Practice Experience
Colin Chang is a New York qualified Partner in the Firm's Banking & Capital Markets group and joined the London office of White & Case in April 2006.  A securities lawyer specialising in high yield financings, he has extensive experience representing underwriters and issuers in international high yield offerings and bridge-to-high yield financings in both the European and US markets.  Colin's practice encompasses not only the conduct of high yield offerings and bridge financings but also liability management and high yield debt restructurings. He has also represented various parties in a range of structured finance products including cross-border leveraged leases, securitisations, credit default swaps and conduit financings.

Colin joined the firm from another US law firm, having practiced in their New York and Paris offices for over nine years.

Representative transactions include:

Capital Markets Transactions

• Acting for AfriSam (Proprietary) Limited in its €1.3 billion bridge financing (arranged by Citigroup and JPMorgan) in connection with the acquisition of an 85% equity stake in the company by AfriSam Consortium (Pty) Ltd., a South African Black Economic Empowerment vehicle;
• Acting for Magyar Telecom B.V., a Hungarian telecommunications provider, in its Rule 144A/Regulation S high yield offering of €200 million floating rate senior notes due 2013 (underwritten by Merrill Lynch, BNP Paribas and Calyon) in connection with the acquisition of such company by Hungarian Telephone and Cable Corp;
• Acting for Cablecom Luxembourg S.C.A. in its Rule 144A/Regulation S high yield offering of €300 million 8% senior notes due 2016 (underwritten by JPMorgan and Deutsche Bank);
• Acting for Invitel Holdings N.V., a Hungarian Telecommunications provider, in its Rule 144A/Regulation S high yield offering of €125 million floating rate senior PIK notes due 2013 (underwritten by Credit Suisse and BNP Paribas);
• Acting for Treofan Germany GmbH & Co. KG, a German manufacturer of plastic film, in its Rule 144A/Regulation S high yield offering of €170 million 11% second lien notes due 2013 (underwritten by Citigroup, JPMorgan and Goldman Sachs); and
• Acting for Deutsche Bank in a Regulation S high yield offering by Pipe Holdings PLC of £65 million floating rate senior secured PIK notes due 2016.
• Acting for Credit Suisse First Boston and Lehman Brothers in a Rule 144A/Regulation S high yield offering (with registration rights) by Pregis Corporation of €100 million second priority senior secured floating rate notes due 2013 and US$150 million 12 3/8% senior subordinated notes due 2013 in connection with the acquisition of Pregis Corporation by AEA Investors, a private equity firm;
• Acting for Wachovia Securities, Deutsche Bank Securities and ING Financial Markets in a Rule 144A/Regulation S high yield offering (with registration rights) by Alliance One International, Inc. of US$315 million 11% senior notes due 2012 and US$100 million 12¾% senior subordinated notes due 2012 in connection with the merger of DIMON Incorporated and Standard Commercial Corporation to form Alliance One;
• Acting for Morgan Stanley and JPMorgan in a Rule 144A/Regulation S high yield offering (with registration rights) by Progress Rail Services Corporation and Progress Metal Reclamation Company of US$200 million 7¾% senior notes due 2012 in connection with the acquisition of such companies by One Equity Partners LLC;
• Acting for Morgan Stanley, JPMorgan and other underwriters in a Rule 144A/Regulation S high yield offering (with registration rights) by Aventine Renewable Energy Holdings, Inc. of US$160 million senior secured floating rate notes due 2011;
• Acting for Goldman Sachs, Société Générale and other underwriters in a French public/Rule 144A/Regulation S €543 million spin-off and initial public offering by Alcatel of shares in Nexans, Alcatel’s cable and wire manufacturing division; and
• Acting for NicOx, a French biotechnology company, in a French public/Rule 144A/Regulation S €30 million initial public offering, with Credit Suisse First Boston acting as lead underwriter and a French public Rule 144A/Regulation S €80 million follow-on offering with SG Cowen acting as lead underwriter.

Structured Finance Transactions

• Acting for Merrill Lynch in US$1.5 billion combination repurchase obligation/total return swap conduit financing; and
• Acting for a European municipality in US$600 million US cross-border leveraged lease financing (lease-leaseback) of municipal sewer system.