Debt and equity-linked
Structured finance
Equity
M&A
Private equity
Restructuring
Project finance
Debt and equity-linked
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| Stephen Roith of Clifford Chance and Simon Witty of Freshfields pick up their awards |
BAA Financing
This was a complex liability management exercise that resulted in £5 billion ($7 billion) of existing unsecured BAA bonds being exchanged for new bonds issued by BAA Funding Limited.
The swap included an innovative six-month escrow arrangement for existing holders, during which they could make themselves eligible to receive the new bonds. This structure should prove useful for future deals struggling in cash-strapped markets.
Other interesting features included a liquidity facility and hedging at the borrower level, to convince the rating agencies and swap counterparties to approve the deal. The structure of the exchange had to take into account the competing interests of a large number of stakeholders including creditor groups, regulators, pension trustees, the European Investment Bank and the rating agencies.
Freshfields...