Colin Chang | White & Case LLP International Law Firm, Global Law Practice
 Colin Chang
 Colin Chang

Colin Chang

Partner, Paris, London

T +33 1 55 04 58 15

T +44 207 532 1481

E [email protected]

“Interviewees value Colin Chang’s ability to bridge different cultures and his strong technical ability. One source says: ‘He has excellent communication skills and knowledge of how to manage situations. He looks after his clients very well.’”

Chambers Global

Overview

A partner in the Firm's Paris Capital Markets Group, Colin is a leading securities lawyer whose practice focuses on high yield finance deals.

Colin's clients benefit from his extensive experience representing underwriters, private equity sponsors and issuers in high yield offerings and bridge-to-high yield finance deals in both the European and US markets.

He has played a key role in numerous landmark deals, noted both for their scale and multi jurisdictional complexity. Drawing on his significant capital markets experience, he helps clients to navigate intricate technical issues involved in a broad variety of transactions, from high yield offerings and bridge financings to liability management and high yield debt restructurings.

Bars and Courts

  • New York State Bar
  • Paris Bar
  • Quebec Bar

Education

  • LLB, McGill University
  • Bachelor of Civil Law, McGill University
  • BA, Yale University

Languages

  • English
  • French

Experience

NewCo GB's €200 million PIK Toggle Notes High Yield Offering and Burger King's France €60 million Senior Secured Floating Rate Notes High Yield Offering

Advised the initial purchasers Credit Suisse Securities (Europe) Limited, Goldman Sachs International and J.P. Morgan, as global coordinators and joint bookrunners, and BNP Paribas, as joint bookrunner, on the high yield offering of €200 million principal amount of 8.00%/8.75% Senior PIK Toggle Notes due 2022 by NewCo GB, a parent entity of Burger King France, and the initial purchasers Goldman Sachs International, Credit Suisse Securities (Europe) Limited and J.P. Morgan, as global coordinators and joint bookrunners, on the high yield tap offering of €60 million principal amount of additional Senior Secured Floating Rate Notes due 2023 (by way of an issuance of temporary notes) by Burger King France.

Louvre Bidco's €270 Million Notes Offering to Acquire MCS Group

Represented Credit Suisse Securities (Europe) Limited, as global coordinator and joint bookrunner, and KKR Capital Markets Limited and Société Générale, as joint bookrunners, on the €270 million offering of 4.25% Senior Secured Notes due 2024 by Louvre Bidco SAS, a subsidiary of funds advised by BC Partners, to finance the acquisition of the MCS Group.

Europcar's Simultaneous Dual High Yield Notes Offering

Represented the initial purchasers in Europcar's simultaneous dual high yield notes offering, including Deutsche Bank, Crédit Agricole CIB and Bank of America Merrill Lynch as global coordinators and joint bookrunners on the offering of €600 million 4.125% Senior Notes due 2024 by Europcar Drive D.A.C, and BNP Paribas and HSBC as global coordinators and joint bookrunners on the offering of €350 million 2.375% Senior Secured Notes due 2022 by EC Finance plc.

Burger King France's €565 million High Yield Bond Offering

Advised Goldman Sachs, J.P.Morgan, BNP Paribas, Credit Suisse and Société Générale in connection with the high yield bond offering of an aggregate principal amount of €565 million by Burger King France, split into two tranches - €250 million senior Secured Floating Rate Notes due 2023 and €315 million 6% Senior Secured Notes due 2024.

Air Liquide US$4.5 Billion Offering of Senior Notes

Represented Air Liquide in its inaugural offering of 144A US$ bonds, comprising five series of notes issued by Air Liquide Finance and guaranteed by its parent company Air Liquide, for a total amount of US$4.5 billion. The proceeds of the offering were used, together with the proceeds of a simultaneous rights offering by Air Liquide, to finance its acquisition of Airgas.

MCS Groupe's €200 Million High Yield Bond Offering

Advised Morgan Stanley and J.P. Morgan as joint global coordinators and joint bookrunners, and Société Générale, as joint bookrunner, on the offering of €200 million Senior Secured Floating Rate Notes due 2021 by the MCS Groupe, a leading purchaser and servicer of mortgages and consumer and SME financial debt in France.

Groupe FNAC S.A.'s €650 Million High Yield Bond Offering

Advised Crédit Agricole, Natixis and Société Générale, as joint global coordinators, and Banca IMI, BBVA, BNP Paribas, CaixaBank and CM-CIC Market Solutions, as joint bookrunners, on Groupe Fnac S.A.'s offering of €650 million Senior Notes due 2023 (in connection with groupe FNAC's acquisition of Darty).

Novasep's Exchange Offer

Advised Novasep on the issuance of €181 million principal amount of OBSAs (bonds with share warrants attached) maturing in 2019 in exchange for US$195 million principal amount of Novasep's existing high yield bonds due 2016 pursuant to an exchange offer and consent solicitation.

Europcar €475 Million High Yield Bond Offering

Acted for Deutsche Bank, Crédit Agricole and BNP Paribas, as joint global coordinators and joint bookrunners, and Goldman Sachs, HSBC, Lloyds Bank, The Royal Bank of Scotland and Société Générale, as joint bookrunners, in connection with the offering by Europcar Notes Limited of €475 million 5.75% Senior Notes due 2022.

Elis €800 Million High Yield Bond Offering

Advised the joint bookrunners on the refinancing of Elis’s existing debt through a high yield bond offering of €800 million Senior Notes due 2022.

Publications

  • Intercreditor terms – How super is your senior?, International Financial Law Review, May 2011, (co-author)
  • WIND Hellas: A complex restructuring in a global recession, Practical Law Company Journal, February 2011, (co-author)

Awards & Recognition

Leading Lawyer, Chambers Europe 2017, Chambers Global 2018

Capital Markets: Debt – France

Leading Lawyer (Band 1) "High-Yield Specialist" Lawyer, The Legal 500 EMEA 2017

Capital Markets – France