|
Dechert Crowns Month with Largest High-Yield Debt Offering
International Financial Law Review
April 2003
International law firm Dechert has completed work on the largest high-yield debt offering in three years.
The $2.12 billion high-yield bond offering was the central part of a $3.2 billion refinancing plan for long-term Dechert client Crown Cork and Seal Company. It closed in London and New York on February 26 with Salomon Smith Barney and Deutsche Bank arranging.
Corporate finance partner Gil Tily explained to IFLR that one of the key challenges for his firm was to coordinate teams across five jurisdictions. The refinancing combined secured debt, debt from the French susidiary and collateral in both the U.S. and Europe. There was also the speed of the transaction for the firm to contend with - work began in early January as soon as the high-yield markets appeared favourable.
In Philadelphia, Tily was joined by corporate finance partners William Lawlor, Gary Green and Peter Cripps, as well as Ed Lemanowicz (tax), Greg Gosfield (real estate) and David Waksman in Princeton.
The London team comprised partner Trevor Beadle (banking), James Croock and David Wallis (corporate finance). Kathie Claret and Joseph Smallhoover led the French team alongside Rick Temko in Brussels and Jean Brucher in Luxembourg.
|
