Richard has two decades of experience acting on the full spectrum of international capital markets and financing arrangements, from investment grade debt issuance programmes to the development of highly innovative capital markets products.
He has expertise in a number of different industries, across the EMEA region. Clients particularly value his extensive technical knowledge and ability to implement complex and challenging cross-border transactions.
His experience in structuring capital markets solutions was especially in high demand following the last global financial crisis, and over the following years Richard established a reputation as a leading distressed situations specialist, navigating clients through ground-breaking financial restructurings in the market.
Co-op Bank Tier 2 Notes
Richard advised The Co-operative Bank Finance plc on its issuance of £200 million Fixed Rate Reset Callable Subordinated Tier 2 Notes, the proceeds of which were on-lent to The Co-operative Bank PLC. The bank was the inaugural high street lender to successfully issue MREL eligible debt under new bank capital adequacy requirements.
Volcan £3.5 billion Mandatory Exchangeable Securities
Richard advised J.P. Morgan as the sole global coordinator and bookrunner on the issuance of £3.5 billion secured limited recourse mandatorily exchangeable bonds by Volcan Holdings companies, mandatorily exchangeable into ordinary shares (approximately 20% stake in total) of FTSE100 mining giant Anglo American plc. This transaction was awarded Global Capital EMEA Equity-Linked Bond Deal of the Year 2017.
Svenska Handelsbanken Green Bonds and Regulatory Capital Issuances
Richard advised Svenska Handelsbanken on its inaugural Green Bond issue and its AT1 Contingent Convertible Notes, and advises the bank on its US$50 billion EMTN and US$20 billion US MTN programmes.
Nord Stream Project Bond
Richard advised Nord Stream AG, the Switzerland-based owner and operator of offshore gas pipelines between Russia and Germany, on its investment-grade €628 million senior secured notes by way of indirect issuance structure, refinancing certain bank facilities under its multi-source financing platform.
Richard advised Portugal Telecom International Finance on its €4.15 billion consent solicitation in connection with the $20 billion global restructuring of Oi SA, awarded "Global Finance Deal of the Year" at the 2018 American Lawyer Industry Awards and Commendation for "Managing Complexity and Scale" at the FT Innovative Lawyers Awards.
Petropavlovsk PLC Convertible Bond and Repurchase/Consent Solicitation
Richard advised Petropavlovsk on its offering of US$125 million convertible bonds issued by its Jersey finance subsidiary and guaranteed by and convertible into the ordinary shares of Petropavlovsk PLC, listed on the London Stock Exchange, and the concurrent repurchase of, and consent solicitation in relation to, its outstanding convertible bonds.
Black Sea Trade & Development Bank EMTN and ECP Programmes
Richard advised The Black Sea Trade & Development Bank, a supranational treaty organisation with 11 sovereign EEA and non-EEA member states, on the establishment of its US$1 billion multi-currency ECP programme, €1 billion EMTN programme and notes issuances thereunder.
Richard led a cross-border team advising Kaupthing, the failed Icelandic bank, on its restructuring following its US$45 billion insolvency, one of the largest of all time. The successful restructuring included the issuance of £3.1 billion pay-if-you-can convertible instruments and was named "Global Finance Deal of the Year" at the AmLaw Global Legal Awards 2016 and "Restructuring Deal of the Year" at the IFLR European Awards 2016.
Leading Individual – highly recommended, Legal 500 2020
Leading Lawyer – highly recommended, IFLR1000 2020
Financial Restructuring and Insolvency Lawyer of the Year, Lawyer Monthly Legal Awards 2018
Lead lawyer on transactions awarded 'Highly Commended' by The Financial Times Innovative Lawyer Awards 2017 and 2018
Pro Bono Award, White & Case, 2017