White & Case Advises on High Yield Market-Opening Double
Wall Street Journal Hails Transactions as Marking Re-Opening of European High Yield Market
London,
June 18, 2009 ... Global law firm White & Case LLP has advised UPC Holding B.V. in connection with its recent issuance of US$400 million 9.875% Senior Notes due 2018 and €150 million 9.75% Senior Notes due 2018. These transactions were cited by the Wall Street Journal as a "significant step" in the re-opening of the European high yield market. Both deals closed on May 29, 2009.
Additionally, White & Case recently advised UPC, which is a leading European video, voice and broadband internet services provider, on two related high yield transactions with a combined issuance of €250 million that closed on April 30, 2009. The first transaction was an exchange offer in which €184.4 million of UPC's existing 7.75% Senior Notes due 2014 and its existing 8.625% Senior Notes due 2014 were exchanged for a like amount of the new 9.75% Senior Notes due 2018. The second, concurrent transaction was an issuance for cash of €65.6 million aggregate principal amount of additional 9.75% Senior Notes due 2018.
"These recent transactions for UPC demonstrate that corporate high yield issuers can take advantage of current market conditions to improve their capital structure," commented Rob Mathews, partner, White & Case. "These transactions prove that financing opportunities exist for high yield issuers, although deals in the current market will tend to have unique structures and characteristics."
White & Case also advised on the first new high yield issuance since August 2007, the US$860 million equivalent offering of unsecured senior notes by Fresenius US Finance II Inc. earlier this year.
The White & Case team was led by London partner Rob Mathews and assisted by US tax partner Ray Simon and associates Anne Marie Salan, Robert Haak, James Greene and Michael J. Masri.
Credit Suisse acted as global coordinator and bookrunner, BNP Paribas, J.P. Morgan and Morgan Stanley acted as bookrunners and HSBC acted as co-manager for the May 29, 2009 high yield bond offerings. J.P. Morgan and Credit Suisse acted as global coordinators and bookrunners for the April 30, 2009 high yield bond offering and the exchange offer.
About White & Case White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.
Contacts: Ian Kitts EMEA Media Relations & Corporate Communications Manager 44 207 532 2857
Erica Howard Media Relations Executive 44 207 532 2852
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