Michael Bark-Jones

Partner, Stockholm

Biography

Michael Bark-Jones specialises in debt capital markets, including restructuring mandates. One client highlighted, “He has very in-depth knowledge on the bond side and a good relationship with the UK office and Swedish legal system. He is one of the Swedish lawyers with the most knowledge on these kinds of transactions.”Another client says “Michael Bark-Jones is a very knowledgeable lawyer. Professional and on top of market trends.”
Chambers / The Legal 500

Overview

Michael is an English law solicitor and Swedish Advokat in the Firm's Debt Finance & Capital Markets group located in the Stockholm office. He has advised on a wide range of debt and equity capital market products primarily acting for arrangers, sponsors and issuers (including corporates, financial institutions, and sovereigns) on high yield and investment grade bond offerings for Nordic and International entities issuing in the Nordic and International markets. In addition, Michael has considerable experience working on debt restructurings, liability management transactions and equity-linked issues. He is also a member of the firm's sustainable finance EMEA core team.

Bars and Courts
England and Wales
Sweden, Advokat
Education
CPE/LPC
College of Law, London
BA
History with French
Durham University
Languages
English
French
Swedish

Experience

Representation of Nordic Capital on the underwriting and issuance of up to €450 million senior secured notes, its €50 million super senior revolving credit facility and the related intercreditor arrangements in connection with the acquisition of Foxway Group AB, a leading circular tech services provider in Europe.

Representation of Neste, a global producer of sustainable aviation fuel, renewable diesel and renewable feedstock solutions for various polymers and chemicals industry uses, on:

  • its €600 million green bond issuance under EMTN programme.

  • €2.5 billion EMTN programme and the issuance thereunder of €500 million 3.875% green bonds due 2029 and €500 million 4.250% green bonds due March 16, 2033.

Representation of Deutsche Bank, J.P. Morgan and Nordea Bank as Mandated Lead Arrangers, on the issuance by Assemblin of €480 million senior secured floating rate notes due 2029 and the establishment of new €180 million super senior revolving credit and guarantee facilities as well as a new pension guarantee facility. Assemblin is one of the Nordic region's leading providers of complete installation and service solutions, with a primary focus on electrical engineering, heating, sanitation, ventilation and automation.

Representation of H&M Hennes & Mauritz AB (publ), the Sweden-based global fashion and design company, on the update of its €2 billion EMTN programme.

Representation of Epiroc AB (publ), the Sweden-based global provider of equipment and services to the mining and infrastructure industries, on its issuance of SEK 500 million senior unsecured floating rate green notes due September 2027 and SEK 1.5 billion senior unsecured 4.155% green notes due September 2027 under its €1.5 billion EMTN program. The proceeds will be used to finance eligible projects under the issuer's Green Bond Framework.

Representation of SEB, BNP Paribas, Citi and Nordea as the joint lead managers on Huhtamäki Oyj's offering of €500 million 4.25% senior unsecured sustainability-linked notes. Huhtamäki Oyj will apply for the listing of the notes on the official list of sustainable bonds of Nasdaq Helsinki.

Representation of Sweden-based global steel producer SSAB as to English and Swedish Law on the 2022 update of its €2 billion EMTN Programme.

Representation of Pareto Securities as sole bookrunner on the issuance by Cabonline Group Holding AB (publ) of up to SEK 1.8 billion senior secured sustainability-linked floating rate bonds due 2026.

Representation of Qred AB (publ) a Swedish Fintech company, partially owned by Nordic Capital, on its issuance of up to SEK 600 million senior secured bonds due 2025.

Representation of FSN Capital as sponsor for a senior facilities agreement (SFA) provided in connection with the acquisition by FSN of Active Brands AS. The SFA contains a Facility A (NOK 190,400,000), Facility B (NOK 761,600,000), and RCF (NOK 100,000,000). In addition to financing the acquisition of Active Brands, loan proceeds were also used to refinance existing indebtedness of the company and for ongoing general corporate purposes.

Representation of Pareto Securities AS as sole bookrunner on the issuance by Cabonline Group Holding AB (publ) of up to SEK 1,800,000,000 senior secured sustainability-linked floating rate bonds due 2026. The bonds were issued for the purpose of refinancing existing debt. The firm also assisted on the establishment of a super senior revolving credit facility and the related intercreditor arrangements. Cabonline is the leading taxi company in the Nordic region with 2,600 connected taxi firms and approximately 4,600 vehicles in Sweden, Norway, Finland and Denmark.

Representation of Pareto Secuities AB and Pareto Securities AS as joint bookrunners and Dooba Finance AB (publ) as issuer on the issuance of its up to SEK 600 million senior unsecured guaranteed fixed rate bonds due 2024 governed by Swedish law and on the subsequent listing of the bonds on the Corporate Bonds list of Nasdaq Stockholm. Dooba Finance AB (publ) used the proceeds to refinance existing high yield bonds and for general corporate purposes.

Representation of UPM-Kymmene Corporation, a Finnish forest-based bioindustry company listed on Nasdaq Helsinki, on the establishment of its €3,000,000,000 euro medium term program and on the subsequent offering of its inaugural €750 million 0.125% green bond due 2028. The offering represents the largest corporate green bond to date by a Finnish company. The bonds are listed on the Irish Stock Exchange. Citigroup acts as the arranger and dealer, BPN Paribas, J.P. Morgan and Nordea act as dealers for the program, and Citigroup, BNP Paribas, J.P. Morgan and Nordea acted as managers and bookrunners for the bond offering.

Representation of Accent Equity Partners AB, a Nordic investment firm, and its wholly owned subsidiary AE4 2017 Sweden AB as issuer on the issuance of its up to SEK 500,000,000 senior secured floating rate bonds due 2024. The proceeds from the initial bonds were used to finance the acquisition of Scandinavian Cosmetics Group Holding AB, one of the leading companies in sales, marketing and distribution of well-known brands in the Swedish beauty industry, and to refinance its existing debt.

Representation of Deutsche Bank AG, London Branch and Nordea Bank Abp, both financial services institutions, as Initial Purchasers, on the issuance by Assemblin Financing AB (publ), one of the Nordic region's leading providers of complete installation and service solutions, with a primary focus on electrical engineering, heating and sanitation, ventilation and automation, of €250 million senior secured floating rate notes due 2025 and the establishment of new super senior revolving credit and guarantee facilities as well as a new pension guarantee facility.

Representation of Atlas Copco AB, a Swedish industrial tools and equipment company, in connection with the issuance by Atlas Copco Finance DAC of €300 million of 0.125 percent fixed rate notes due 2029 guaranteed by Atlas Copco AB under its US$3 billion Euro Medium Term Note Program. The notes are listed on Euronext Dublin. BNP Paribas, Citigroup Global Markets Limited and Skandinaviska Enskilda Banken AB (publ) acted as Managers in the offering.

Representation of Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ), both financial services institutions, as joint bookrunners on the issuance by Stillfront Group AB (publ), the Swedish game developer of up to SEK 1,000,000,000 senior unsecured floating rate bonds due 2024 governed by Swedish law. The bonds were issued for the purposes of refinancing a bridge loan used to finance the acquisition of the US game developer, KIXEYE Inc.

Representation of Ukraine, as issuer, in connection with its issuance of EUR 1,000,000,000 6.75% notes due 2026. Goldman Sachs International and BNP Paribas, both financial services institutions, acted as joint lead managers.

Representation of Fibo Group AS, a leading provider of high-quality waterproof wall systems, as Issuer on the issuance of its up to NOK 300 million floating rate senior secured callable bonds due 2022 to refinance its existing bank debt. The bonds are governed by Norwegian law and will be listed on the Oslo Bors. ABG Sundal Collier and Nordea acted as arrangers for the bond.

Representation of Carnegie Investment Bank AB (publ), Skandinaviska Enskilda Banken AB (publ) and Swedbank AB (publ), all financial services institutions, as joint bookrunners on the issuance by Stillfront Group AB (publ), a global group of gaming studios, of up to SEK 1,000,000,000 senior unsecured bonds due 2022 governed by Swedish law. Stillfront, an independent creator, publisher and distributor of digital games with a vision to become one of Europe's leading indie game developers and publishers, used the proceeds to refinance existing high yield bonds and for general corporate purposes (including acquisitions).

Representation of Stora Enso Oyj, a leading manufactuArer of pulp, paper and other forest products, in connection with its debut green bond issue under its €4 billion euro medium-termnote programme. The bonds were issue in three tranches of SEK1.250 billion Floating Rate Green Notes due February 2024, SEK3 billion Floating Rate Notes due August 2021 and SEK1.750 billion 1.875% Green Notes due 20 February 2024. The total aggregated principal amount of the transaction is SEK6 billion. The proceeds will be used to finance the Issuer's acquisition of forest assets which are 100% certified to sustainable forestry. DNB, Nordea and SEB acted as joint bookrunners for the transaction. The bonds are listed on the Luxembourg Stock Exchange.

Representation of Gambling.com Group Plc, a multi-award winning provider of digital marketing services for the global iGaming industry, as Issuer on the issuance of its up to EUR 25,000,000 senior secured notes due 2021.

Representation of ABG Sundal Collier ASA, DNB Bank ASA and Pareto Securities AS, all financial services institutions, as Arrangers, on the issuance by Brado AB (publ) of SEK 600 million senior secured floating rate bonds due 2023 and SEK 150 million junior floating rate bonds due 2023 governed by Swedish law. Brado, which is part of the Adolfsen Group, used the proceeds from the senior and junior bonds to acquire and refinance the private healthcare provider Frösunda Group AB. The Firm also assisted on the related intercreditor arrangements.

Representation of Carnegie Investment Bank AB (publ), a leading financial services firm, as bookrunner on the issuance by Moment Group AB (publ) of up to SEK 400 million senior unsecured floating rate notes due 2021. Moment Group, which is one of the leading actors in the experience industry in Northern Europe, used the proceeds to refinance existing debt and for general corporate purposes (including acquisitions).

Representation of Quant AB (publ), the global leader in industrial maintenance, as Issuer, on the issuance of €62.5 million senior secured floating rate bonds due 2023 and €28 million junior fixed rate bonds due 2023 governed by Swedish law. Quant, which is owned by Nordic Capital, a leading private equity investor, used the proceeds from the senior and junior bonds to refinance its outstanding facility of US$125 million (and uncommitted facility of up to US$50 million). The White & Case team also assisted on the establishment of a €20 million Multi- Currency Revolving Credit Facility provided by Nordea.

Representation of Carnegie Investment Bank AB, Nordea Bank AB and Pareto Securities AS, all financial services institutions, as Joint Bookrunners, on the issuance by Ovako AB, developers of high-tech steel solutions, of €310 million 5% senior secured notes due 2022 governed by Swedish law. Ovako used the proceeds of the Swedish law governed notes to refinance its outstanding New York law governed €300 million 6.5% senior secured notes due 2019.

Representation of Ukraine in relation to its issuance of US$3 billion 7.375 per cent notes due 2032 in conjunction with a tender offer for its existing notes due 2019 and 2020. The issuance was the first stand-alone Eurobond since the Ukraine's sovereign debt restructuring in 2015 and paves the way for further access to the capital markets in future. BNP Paribas, Goldman Sachs and JPMorgan acted as joint lead managers on the transaction.

Representation of Atlas Copco AB (publ), a Swedish industrial tools and equipment company, in connection with the update of its US$3 billion euro medium-term note programme and subsequent offering of €500 million 0.625% notes due 2026 under the programme and the related redemption of its outstanding 5.60% notes due 2017. The notes were issued at a record low coupon in the European corporate bonds market.

Representation of FSN Capital, a leading Nordic private equity investor focused on middle market investments, in relation to the issue by its wholly owned subsidiary Velcora Holding AB (publ), a leading manufacturer of engineered mechanical seals and aseptic processing equipment, of its SEK 525 million Senior Secured Callable Floating Rate Bonds due 2021 for the purposes of acquiring Roplan Holding AB, a Swedish industrial parts manufacturer.

Representation of Troax Corp AB (publ), a Nordic industrial parts manufacturer, on its issue of EUR 70,000,000 Senior Secured Callable Floating Rate Bonds due 2020.

Representation of Nordax Bank AB, a financial services provider, and its majority shareholder, Vision Capital, an international investment group, in Nordax Bank's SEK 2.59 billion initial public offering and listing on Nasdaq Stockholm.

Representation of SEB and Danske Bank, both financial services institutions, as joint bookrunners on the issue by Hoist Kredit AB (publ), a regulated credit market company, of its €100 million senior unsecured floating rate notes.

Representation of Nordic Capital, a leading private equity firm in the Nordic region, on the financing of its acquisition of Israeli media solutions company Vizrt Ltd. through a reverse triangular merger, by the issue of USD 113,300,000 senior secured bonds due 2021 issued by a Norwegian finance vehicle.

Representation of SSAB AB (publ), the Swedish Steel company, on the update of its Swedish MTN and EMTN programmes and the issue of SEK 1,500 million and EUR 350 million bonds thereunder in connection with its combination with Rautaruukki Oyj, a provider of roofing products, valued at SEK 10.1 billion.

Representation of Cloetta AB (publ), a Swedish confectionary company, on its issue of SEK 1 billion senior secured notes due 2018 and the amendment of certain of its existing financial indebtedness. The Notes rank pari passu with Cloetta AB (publ)'s bank financing and are listed on NASDAQ OMX Stockholm.

Representation of Synthos S.A., one of the largest European producers of chemical raw materials, on the issuance of senior notes with a total value of €350 million. The notes were issued by Synthos Finance AB (publ), a special purpose vehicle with a registered office in Stockholm, Sweden.

Representation of Solidium, a Finnish sovereign wealth fund, on its issue of €600 million 0.5% exchangeable bonds due 2015, exchangeable into shares of TeliaSonera AB.

Representation of the Republic of Latvia on its US$1 billion 5.25% Notes due 2017.

Representation of Toyota Industries Finance International AB (publ) and Toyota Industries Corporation, both automobiles manufacturers, in relation to their US$1,000,000,000 Euro Medium Term Note programme.

Representation of Landesbank Baden-Württemberg, a German financial services provider, on the establishment and updates of its €50 billion EMTN programme as well as various drawdowns thereunder.

Representation of Svenska Handelsbanken AB (publ), a Swedish bank, on annual updates and various drawdowns under its US$15 billion MTN programme.

Representation of Stadshypotek AB (publ), a financial services provider, on the establishment of its US$15 billion US Medium Term Covered Bond Programme as well as various drawdowns thereunder.

Representation of Nordea Bank AB (publ), a Nordic financial services institution, on annual updates and various drawdowns under its US$15 billion US MTN programme.

Representation of Metso Corporation, the Finnish crusher manufacturer, on English law aspects of its €1,500,000,000 EMTN programme.

Representation of Czech Export Bank, a Czech banking institution, on the update of its Euro Medium Note Programme and issue of €150 million Floating Rate Notes due 2015.

Publications

Getting the Deal Through, Debt Capital Markets, Sweden 2016, 2017, 2018, 2019 (co-author)

Awards and Recognition

Capital Markets, Chambers Europe/Global, 2019-2023

Next Generation Partner, Capital Markets, The Legal 500, 2020-2022