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Acquisition Finance

Our track record in relation to acquisition and bid finance is exceptional. We have gained a formidable reputation advising, in particular, financial buyers and corporates on the banking aspects of M&A transactions, both public and private and in both the UK and overseas.
 
We have advised:

• Bridgepoint Capital on its acquisitions in the UK of Pets at Home Group, 1st Credit, Tilney Holdings, Tunstall, Fat Face and Prêt a Manger
• Bridgepoint Capital on its acquisitions overseas of A-Katsastus and Terveystalo Healthcare (both Finland) and TüvTurk (Turkey)
• Intermediate Capital Group plc on the acquisition of CPA Holdings
• 3i Group on its acquisitions of Hobbs, NCP, Civica and Ultralase and its investments in Chorion and Norman Foster & Partners
• Exponent Private Equity on its acquisitions of TSL Education, Trainline, Lowell Financial and The Ambassador Theatre Group
• Phoenix Private Equity in connection with its acquisitions of L K Bennett and Expotel
• Barclays Private Equity on its acquisitions of Kurt Geiger, Hydrasun and The Bounty Group
• TA Associates on its acquisition of Jupiter Asset Management and investment in Utimaco Software AG
• Lyceum Capital on its acquisitions of The UK Drainage Network, McKinnon & Clarke and Carewatch Care Services
• Darwin Private Equity on its acquisition of Hampson Aerospace Machining
• Macquarie Bank/Macquarie Capital Alliance Group consortium on the acquisitions of BBC Broadcast, Moto and Talarius
• Peel Ports on its acquisition of the Mersey Docks and Harbour Company, using a £1.17bn facility arranged by Bank of Scotland
• Bank of Scotland Integrated Finance on its investment in Apollo Homes
• Bank of Scotland in connection with numerous acquisitions, including the acquisitions of Beechcroft Homes, Moneybox plc and Unwins Wine Group

Property Finance

The Banking department is a leader in the field of Property Finance.
 
In addition to domestic and international senior debt and mezzanine financings, we have advised on transactions employing capital markets instruments and techniques and tax-based products centred around the cashflow generated by rental income.



We have advised:

• Westdeutsche ImmobilienBank AG on a £190m syndicated financing for Bicester Village, Oxfordshire
• Calyon as agent in relation to the provision of syndicated facilities of £50m to finance the acquisition of a portfolio of retail distribution warehouses
• Landesbank Berlin AG in relation to the restructuring of development facilities for a major city development project
• Bank of Scotland plc in relation to numerous property investment and development financings
• The Royal Bank of Scotland plc and The Royal Bank of Scotland International in relation to "equity bridge" facilities in excess of £1bn for international property funds

Capital Markets, Securitisation and Derivatives

Members of the Banking department have experience on securitisation and capital markets, across a wide range of instruments from fixed rate bonds, floating rate notes to perpetual bonds and convertibles and CP and MTN programmes.  We also advise on derivatives ranging from interest rate and currency swaps to credit default swaps and equity derivatives.



We have advised:

• on a variety of interest rate and currency swaps, options and credit and other derivatives, as well as repos and stock lending
• Export Finance and Insurance Corporation of Australia in relation to their US$2.5bn EMTN programme and the issuance of numerous notes with swaps thereunder
• on the £610m securitisation of the Trafford Centre and the subsequent £354.55m tap issue
• various Fleming Trusts on five separate bond issues
• One Equity Partners, in relation to a multi-jurisdiction acquisition of a motor components manufacturer, which included raising finance by way of a trading receivables securitisation
• a Canadian company on its proposed convertible bond
• an Indian company on its proposed fixed rate bond
• a UK corporate on its £125m listed secured debenture stock issue
• the Bank of England on certain projects relating to the inter-bank market, including the terms of certain derivative contracts and repos with bank counterparties
• the Bank of Japan on an innovative cross-border collateralisation structure as part of its participation in the correspondence central banking model
• the liquidators of the Peloton ABS Master Fund on the close out and termination of derivatives and repos with 21 counterparties
• the pension trustees of two FTSE 100 companies on various inflation and credit default swaps
• a listed UK corporate on an equity collar and a separate forward rate agreement

Refinancings and Corporate Facilities

Members of the Banking department are well-versed in refinancings and corporate facilities and have extensive experience in acting for borrowers and lenders.

 


We have advised:

• Clinton Cards PLC on the extension of its bank facilities
• Blacks Leisure Group plc on the extension and refinancing of its bank facilities
• Various corporates and private equity investee companies on amendments to their bank facilities, the resetting of financial covenants, equity cures and debt buybacks
• Liverpool Airport plc on its various facilities
• Fat Face on its debt buyback
• A-Katsastus on amendments to its bank facilities and the making of a distribution to its investors
• Pets at Home Group on the refinancing of its acquisition facility and, more recently, on the facilities which would have been made available had it proceeded with an IPO
• Brighthouse Limited in relation to its facilities with Landsbanki
• Alliance Medical on the second refinancing of its acquisition facility and the making of a distribution to its investors 
• The Royal Bank of Scotland plc in connection with facilities for an investee company of Terra Firma Capital Partners
• PT Bank Negara Indonesia on many corporate and trade finance facilities
• a major international lender providing a £200m facility for a CREST participant taking collateral over securities in CREST, the DTC, Euroclear and Clearstream
• Fairview on its debt refinancing
• Carpetright PLC on its debt refinancing
• The Peel Group on £500m corporate facilities for its Land and Property Division

Credentials

Jeremy Walsh is a "switched-on partner with an understanding of both the legal and commercial elements of transactions."
Chambers Guide to the UK Legal Profession (2010)

Michael Bardell is an active player, while Andrew Gregson is similarly "well-versed, commercial and user-friendly
Chambers Guide to the UK Legal Profession (2010)

This highly impressive outfit is best known for its private equity sponsor-side work and establishing facilities for fund formations and acquisitions.  The firm's relationships and in-depth knowledge of the field have led to a large volume of instructions on deal restructurings and debt buy-backs by private equity houses.
Chambers Guide to the UK Legal Profession (2010)

Paul Lyons is praised for his commercially minded nature.
Chambers Guide to the UK Legal Profession (2010)

Travers Smith´s ´first-rate´ team, under Jeremy Walsh, is praised for its ´commercial and practical advice´ and its ´level of lead-partner involvement´.
The Legal 500 (2009)

Travers Smith´s property finance team, led by Paul Lyons, is noted for its good historical relationships with the Scottish banks.  The team is recommended for its fund expertise on the borrower side.
The Legal 500 (2009)

The team is ´professional, timely and adaptable´.
The Legal 500 (2009)

‘This team enjoys a strong reputation for representing private equity sponsors on acquisition finance across the entire mid-market.’
Chambers Guide to the UK Legal Profession (2009)
 
"Extremely user-friendly" approach to acquisition finance and debt restructuring
Chambers Guide to the UK Legal Profession (2009)
 
‘With eight partners, the compact team is praised for its adaptability in extending its lender side practice.’
Chambers Guide to the UK Legal Profession (2009)
 
‘Head of the banking department, Jeremy Walsh, is well versed in acquisition finance and debt restructuring, reflecting his background in restructuring and insolvency.’
Chambers Guide to the UK Legal Profession (2009)

‘always being on the ball, and really working to accomplish the right outcome for the client.'
Chambers Guide to the UK Legal Profession (2008)

Andrew Gregson is a "strong, commercial lawyer".
Chambers Guide to the UK Legal Profession (2008)
 
Michael Bardell is "more of a finance lawyer as opposed to borrower counsel – you will see him representing banks".
Chambers Guide to the UK Legal Profession (2008)
 
Clients rate Michael Bardell´s enthusiasm to "make the transaction happen – he knows there is a deal to be done and that it is all about crossing the finishing line".
Chambers Guide to the UK Legal Profession (2008)
 
‘James Richards is the main point of contact for derivatives work at Travers Smith, with a particular focus on credit derivatives, and currency and interest swaps.’
Legal 500 (2007)

Restructuring

We regularly advise lenders, borrowers, turnaround and insolvency practitioners on debt restructuring matters and we have advised in relation to some of the largest and most complex restructurings.

Recent We have advised:

• Blacks Leisure Group plc and The Outdoor Group Limited on their debt restructurings and company voluntary arrangements
• Midas Group PLC on its debt/equity swap
• Clinton Cards PLC on the restructuring of its debt facilities and the administration of its subsidiary, Birthdays Limited
• Various corporates and private equity investee companies on amendments to their bank facilities, the resetting of financial covenants, equity cures and debt buybacks
• the management of SSP Finance in connection with its debt restructuring and scheme of arrangement
• ntl on its $20.1bn debt restructuring and exit from US Chapter 11 bankruptcy
• ntl Incorporated in connection with the refinancing of its exit and working capital facilities totalling in excess of £700m
• Cablecom GmbH on the refinancing of its CHF4.1bn credit facility
• Cape PLC on its restructuring, scheme of arrangement and refinancing
• Diamond Cable Communications and Diamond Holdings on their simultaneous UK administration and US Chapter 11 bankruptcy
• Bridgepoint Capital and Societa Europea AutoCaravans S.p.A. in relation to a security restructuring of AutoSleepers Holdings Limited through a company voluntary arrangement and Societa Europea AutoCaravans S.p.A.´s disposal of its investment