Jeremy Duffy | White & Case LLP International Law Firm, Global Law Practice
Jeremy Duffy
Jeremy Duffy

Jeremy Duffy

Partner, London

The “affable and experienced” Jeremy Duffy provides “sensible yet robust advice” (Legal 500 UK, 2016) and is praised as being “very client-focused and solution-oriented.” (Chambers UK 2015)

Overview

Jeremy offers clients the benefit of his notable experience in top tier complex cross-border senior (including TLB) and subordinated facility acquisition finance, real estate finance, general banking and restructuring / workout transactions.

Among his many deals, Jeremy recently secured a landmark acquisition when, acting for his lender clients, he led an international team of lawyers to success in the purchase of the share capital of a well-known German group of companies - the largest ever German investment by a Japanese company.

Jeremy regularly advises global banks, funds, sponsors and corporations on European leveraged finance transactions (with particular experience on TLB, cov lite deals, direct lending mandates, corporate financing arrangements and 2nd lien/PIK/subordinated facilities), investment grade transactions, restructurings, bridge facilities and high yield securities.

He frequently speaks at conferences and on professional panels and writes on national and cross-border financing issues. By invitation, Jeremy sits on the EMEA Contributing Editor Board of the International Financial Law Review (IFLR).

Bars and Courts

  • England and Wales
  • Victoria, Australia
  • High Court of Australia

Education

  • LLB, University of Melbourne
  • BCom, University of Melbourne
  • Graduate Diploma in Applied Finance and Investment, Securities Institute of Australia

Languages

  • English

Experience

Bank/High Yield Bond & Acquisition Finance Transactions
Cabot Financial (UK) Limited, ongoing

Jeremy advised Cabot Financial (UK) Limited in connection with a cov loose £200m super senior revolving credit facility which complements a New York law-governed high yield bond offering of £265m 10.375% senior secured notes due 2019 and a subsequent £100m tap. Jeremy further advised Cabot on the £105m bridge financing for its acquisition of Marlin Financial Group Limited, as well as the related consent solicitation with respect to the outstanding high yield notes held by Marlin Jeremy also worked with Cabot on its (Sept 2015) issuance of fixed rate €310m New York law governed senior secured notes, the proceeds of which were partially used to prepay a £90m acquisition bridge facility entered into in June 2015. Cabot is the largest acquirer and manager of defaulted consumer debt from financial services firms in the United Kingdom.

Aston Martin Lagonda Ltd./Deutsche Bank AG, London Branch, ongoing

Jeremy represented Deutsche Bank AG, London Branch, acting as agent in connection with the amendment and restatement of a revolving credit facility agreement dated June 2011, and as amended & restated thereafter including in June 2015. Jeremy also advised Deutsche Bank AG, London Branch, Credit Suisse Securities (Europe) Limited and UBS Limited as Joint Bookrunners for a new £304m issuance of senior secured notes by Aston Martin Capital Limited.

Huvepharma AD, ongoing

Jeremy advised Advance Properties OOD in relation to the €275m acquisition financing to acquire an approximately 37 per cent stake in Huvepharma AD (an animal pharmaceuticals company headquartered in Bulgaria) from The Rohatyn Group, making Advance Properties OOD the ultimate sole shareholder of Huvepharma AD. Jeremy further advised Advance Properties OOD/Huvepharma, Inc. in relation to a bolt-on acquisition of assets by Huvepharma, Inc., the US arm of the Group, from a Delaware-based pharmaceutical company, Zoetis LLC. The original €275m facilities agreement signed in August 2014 was amended to permit the acquisition and to provide for additional facilities, as well as an accordion.

Sanitec Oyj

Jeremy advised Sanitec Oyj, an EQT portfolio company and leading producer of ceramic products for the European market, on a super senior revolving credit facility. He concurrently provided advice on a high yield bond offering of €250m senior secured floating rate notes.

P4 Sp. Z o.o. (Play), ongoing

Jeremy acted for Polish mobile telecoms operator P4 Sp. Z o.o., which trades as Play, on its ground-breaking, inaugural €870m and PLN 130m, dual-tranche high yield bond issue and entry into a new cov lite PLN 400m super senior revolving credit facility. He also advised Play on a tap issuance involving a high yield bond offering of an additional €125m of the issuer's senior secured notes.

Grohe Group

Jeremy advised The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation and Mizuho Bank Ltd. in connection with the provision of €1.3bn of debt facilities to the LIXIL Corporation for the acquisition of the Grohe Group assets in Europe and the subsidiary Joyou group assets in the PRC. The ground-breaking deal represented the largest ever investment by a Japanese company in Germany.

Corporate Finance
Harrods Holdings Ltd., ongoing

Jeremy advised Harrods Holdings Ltd., owner of the world famous Knightsbridge department store and a subsidiary of the Qatar Investment Authority, in connection with its £850m refinancing package provided by a club of banks.

Aliaxis Group SA, ongoing

Jeremy acted for the Aliaxis group, a leading global manufacturer and distributor of plastic fluid handling systems, in connection with an English law €680m revolving facility agreement which was entered into alongside two contemporaneous notes issuances in 2015 – a New York law private placement and a German law Schuldschein. Total Aliaxis debt package approx. €1bn.

Real Estate Finance
Deutsche Bank AG, London Branch – real estate finance

Jeremy has been instructed by Deutsche Bank AG, London Branch as arranger and lender in relation to various real estate financing transactions including: (i) multiple data centre acquisition financing facilities; and (ii) the provision of debt facilities to a material housing construction group of companies.

Direct Lending Transactions
Direct Lenders/Alternative Capital Providers

Jeremy has advised various direct lenders on a range of confidential acquisition finance and backstop facilities.

Investment Grade
Bank of America, investment grade lending

Jeremy has advised Bank of America, N.A. as lender in connection with the provision of various investment grade loan facilities to a range of large multinational entities, with an aggregate loan facility quantum of over US$2.5bn.

Restructuring Transactions
Deutsche Bank AG, London Branch

Jeremy advised Deutsche Bank AG, London Branch as facility agent, arranger and lender, regarding an English law senior secured term loan facility provided to ALMC hf. (formerly Icelandic investment bank Straumur-Burdaras Investment Bank hf.), in a complex refinancing of Icelandic government-guaranteed debt.

Roust Trading Ltd., ongoing

Jeremy advised Roust Trading Ltd. (RTL), an affiliate of Russian Standard Corporation, in connection with RTL's investment in and acquisition of Central European Distribution Corporation (CEDC), a leading producer of vodka and other spirits. The acquisition was accomplished through a prepackaged chapter 11 plan of reorganization funded by RTL. Jeremy also represented RTL and its affiliates in connection with approximately US$130m of financing raised by RTL in connection with its acquisition and the Plan of Reorganization. This deal won the Standout award in the 2013 Financial Times Innovative Lawyers report.

Committee of Senior Lenders/Findus Group

Jeremy advised the co-ordinating committee of senior lenders of the Findus Group regarding its debt facilities restructuring.

Speaking Engagements

"Euromoney Leveraged Finance European Conference",
London
, (speaker)

"Debtwire Commercial Lending Conference",
London
, (speaker)

"White & Case/Nordea Bank AB Nordic High Yield Bond Conference", (speaker)

"Euromoney Scandinavian High Yield Bond Conference", (speaker)

"Nordic High Yield & Restructuring Seminar – Investors and Issuers Forum", (speaker)

Publications

  • All In the Family - A Comparison of US TLB & European TLB, International Financial Law Review
  • How Super is your Senior, International Financial Law Review
  • Cov-Lite's Uneven Return, nternational Financial Law Review
  • Intercreditor Hot Spots and What to Watch, Financier Worldwide
  • A New Lease of Life, The Treasurer

Awards & Recognition

Editorial Mention, Legal 500 UK 2015

Bank lending: investment grade debt and syndicated loans - London

Editorial Mention, Legal 500 UK 2015

Acquisition Finance - London

Up and Coming, Chambers UK 2015

Banking and Finance – London