Practices in London — Acquisition Finance

Acquisition finance is a key part of the finance practice at Orrick. We are acknowledged for our expertise in this area. Implementing successful acquisition finance transactions requires a clear understanding of the market and the impact of the latest developments on the financing structure of each transaction. We apply our in-depth knowledge of leveraged and structured finance tools and techniques to deliver clear, responsive and practical advice.

The acquisition finance team in London advises on leveraged buyouts, public to privates, secondary buyouts, bid financings, investment grade financings and other acquisition-related financings. In addition to advising on the provision of senior debt, we advise on a range of junior debt solutions from mezzanine debt (with or without warrants) to second lien financings and the issue of PIK notes. We also advise subordinated creditors and investors in hybrid financial instruments. The team has considerable experience in financing exits from leveraged buyouts and in the refinancing of all or part of the acquisition debt using securitisation or high-yield bond issues.

Our clients include investment banks, private equity and hedge funds, corporates and originators and managers of leveraged structured finance vehicles.We work closely with our corporate and private investment funds teams as well as other specialists in tax, employment, pensions, competition and real estate. As the majority of the transactions we undertake are multijurisdictional in nature, we often work with our colleagues in the United States, continental Europe and Asia and have a wealth of experience in coordinating and leading cross-border teams.

Recent transactions by our acquisition finance team in London include advising:

• AMB Property Corporation on a €428 million pan-European credit facility provided by ING Bank NV for the acquisition by its regional subsidiaries of logistics properties in various European jurisdictions and on related asset financings.
• Matterhorn Capital on the acquisition and funding of more than five properties in the hotel and tourism sector in Continental Europe, valued in aggregate in excess of £500 million, as part of Matterhorn Capital's building up of its portfolio and their subsequent development and refinancing.
• AMB Property Corporation on a €275 million pan-European credit facility provided by Aareal Bank AG for the acquisition of properties in various European jurisdictions and on related asset financings.