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Slaughter and May

Living Wage
ONE BUNHILL ROW, LONDON, EC1Y 8YY, ENGLAND
Tel:
Work 020 7600 1200
Fax:
Fax 020 7090 5000
DX:
11 LONDON CHANCERY LANE WC2
Email:
Web:
www.slaughterandmay.com
Beijing, Brussels, Hong Kong, London

Ed Fife

Tel:
Work 020 7090 3662
Email:
Slaughter and May

Work Department

Financing.

Position

Partner with a broad financing practice advising corporates, financial institutions and other entities on loans, acquisition finance, debtcapital markets, derivatives, non-bank lending products and securitisations.

Career

Trained Slaughter and May; qualified 2005; associate, London 2005-08, Hong Kong 2008-10, London 2010-12; partner, London 2012. Admitted as a solicitor of the High Court of Hong Kong.

Leisure

Football, films.


London: Finance

Acquisition finance

Within: Acquisition finance

Fed a steady pipeline of work from the its roster of FTSE 100 and 250 corporate clients, unsurprisingly,¬†Slaughter and May¬†is best-known for its borrower-side financing work. Recent highlights include advising DS Smith plc on the debt financing aspects of its $920m acquisition of Interstate Resources and representing Cineworld Group plc on the UK law aspects of the funding to secure its $3.6bn acquisition of US company Regal. A corollary of the firm's market-leading M&A practice, the firm has developed a particular niche in relation to ‚Äúcertain funds‚ÄĚ public bid finance work and in this regard¬†Ed Fife¬†and¬†Matthew Tobin¬†are advising Compagnie Financi√®re Richemont on a proposed voluntary public tender offer (to be made by a newly formed wholly-owned Italian subsidiary of Richemont) to acquire all of the ordinary shares of Yoox Net-a-Porter Group.¬†Caroline Phillips' broad-ranging financing capabilities encompass debt financing work for private equity sponsors Corsair Capital and Palamon Capital Partners, including advising the latter on the financing to fund the¬†acquisition of a majority stake in Sweden-based Happy Socks.¬†Philip Snell¬†and¬†Robert Byk¬†are also recommended.

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Bank lending: investment grade debt and syndicated loans

Within: Bank lending: investment grade debt and syndicated loans

'The market-leading borrower side practice',¬†Slaughter and May¬†provides an 'exceptionally high-quality service' to a stellar roster of blue-chip corporates including Costain Group plc, First Group, Ocado Group and Tata Steel, across the gamut of financing work including for acquisition finance, as well as general corporate and working capital purposes. The team's pre-eminent borrower side reputation is further underscored by the firm's role for the Association of Corporate Treasurers in relation to LMA documentation; notably the firm recently updated the Borrower's Guide to¬†LMA Loan Documentation for Investment Grade Borrowers‚Äô to reflect the¬†ongoing reforms to LIBOR, Euribor and other benchmarks.¬†Matthew Tobin¬†recently advised Dufry on its¬†‚ā¨2.4bn new facilities¬†(for refinancing and general corporate purposes)¬†which included Euro and US dollar term loan facilities and a multi-currency revolving facility. As well as new money financings, the team has also handled numerous refinancing mandates for corporate clients including¬†Robert Byk¬†'s representation of ISS on the refinancing of its existing credit facility with a new ‚ā¨1bn revolving credit facility. Other recommended partners include¬†Ed Fife,¬†Philip Snell¬†and¬†Andrew McClean.

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Derivatives and structured products

Within: Derivatives and structured products

Slaughter and May is 'always quick to respond and turnaround times are always achieved', says one client, while another remarks that 'the firm is a preferred adviser for challenging first-principles deals'. The firm's derivatives practice is  best-known for advising corporate treasury departments on a broad range of matters including the negotiation of documentation for general treasury hedging to  complex derivatives transactions and regulatory compliance issues. In support of its M&A practice, it frequently handles equity derivatives, including portfolio total return swaps. The practice also handles equity-backed collar financings, put option financings, stock borrowing arrangements and collateralised repurchase arrangements. A significant part of its practice, however, is focused on the role of derivatives in securitisations and covered bond transactions. Oliver Wicker leads the practice and much of his work has been driven by bank deleveraging in Europe. Ed Fife is 'able to provide succinct advice on all derivative products, including  complex swap repacks, no matter how they has been packaged by the arranger'. Also recommended are Guy O’Keefe; structured finance specialist Richard Jones; and Azadeh Nassiri , who acts for investment banks, investment funds and corporates.

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High yield

Within: High yield

Slaughter and May is increasingly called on the English law aspects of high yield deals in partnership with its US relationship firms. Between mid-2016 and mid-2017, the firm advised on eight high yield issuances, in each case acting for the issuer. 'The work is exceptional; the lawyers' ability to work to challenging timelines is second-to-none and they have excellent control of complex and multi-faceted projects'. Guy O'Keefe is 'commercially astute and can be relied on for pragmatic and clear advice'; he acted alongside Caroline Phillips for Drax Group on a £550m notes offering. Ed Fife and Robert Byk are also recommended.

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Securitisation

Within: Securitisation

Slaughter and May's finance team is made up of partners with a broad range of skills, including structured finance, securitisation, derivatives, banking and capital markets.The firm handles a wide range of asset classes including CMBS, RMBS, CMBS, credit cards, auto loans, trade receivables, whole-business deals, covered bonds and CLOs, advising hedge funds, originators, arrangers and investors. Guy O’Keefe acted along with Richard Jones and associate Adam Burk for Santander Consumer (UK) plc as originator, seller and servicer, and account bank Santander UK plc on a the £600m Motor 2017-1 UK public auto loan transaction. Jones and Burk are 'always on hand to provide not only sound legal advice, but also commercial context, which is invaluable when discussing complex documentation'. Also recommended are partners Ed Fife, Azadeh Nassiri , Oliver Wicker and Oliver Storey, all of whom have broad structured finance and securitisation practices.

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