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

Jeremy Duffy

Partner, London

The ‘solutions-oriented, commercial, proactive, affable and professional’ Jeremy Duffy, provides ‘technical and commercial’ advice to a range of lenders and borrowers

(Legal 500 UK, 2017)

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, including multiple auctions, Jeremy recently acted for a group of lenders in connection with Lonestar’s successful acquisition of Spain-based Esmalglass as well as having advised the MLAs on the provision of a €1.3 billion multi-currency RCF to a global car manufacturer.

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

    
Lenders to Lonestar/Esmalglass acquisition
Jeremy advised a group of lenders in connection with Lonestar’s successful acquisition of Spain-based Esmalglass, a supplier of intermediate products for the ceramic industry.

Cabot Financial Limited
Shortlisted for Finance Team of the Year, The Lawyer Awards 2017
Jeremy advised Cabot Financial Limited on the group’s latest debt financing consisting of a £250 million revolving credit facility and £350 million senior secured fixed rate notes. The transaction consisted of the upsizing and complete all-covenant market update of the group’s existing £200 million English law revolving credit facility agreement and the issuance of £350 million New York law senior secured fixed rate notes, the proceeds of which were partially used to prepay the group’s £265 million senior secured notes due 2019. Following the most recent debt financing, the group’s total third party debt stood at just over £1 billion – all such issuances were advised upon by White & Case, whether it be the RCF, HY Bond or bridge to bond documentation.

Amigo Loans Ltd
Jeremy advised Amigo Loans Ltd, a leading company in the UK guarantor loan market, in connection with a £57 million super senior revolving facility ("RCF"). The Royal Bank of Scotland plc and Shawbrook Bank Ltd acted as mandated lead arrangers for the RCF. The RCF sits alongside an issuance of £275 million senior secured notes by Amigo Luxembourg S.A.

Huvepharma
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 Delawarebased 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. Jeremy further advised the Huvepharma group in relation to an amendment and restatement agreement dated July 2017 to amend the 2014 facilities agreement to, inter alia, consolidate and reprice various facilities thereunder and increase the RCF and Capex facilities, which resulted in total commitments of €550,000,000 under the amended facilities agreement. Huvepharma became the 10th biggest animal health company in the world as of the end of 2016.

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.

Lenders/Cordenka
Jeremy advised Barings Global Advisers Limited and Goldman Sachs Private Capital as arrangers, as well as US Bank Trustees Limited as security agent and Elavon Financial Services DAC, UK Branch as agent, on the refinancing of existing liabilities of Cordenka GmbH & Co.KG, Germany. The €132.5 million refinancing includes a super senior revolving loan provided by Commerzbank Aktiengesellschaft.

 

Investment Grade

    
Lenders
Jeremy advised the MLAs on the provision of a €1.3 billion multi-currency RCF to a global car manufacturer.

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

    
Lenders/Petroserv
Jeremy advised the lenders to Petroserv on the primary $1.7 billion financing and is currently working on its restructuring.

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 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, International 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