisdictions, including across Europe,
Asia-Pacific and the United States, and
offers integrated securities advice on
complex, cross-border transactions.
Our UK Capital Markets team includes
lawyers qualified in English law as
well as a number of US qualified
lawyers familiar with offerings of
securities into the United States by
European issuers. We also have strong
US capital markets teams in New York,
Chicago, Washington D.C. and the
U.S. West Coast.
OUR LISTINGS EXPERTISE
We have a strong track record in
handling capital markets issues listing
either in London or elsewhere
internationally. In particular, we have
completed listings on various exchanges,
including the Main Market, AIM and
ORB on the London Stock Exchange,
Luxembourg Stock Exchange, Irish Stock
Exchange, Frankfurt Stock Exchange,
Warsaw Stock Exchange and various
other European exchanges, as well as the
Singapore Exchange, Hong Kong Stock
Exchange, New York Stock Exchange and
NASDAQ.
HIGHLIGHT TRANSACTIONS
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Our expertise includes the listing of
shares, bonds and other debt, equity and
equity-linked securities through a variety
of complex structures.
WE WORK WITH OUR CLIENTS
TO ACHIEVE A COMMERCIAL
SOLUTION ON TRANSACTIONS
DLA Piper’s Capital Markets practice
in the UK consists of advisers with
wide experience gained on numerous
transactions performed for all types of
entities including banks, international
and local corporations, governments,
international financial institutions,
investment funds, consortium members
and private investors.
Our lawyers take a pragmatic,
commercially driven approach to the
structuring and execution of capital
markets transactions. Where workload
and negotiating pressure points are
likely to arise we are proactive in
helping our clients to respond efficiently
and effectively to these challenges.
Our experience allows us to anticipate
and solve issues before they become
problems. We believe this offers material
benefits to our clients.
At DLA Piper, we offer comprehensive
support to our clients at all stages of
the transaction, starting with planning
the structure of financing (including
term-sheets), through negotiations of
transaction documents, establishment
of security, verification of other
documents, to the disbursement
of funding.
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Advising Turkish company,
Anadolu Efes, on a benchmark
US$500 million international
bond issue. Anadolu Efes is
one of Europe’s largest brewers
and Coca-Cola bottlers, with
operations in a number of
countries including Turkey,
Russia the CIS and the Middle
East. Anadolu Efes is the first
Turkish corporate to achieve two
investment grade ratings. The
deal was led by Bank of America
Merrill Lynch, with a syndicate
including HSBC, J.P. Morgan and
RBS.
Advising Standard Bank Plc on
its US$3 billion Fiduciary Note
Programme. The programme
structure enables Standard Bank
to create tradable securities
for investors in Europe and
the United States based on the
returns from holding underlying
African assets, such as loans and
domestic sovereign bonds.
Advised UKrLandFarming PLC on
its tap issue of 10.875%. Notes
to be consolidated with and
form a single series with its US
$275 million and US $150 million
10.875% Notes due 26 March
2018.
Advising Greek Consignments,
Loans and Deposits Fund (TPD)
in its €1 billion mortgage-backed
securitisation.
Effective combination of practice skills
and geographical reach is essential in
an increasingly complex and global
economic environment.
www.dlapiper.com |
13
STRUCTURED AND PROJECT BONDS
We are viewed as market leaders in the areas of Structured and Project Finance and
have advised on some of the world’s most prestigious and largest projects.
With dedicated teams of lawyers
from different countries sharing their
knowledge, we are organised specifically
to deliver thought leadership to clients
across the infrastructure sector and our
award-winning team is recognised as
being at the forefront of international
PPP developments.
We work across the full range of
infrastructure sectors and have acted
for all project participants representing
procuring authorities, bidding consortia,
sub-contractors and funders giving us an
invaluable insight as to the drivers and
key requirements of all of the players.
Working with issuers, sponsors,
arrangers and lead managers, we
provides expert advice on raising
project finance funds in the debt
capital markets. Several of the project
bond transactions on which our team
has acted have been recognised and
won awards, both in the UK and
internationally.
14 | DLA Piper - Our Structured Finance Capabilities
ALTERNATIVE METHODS OF
PROJECT BOND FINANCING
AND MONOLINES EXPERIENCE
Participants in infrastructure financing
are increasingly looking at bond markets
as an alternative funding option due to
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the provision of access to a long
term fixed rate market (index linked
or not) which may also avoid swap
costs; and
the increasing political pressure to
use capital markets as seen through
access to government support
schemes. (2020 Project, IUK etc)
Our team have experience of project
bonds since the earliest days in the
mid-1990s. We understand the roles
that the monoline guarantors played
when they were supporting project
bond deals pre-credit crisis. We also
understand the challenges that exist
now, particularly surrounding issues
relating to the nature of funds, certainty
and flexibility of funding, controlling
creditor and bondholder consent
processes, credit enhancement and
credit rating challenges, and working
with bond investors who may not
wish to take on construction and
development risk issues.
HIGHLIGHT EXPERIENCE
Mersey Gateway Project
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Advising the authority on the
Mersey Gateway project where
we have been engaged with
IUK, DfT and HMT in respect
of how UK Guarantees were
introduced into the process
during the tender phase,
understanding the basis upon
which UK guarantees are going
to be used by the different
bidders and the interface
with the live procurement.
We therefore have an
understanding of the different
finance structures being
proposed by bidders to make
use of UKGS, and the overall
approach to financing.
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Advising Leeds County Council
on the first bond financed PFI deal
to be closed in the UK since the
financial crisis. The £101 million
social housing bond will fund the
refurbishment of 1,245 homes and
build 388 new homes;
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Advising the consortium of
BESI X, Eiffage, Heijmans and
Stadsbader Flamand on its
bid for the €500 million A11
Bruges-Westkapelle road PPP in
Belgium’s Flanders region. The road
forms part of the Trans-European
Transport Network (TEN -T) and
is one of the pilot projects for the
EU and EIB’s Project Bond 2020
initiative;
Advising the Catalyst consortium
in connection with the financing
documents for the £470 million
Ambac wrapped bond and EIB loan
for Manchester Children’s Hospital;
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Advising Deutsche Bank in the
hybrid project bond financing of a 20
MW solar power plant in Spain;
Advising the Bonaventura
consortium as project company
and the issuer on project bond
issues for the Austrian A5
Nordautobahn motorway project,
involving the issue by Ostregion
Investmentgesellschaft Nr. S.A.
of €425 million Floating Rate
Guaranteed Secured Senior Bonds
due 2039 (guaranteed by Ambac),
€100 million 4.304 per cent.
Secured Junior Bonds due 2010 and
€78 million Floating Rate Secured
Mezzanine Bonds due 2039;
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Advising UniCredit Bank AG as lead
manager on the “Breeze 3” project
securitisation of German and French
wind farms, involving the issue by
Breeze Finance S.A. of €455 million
bonds;
Advising UniCredit Bank AG as
arranger to the Ocean Breeze
Finance €1,161 million Euro Note
Programme;
Advising Keele Residential Funding
plc as the issuer on a tender offer
and new structured bond issue to
finance Keele University, involving
the issue of £137,450,000 2.108 per
cent guaranteed secured bonds
due 2047;
Advising the funders on the
acquisition and bond refinancing
of the Scotland Northern Ireland
Pipeline (Gas);
Advising a public authority in
connection with the procurement,
development and project
bond financing of a 60 MW,
US$154 million publicly financed
greenfield biomass energy project in
Baltimore and Maryland;
Advising Peru’s Terminales
Portuarios Euroandinos Paita (TPEP)
on the $110 million Rule 144A/Reg S
offering of senior secured notes due
2037 to fund the expansion of the
Port of Paita in Peru;
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Advising the arranger and
initial purchaser in a Reg S
US$792,000,000 issuance of project
bonds for the financing of the
Taboada water treatment facility
in Peru;
Advising the arranger and initial
purchaser in a Rule 144A/Reg
S US$254 million project bond
offering for the financing of the
Tramo 5 section of the IIRSA Sur
toll road project in Peru;
Advising the initial purchaser in a
Rule 144A/ Reg S US$164.9 million
issuance of project bonds for the
Jorge Chávez International Airport
in Lima, Peru;
Advising the issuer, arranger and
initial purchaser in a Rule 144A/Reg
S US$1.2 billion issuance of project
bonds for the financing of the Tramo
2 and 3 sections of the IIRSA Sur toll
road project in Peru; and
Advising the monoline insurer
on the commercial aspects
of the Exeter Court Centre
project including the vires of the
Lord Chancellors department.
This project won the award for
best accommodation project under
£20 million PFI Awards in London.
Advising as transaction counsel in
an up to Reg S US$837,750,000
issuance of project bonds for the
financing of the Autopista del Sol
Toll Road, Trujillo-Sullana section,
in Peru;
www.dlapiper.com |
15
HIGH YIELD DEBT
OUR HIGH YIELD ABILITY
DLA Piper has significant global experience in dealing with
high-yield, mezzanine and investment-grade debt products,
representing issuers and banks across a broad range of
industry sectors.
In the high yield sector the deepest and most active market
in high yield securities has traditionally been in the United
States. The extensive network of offices we have in the
United States and particularly our New York office means
that we have significant expertise in the offering of high yield
securities in the United States and other major markets,
including EMEA.
The experience of our London and New York teams in high
yield bond issuance includes advising arrangers, issuers,
investors and other counterparties in a wide range of capital
markets transactions. Our experience includes acquisitionrelated term debt, growth companies seeking start-up
funding, emerging market companies, infrastructure project
investments and restructuring and recapitalization issues.
Our lawyers have experience of structuring, issuing, buying,
selling and restructuring high yield notes.
In London our leveraged finance and capital markets groups
consist of 35 lawyers. These include not only practitioners
with years of hands-on experience with these diverse types
of transactions, but also thought leaders who are known
in the industry for their creative problem-solving and their
entrepreneurial track record in designing and executing new
approaches to finance.
16 | DLA Piper - Our Structured Finance Capabilities
Our London-based capital markets group includes a number
of partners, counsel and associates, specializing in securities
offerings of issuers in the EMEA region. The Group includes
both English- and US-qualified securities lawyers with
significant experience advising on transactions under Rule
144A and Regulation S, throughout the entire spectrum of
equities, investment-grade debt, equity-linked securities, highyield notes and structured financings. In addition, our capital
markets group in the United States includes numerous USqualified securities partners with particular expertise in highyield bond financings on both sides of the Atlantic. Together
with our capital markets colleagues in the United States
and our various offices in a number of jurisdictions in the
EMEA region, we provide a complete combination of skills
and experience, including high-yield structuring and covenant
negotiation expertise, diligence and disclosure experience
with offerings by EMEA issuers and strong local knowledge
and understanding in most countries in the region.
Our team regularly works with our London-based leveraged
and debt finance group which combines specialist expertise
in all aspects of debt financing including leveraged and
acquisition financings, financial regulation, funds, senior,
mezzanine and subordinated bank lending.
Our lawyers have ready access to our firm’s diverse mix of
other global specialty practices to provide substantive law
and business coverage.
Our global experience includes numerous
transactions with deal sizes typically
ranging from $100m to several billion
dollars. Our global network, which is
the largest of any law firm in the world
today, allows us to rely on not only our
lawyers in the US and London but also
lawyers in many of the jurisdictions
where target companies have subsidiaries
and business operations, allowing us to
provide a seamless service in respect of
due diligence, title, security, corporate
activity, guarantees and other issues that
arise in high yield transactions.
Our lawyers have direct experience of
working on high yield structuring desks of
major European investment banks.
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Advised UKrLandFarming PLC on its tap issue of 10.875%.
Notes to be consolidated with and form a single series
with its US $275 million and US $150 million 10.875%
Notes due 26 March 2018.
Advised Rolta India Limited on the first Rule 144 A/ Reg S
high yield bond from India in its issue of US $200 million
10.75% Senior Notes in the international markets.
Represented UBS as the initial purchaser in a $225 million
144A offering of high yield notes by Bunge Trade Limited,
an offshore finance subsidiary of Bunge Alimentos S.A., a
Brazilian agribusiness corporation.
Represented UBS as the initial purchaser in a $225 million
144A offering of high yield notes by Bunge Trade Limited,
an offshore finance subsidiary of Bunge Alimentos S.A., a
Brazilian agribusiness corporation.
Represented Merrill Lynch & Co. as initial purchaser
in the $400 million 144A/Regulation S offering of high
yield notes by Santisa Finance Ltd., a finance subsidiary
of a predecessor of Bunge Alimentos S.A., a Brazilian
commodities corporation.
Represented Citigroup Global Markets Inc. as the
initial purchaser in the $400 million 144A/Regulation S
offering of high yield notes collateralised by export credit
receivables by Arcel Finance Limited, a finance subsidiary
of Aracruz Celulose S.A.
Represented KDB in respect of a $700 million term high
yield debt and bridge financing in respect of the acquisition
of Acushnet Company, the holder of Titleist and Footjoy
brands by Fila group during 2011.
Represented an international group of high tech
companies in a 144A offering of $250 million aggregate
principal amount of high yield senior notes, led by
Goldman Sachs & Co., Barclays Capital Inc., Deutsche
Bank Securities Inc. and Morgan Stanley Inc.
Represented ABN AMRO as lead manager in a
$100,000,000 high yield bond offering by Iansa Overseas
Limited, guaranteed by Empresas Iansa S.A.
www.dlapiper.com |
17
PORTFOLIO ASSET SALES
We have structured and implemented many of the largest and most complex
distressed debt sale transactions in recent years and have guided our clients, on
both the sell side and the buy side, in connection with the purchase and sale of
billions of dollars worth of distressed assets.
We have extensive experience in all
types of asset disposals, ranging from
simple mortgage and loan portfolio
sales to complex, tax-driven and
structured disposals.
properties located across Europe,
with a significant exposure to
Germany and the Netherlands.
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Advising Blackstone on its
purchase of a large portfolio of
troubled commercial real estate
loans (with a face value in excess
of £1.3 billion) from The Royal
Bank of Scotland. This marketleading transaction involved a
joint venture purchaser, as well
as senior financing provided
by the seller, which the seller
expects to securitise in the
future. The assets in this portfolio
are secured by properties located
throughout the United Kingdom.
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Advising a major Swiss investment
bank in the sale of two separate
portfolios of loans and loan
interests with face values in
excess of €1.3 billion and £1.2
billion, respectively. In each
case, the sale was a complex
tax-efficient highly structured
transaction involving special
purpose entities jointly owned
by the investment bank and
private equity investors. The
transaction was funded through
multi-currency senior financing
provided by the seller. The
purchased assets were secured by
18 | DLA Piper - Our Structured Finance Capabilities
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Representing Parella Weinberg
Partners in connection with its
purchase from Banco Popular
de Puerto Rico of a portfolio
of non-performing residential,
construction and commercial
real estate loans and REO assets
having an aggregate face value of
$1.6 billion. The portfolio was
purchased by a joint venture vehicle
owned by Parella Weinberg and
Caribbean Property Group, with
the purchase price funded in part
with senior financing provided by
the seller.
Representing Landcap Partners a
joint venture between Goldman
Sachs and Northstar Finance
Realty Corp. in the acquisition
of a portfolio of land and
construction loans secured by
residential lots in various stages
of development throughout the
Continental United States.
Advising a UK-based private
equity firm in its bid to purchase
from Lloyds Banking Group a
portfolio of 27 senior, mezzanine
and revolving/working capital
facilities with a face value in
excess of £500 million.
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Acting for an investor in relation
to the purchase of a participation
in a portfolio of UK real estate
loans with a face value in excess
of £1.1bn. The loan portfolio
consisted of an asset mix of
offices, retail and light industrial
units predominantly based in
London. Providing UK and US
advice on the structure of the
transaction and the due diligence
undertaken.
Providing strategic structuring
advice to Bradford & Bingley in
connection with the preparation
for sale and ultimate disposal
of a £1.9 billion portfolio of
commercial mortgages to GE Real
Estate Finance and a £2.2 billion
portfolio of social housing loans to
Dexia.
Providing sale-side due diligence
to Dresdner Bank on a nonperforming loan portfolio valued
in excess of €1.2 billion comprising
over 300 borrowers and made up
mainly of commercial loans.
Bulk sale projects of
non-performing loans for
Morgan Stanley and
Citibank.
HOW WE CAN ASSIST
STRUCTURED ADVICE
Security reviews
OTHER ISSUES
We believe that we are uniquely qualified
to provide advice on potential structures
for portfolio sales transactions having
gone through this same process for
numerous clients from both the
“sell-side” and the “buy-side”. Our
experience is that whilst there are
various common themes, often the
structure is heavily influenced by specific
requirements of the parties. While we
can craft a proposed structure with
you to address specific issues, it is likely
that the potential purchaser will have
strong views that will also need to be
accommodated.
If requested, we are prepared to
undertake a review of the direct
security for the portfolio, identifying
any issues as soon as practicable.
The full report would be prepared on
an exceptions basis.
Other issues that we anticipate may
arise in relation to a transaction, all of
which we have addressed in previous
transactions, include:
Document gathering
and data tape population
We have extensive experience in the
creation and auditing of data rooms. We
have very clear ideas as to how we can
interact with the Seller’s data supply
team to ensure a consistent and usable
resource is created that will permit fluid
access to information and the ability to
respond to any bidder’s or the ultimate
purchaser’s concerns regarding any
aspect of the portfolio. If you require
our assistance, any further work collating
and uploading and/or updating data would
be carried out by a team dedicated to the
project.
Due diligence issues
We can discuss with you the best way
in which to assist with data request
responses to bidders and any necessary
analysis, including co-location of staff. As a
matter of priority, a team separate from
any that assists the Seller’s data collation
team will be available to address whatever
issues are raised by potential purchasers
as they evaluate the diligence information
available in the data room.
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In our view, the diligence undertaken
should yield information that is useful,
rather than undertaking the diligence for
the sake of it. The scope of the security
review would be pre-agreed.
Ppi claims management
We understand portfolios may be subject
to PPI claims and that the parties may
be expected to manage these claims
after closing.We would expect the sale
and purchase agreement specifically to
address the management of liabilities,
and responsibility for ongoing claims
management and reporting.
Documentation and
implementation
Having been deeply involved in a number
of market-leading loan portfolio sale
transactions, we have a well-developed
set of precedent documents and a finely
tuned sense of market practice. Our
experience in this regard includes the
drafting and negotiation of sale and
purchase agreements with tested and
reliable transfer mechanics, true-up
provisions, limitations on representations
and warranties, any related indemnities,
transitional servicing agreements and,
to the extent any bid is contingent
on Seller’s ongoing equity or debt
participation, joint venture agreements
and vehicles and senior and mezzanine
financing documents.
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mitigation of the accounting,
regulatory and other compliance
issues arising from the transaction,
and to the extent of any retained
interests by the Seller, requirements
to achieve off-balance sheet/true
sale treatment for the transaction;
tax concerns (including withholding
tax, VAT and real estate transfer
tax);
the timely resolution of any
applicable merger clearances; and
data transfer and privacy issues in
the UK.
Marketing
Our prior experience in the structured
disposal of troubled loan portfolios has
been very much as a partner with the
client, so we have considerable market
knowledge and contacts that we expect
will be valuable to you in your objectives.
Working out the assets
once owned
With over 200 dedicated lawyers, we
have one of the largest restructuring
practices in the world, enabling us
to develop intelligent work-out
solutions for the assets once they are
acquired, ranging from debt and equity
restructurings to tender offers to
insolvency proceedings, administration,
receivership and similar arrangements
in each of the world’s global financial
centres and beyond.
www.dlapiper.com |
19
DERIVATIVES
Our derivatives team provides advice on
a wide variety of derivatives, including
interest-rate and currency swaps, credit
default swaps, bond financing hedges,
guaranteed investment contracts, credit
and equity total return swaps, ISDA
master swap documentation (1992
and 2002 versions) and credit support
documentation, equity and equity-indexed
swaps, commodity and commodityindexed swaps, option transactions of
all types, forward transactions, prime
brokerage relationships, master and global
master repurchase and securities lending
agreements (whether GMRA and GMSLA
versions or locally drafted agreements),
cross-netting agreements, credit-linked
and other structured notes, custody
agreements with financial intermediaries,
guarantees and letters of credit.
20 | DLA Piper - Our Structured Finance Capabilities
Many of our instructions involve hedging products as part
of (and as often required by) larger financing transactions,
including securitisations and synthetic structures utilising
derivative instruments to transfer risk. Our derivatives
specialists coordinate with lawyers in all areas of the firm,
including our Funds Group, which acts for a number of Hedge
Funds, to provide maximum value for our clients.
In today’s challenging environment, we work particularly
closely with members of our Restructuring Group and our
Litigation and Regulatory Groups, who have participated
in unwinding and closing out derivatives transactions
resulting from some of the most publicised insolvencies
and reorganisations in recent memory. As derivatives are
increasingly the focus of regulators’ attention, our Financial
Services Regulatory Group has been providing advice on
existing regulatory requirements and on new developments
in regulatory policy towards derivatives instruments and their
settlement.
In addition, our tax team understands the complexities of
derivatives transactions and advises clients on the tax efficient
use of traditional products and synthetic products as well as
domestic and offshore structures.
DLA Piper’s derivatives team has expertise in advising counterparties on a range of
derivatives transactions, including ISDA master documentation, related credit support
arrangements and structured derivatives involving credit, equity, commodity, fixed
income, currency and fund derivatives.
RECENT RELEVANT EXPERIENCE
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Advising a number of European banks on implications
and steps to be taken with regard to their derivatives
trading business due to implementation of EMIR.
Advising banks and originators on front and back swaps
in securitisations complying with criteria for de linkage
applied by all major CRAs.
Advising a number of UK and US financial institutions,
corporates and other counterparties both with respect
to interest rate and currency hedging transactions linked
to syndicated or club bank facilities and bond financings.
Representing and advising numerous clients with
respect to the unwinding, close-out and restructuring
of derivatives transactions with insolvent entities,
including protecting counterparty assets in connection
with the administration of Lehman Brothers Holdings
Inc. and its affiliates.
Advising a major UK plc on hedging the actuarial model
of longevity for its pension fund with a life assurance
provider in conjunction with pension fund trustees and
their financial advisors.
Advising the London office of a European investment
bank on its ISDA Master Agreement and confirmations
for cross currency interest rate swaps relating to
various financing transactions.
Advising a major European investment bank on their
ISDA, repo and prime brokerage documentation with
their funds clients.
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Negotiating prime brokerage trading documents including
customer account agreements, options agreements,
master and global master repurchase agreements,
custody agreements and margin and securities lending
agreements for hedge fund counterparties.
Advising emerging market financial institutions with
respect to credit default swaps and related derivatives
documentation.
Negotiating debt-instrument and equity total return
swaps for hedge fund counterparties.
Advising an international syndicate of banks on an
acquisition financing transaction in Europe together
with interest rate and currency swap aspects.
Advising on a credit-linked note transactions in central
Europe and default implications.
Advising the sponsor on a PPP project finance road
transaction in Germany together with related interest
rate swap and interest rate cap aspects.
Advising various market participants on commodity
derivatives transactions conducted through energy and
emissions trading markets.
Advising on equity linked structures in respect of Asian
equity markets.
Advising on a wide range of credit default swaps, total
return swaps and credit linked notes.
www.dlapiper.com |
21
OUR INTERNATIONAL
TEAM
22 | DLA Piper - Structured Finance
UK
Martin Bartlam
Partner & Global Group Co-Head
T +44 (0)207 796 6309
martin.bartlam@dlapiper.com
Ronan Mellon
Partner
T: +44 20 7796 6770
ronan.mellon@dlapiper.com
Robert Mower
Partner
T +44 (0)207 796 6419
robert.mower@dlapiper.com
Tony Lopez
Partner
T +44 20 7153 7208
tony.lopez@dlapiper.com
John Delamere
Partner
T +44 (0)15 1237 4776
john.delamere@dlapiper.com
George Barboutis
Partner
T: +44 20 7796 6745
george.barboutis@dlapiper
Michael McKee
Partner
T +44 (0)20 7153 7468
michael.mckee@dlapiper.com
Ugo de Vivo
Of Counsel
T: +44 20 7796 6029
ugo.devivo@dlapiper.com
Camilla Coates
Associate
T: +44 20 7796 651
camilla.coates@dlapiper.com
Steven Krivinskas
Senior Associate
T: +44 20 7796 6524
steven.krivinskas@dlapiper.com
Marcus Lovatt
Associate
T: +44 20 7153 7093
marcus.lovatt@dlapiper.com
Chris Godwin
Senior Associate
T: +44 (0)20 7153 7433
christopher.godwin@dlapiper.com
Sandeep Kaur
Associate
T: +44 20 7153 7411
sandeep.kaur@dlapiper.com
Gavin Punia
Associate
T: +44 20 7153 7072
gavin.punia@dlapiper.com
www.dlapiper.com |
23
UK
Simon Wright
Legal Director
T +44 20 7796 6214
simon.wright@dlapiper.com
Simon Wright
Legal Director
T +44 20 7796 6214
simon.wright@dlapiper.com
Alexander Kolmakov
Senior Associate
T +44 20 7796 6529
alexander.kolmakov@dlapiper.com
Will Sherwin
Associate
T +44 121 262 5683
will.sherwin@dlapiper.com
Charles Weems
Associate
T +44 161 235 4634
charles.weems@dlapiper.com
24 | DLA Piper - Our Structured Finance Capabilities
CONTINENTAL WESTERN EUROPE
Véronique Collin
Partner – France
T +33 (0)1 40 15 24 93
veronique.collin@dlapiper.com
Fabrice Armand
Partner – France
T +33 (0)1 40 15 24 43
fabrice.armand@dlapiper.com
Jesus Zapata
Partner – Spain
T: +34 91 788 7373
jesus.zapata@dlapiper.com
Ignacio Gómez-Sancha
Partner – Spain
T +34 91 319 1212
Ignacio.gomez-sancha@dlapiper.com
Koen Vanderheyden
Partner - Brussels
T +32 (0)2 500 6552
koen.vanderheyden@dlapiper.com
Lex Oosterling
Advocaat - Netherlands
T+ 31 20 541 9948
lex.oosterling@dlapiper.com
Jacques Richelle
Location Head - Brussels
T+32 (0)2 500 1508
jacques.richelle@dlapiper.com
Yves Brosens
Partner – Belgium
T +32 (0)2 500 1509
yves.brosens@dlapiper.com
Wolfram Distler
Partner - Frankfurt
T+49 (0)69 271 33 202
wolfram.distler@dlapiper.com
Frank Schwem
Location Head - Germany
Frankfurt
T+49 (0)69 271 33 280
frank.schwem@dlapiper.com
Nina-Luisa Siedler
Partner – Germany
T +49 (0)30 300 13 14 11
nina.siedler@dlapiper.com
Eyke Gruening
Partner - Frankfurt
T +49 (0)69 271 33 290
eyke.gruening@dlapiper.com
Domenico Gaudiello
Partner – Rome
T +39 06 68 880 1
domenico.gaudiello@dlapiper.com
Ugo Calò
Partner – Italy
T +39 02 80 618 1
ugo.calo@dlapiper.com
Antonio Lombardo
Location Head - Italy
T+39 06 68 880 512
antonio.lombardo@dlapiper.com
Gerard Kneppers
Partner - Amsterdam
T+31 20 541 9811
gerard.kneppers@dlapiper.com
www.dlapiper.com |
25
CENTRAL AND EASTERN EUROPE
Attila Csongrady
Partner - Vienna and CEE
T +43 1 531 78 1750
attila.csongrady@dlapiper.com
Jasna Zwitter-Tehovnik
Partner - Vienna and CEE
T +43 (0)1 531 78 1025
jasna.zwitter-tehovnik@dlapiper.com
Gábor Borbély
Partner – Hungary
T +36 1 510 1100
gabor.borbely@dlapiper.com
Sabin Volciuc-Ionescu
Counsel - Bucharest
T: + 40 372 155 820
sabin.volciuc-ionescu@dlapiper.com
Pavel Marc
Partner – Czech Republic
T +420 222 817 402
pavel.marc@dlapiper.com
Ted Jonas
Office Manging Partner - Tbilisi
T: +995 32 250 93 00
ted.jonas@dlapiper.com
Krzysztof Wiater
CEE - Regional Managing Partner
T +48 22 540 74 47
krzysztof.wiater@dlapiper.com
Michaela Stessl
Office Manging Partner - Bratislava
T: +421 2 59202 142
michaela.stessl@dlapiper.com
Pawel Turek
Senior Associate - Warsaw
T +48 22 540 74 87
pawel.turek@dlapiper.com
26 | DLA Piper - Our Structured Finance Capabilities
RUSSIA, UKRAINE AND BALTIC STATES
Vyacheslav Khorovskiy
Partner – Russia
T +7 (495)221 4477
vyacheslav.khorovskiy@dlapiper.com
Hans Christian Brodtkorb
County Managing Partner - Olso
T: +47 2413 1585
hans.christian.brobtkorb@dlapiper.com
Oleksandr Kurdydyk
Partner – Ukraine
T +380 44 490 95 70
oleksandr.kurdydyk@dlapiper.com
Per Rönström
Managing Partner – Stockholm
T +46 8701 78 69
per.ronstrom@dlapiper.com
www.dlapiper.com |
27
TURKEY AND MIDDLE EAST
Paul McViety
Legal Director - Dubai
T +971 4 438 6260
paul.mcviety@dlapiper.com
Aaron Dikos
Senior Legal Consultant - Bahrain
T +973 1728 1402
aaron.dikos@dlapiper.com
Isil Okten
Partner - Istanbul
isil.okten@dlapiper.com
Tamsyn Mileham
Partner - Istanbul
T + 90 212 340 05 86
tamsyn.mileham@dlapiper.com
28 | DLA Piper - Our Structured Finance Capabilities
USA
Roger Meltzer
Partner & Global Chair, Corporate and
Finance Practice
T: + 1 212 335 4550
roger.meltzer@dlapiper.com
Richard J. Reilly Jr.
Partner & Global Group Co-Head
T +1 212 335 4910
richard.reilly@dlapiper.com
Jeffery Steiner
Partner
T: +1 212 335 4580
jeffrey.steiner@dlapiper.com
Jack Kantrowitz
Partner
T: +1 212 335 4845
jack.kantrowitz@dlapiper.com
Ronald S. Borod
Senior Counsel
T: + 1 617 406 6003
Ronald.borod@dlapiper.com
Marc B. Friedman
Partner
T: +1 410 580 4153
marc.friedman@dlapiper.com
Christopher Paci
Partner
T: +1 212 335 4970
christoper.paci@dlapiper.com
Jamie Knox
Partner
T: +1 212 335 4992
jamie.knox@dlapiper.com
Sidney Burke
Partner
T: +1 212 335 4509
sidney.burke@dlapiper.com
Brian Doyle
Partner
T: +1 312 368 2107
brian.doyle@dlapiper.com
Ann Lawrence
Partner
T: +1 213 330 775
ann.lawrence@dlapiper.com
Robert Unger
Partner
T: +1 212 335 4690
robert.unger@dlapiper.com
Claire Hall
Of Counsel
T: +1 310 595 3037
claire.hall@dlapiper.com
Gianluca Bacchiocchi
Partner
T: +1 312 368 3450
gianluca.bacchiocchi@dlapiper.com
www.dlapiper.com |
29
USA
Rand Peppas
Partner
T: +1 212 335 4715
rand.peppas@dlapiper.com
Marc Horwitz
Partner
T: + 1 312 368 3422
marc.horwitz@dlapiper.com
Mary Sue Butch
Attorney
T: +1 212 335 4695
marysue.butch@dlapiper.com
Lucien White
Of Counsel
T: +1 212 335 4764
lucien.white@dlapiper.com
R. Kenneth MacCallum
Partner
T: + 1 212 335 4865
Kenneth.MacCallum@dlapiper.com
Michael Macaluso
Partner
T: +1 612 524 3032
michael.macaluso@dlapiper.com
Joseph Philip Forte
Partner
T: +1 212 335 4806
joseph.forte@dlapiper.com
ASIA
Ben Sandstad
Partner - Hong Kong
T: +852 2103 0488
ben.sandstad@dlapiper.com
30 | DLA Piper - Our Structured Finance Capabilities
Robert Caldwell
Partner - Hong Kong
T: +852 2103 0536
robert.caldwell@dlapiper.com
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31
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