Francesco Lione

Francesco’s experience includes representing:

Corporate Clients and Private Equity Firms

• CVC and its portfolio company Recordati S.p.A. in a €6.05 billion-equivalent bond offering, a record-breaking financing that was at time of pricing the largest offering ever of high-yield floating rate notes, the largest ever high-yield bond-only LBO financing in Europe, the largest ever bond financing for a single B-rated issuer in Europe, and the largest ever high-yield bond offering by a European high-yield issuer in the healthcare sector.
• CVC in the €7.5 billion committed financing of its public takeover of Italian specialty pharmaceutical company Recordati S.p.A., representing the largest European pharma deal and largest leveraged buyout to the date of announcement in 2026.
• EG Group in a fungible US$550 million term loan B issuance to fund the acquisition of Coen Markets and the partial repayment of existing bonds. 
• EG Group in a comprehensive wholesale refinancing transaction, including the issuance of a €1.525 billion term loan B due 2031 and a US$1.8 billion term loan B due 2031, as well as the establishment of a new five year US$1.285 billion revolving credit facility.
• Biffa, a leading UK-based industrial waste services company owned by Energy Capital Partners, in the debut issuance of £830 million-equivalent senior secured notes to refinance existing indebtedness and the concurrent establishment of a £300 million revolving credit facility.
• CVC and its portfolio company Domestic & General, one of the largest appliance care providers across the UK and Europe, on the financing aspects of the sale of Domestic & General to Asurion, a global leader in technology care, support, and protection.
• DOC Pharma, a leading Italian generic pharmaceutical company and a portfolio company of TPG, on a €990 million senior secured notes offering and on a €150 million multi-currency revolving credit facility to refinance existing indebtedness.
• ASDA, the third-largest player in the UK grocery retail market and a portfolio company of TDR Capital, on a €700 million senior secured notes offering to refinance existing indebtedness and fund general corporate purposes.
• ASDA, the third-largest grocery retailer in the United Kingdom and a portfolio company of TDR Capital, in the raising of a new institutional term loan to refinance indebtedness maturing in 2025 and 2026. The refinancing was implemented through a tender offer at par for the 4.5% senior secured notes and at 98.75 for the 3.25% 2026 senior secured notes.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in the joint £350 million senior secured bond and £450 million-equivalent TLB refinancing of its existing indebtedness.
• EG Group in the repricing and upsizing of its €1.63 million TLB facility and the repricing and upsizing of its US$1.7 million TLB facility.
• DOC Generici, a leading generic pharmaceutical company based in Milan and a portfolio company of TPG, in the financing of its acquisition of the Muscoril drug from Sanofi.
• Omni Helicopters International Group, a leading provider of vertical air mobility services for the offshore, onshore, and advanced air mobility sectors with operations in Brazil, Guyana, and Mozambique, on its debut issuance of US$400 million senior secured amortizing notes due 2029.
• ASDA, the third-largest grocery retailer in the United Kingdom, in the refinancing of £3.2 billion of its debt, pushing out the majority of its maturities into the next decade. The refinancing included the biggest Sterling high-yield bond of 2024 and the second-largest Sterling bond ever in the European leveraged finance market, only behind Asda’s original £2.25 billion bond tranche in 2021. As part of the refinancing, Asda secured an extension of its revolving credit facility from August 2025 to October 2028 and upsized the same facility from £667 million to £748 million. The refinancing followed recent positive rating actions, with Moody’s upgrading its corporate rating from B2 to B1, Fitch Ratings raising the outlook on its current IDR rating of B+ from stable to positive, and S&P Global Ratings assigning Asda a long-term issuer rating of B+ with a stable outlook.
• WE Soda in a US$500 million offering of senior secured notes.
• WE Soda in a US$180 million tap issuance of its senior secured notes on through a private placement to select institutional investors.
• WE Soda in its inaugural offering of US$800 million of senior secured notes. This deal was awarded High Yield Bond Deal of the Year 2024 by Global Banking & Markets: CEE, CIS & Türkiye Awards 2024.
• EG Group in its US$1.5 billion-equivalent offering of senior secured notes to refinance existing debt.
• Universal Music Group, the world leader in music-based entertainment with operations in more than 60 countries, in the private placement of ¥7 billion of senior notes.
• Universal Music Group in the offering of €750 million of senior notes. 
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in the financing of its acquisition of US-based post-sale warranty specialist After Inc, a Galway Holdings company. The acquisition strengthens D&G’s operations in the US, enabling the group to meet strong US consumer demand for post-sale appliance care and protection.
• ASDA, a leading grocery retailer in the United Kingdom, in the financing of its agreed acquisition of EG Group’s UK&I operations for an enterprise value of £2.27 billion, a transformational step towards creating a diversified omni-channel retail champion in the United Kingdom and Ireland.
• EG Group in the sale and leaseback of a portfolio of its sites on the east coast of the United States to Realty Income Corporation for a gross consideration of approximately US$1.5 billion.
• WE Soda Limited, the largest natural soda ash producer in the world, in its inaugural senior secured revolving credit facility with a club of international banks.
• Universal Music Group, the world leader in music-based entertainment with operations in more than 60 countries, in setting up its inaugural Euro Medium Term Note program and its debut issuance of €1 billion of notes thereunder.
• TPG Capital in the private debt financing on its acquisition of a majority interest in Diocle Topco S.àr.l., parent of DOC Generici, a leading generic pharmaceutical company based in Milan, from ICG and Merieux Equity Partners.
• PAI Partners and British Columbia Investment Management Corporation in connection with the financing aspects of the sale of a majority stake in Refresco, one of the world’s largest independent beverage contract manufacturers, to KKR, a leading global investment firm. As part of the transaction, PAI Partners and BCI will retain a significant minority position in Refresco.
• WE Soda Limited, the largest natural soda ash producer in the world, in its US$1.2 billion senior secured loan refinancing transaction with a syndicate of international banks, including Bank of China, Denizbank, ENBD, Goldman Sachs, JP Morgan, Yapı Kredi, and Isbank. The company used the proceeds to refinance its existing corporate-level facility, taking advantage of its strong financial performance and recent market trends to extend the maturity profile of its indebtedness and gain increased flexibility to execute on its business plan.
• Zenith Vehicles, the largest independent provider of mobility as a service in the UK and a portfolio company of Bridgepoint Group plc, in its inaugural offering of £475 million of green bonds and a new £65 million revolving credit facility. The transaction is indicative of Zenith’s broader strategic goals in driving the take up of electric vehicles and helping to decarbonize the UK vehicle parc. Zenith intends to spend in excess of the equivalent of the gross proceeds from the bonds on eligible green projects, including battery electric vehicles across its three divisions.
• ASDA, the third-largest grocery retailer in the United Kingdom, in a £500 million offering of senior secured notes to repay an outstanding bridge facility raised by the Issa brothers and TDR Capital to acquire the company from Walmart.
• Intermediate Capital Group in the €600 million committed loan financing for its acquisition of AMEOS, a private hospitals operator with a focus on acute general and psychiatric facilities across the DACH region (Austria, Germany, and Switzerland).
• EG Group, the third largest independent convenience store operator in the world, in connection with the multi-layered, cross-border financing of EG Group’s acquisition of ASDA’s forecourt business in the UK and OMV’s forecourt business in Germany, comprising £675 million privately placed bonds, US$510 million TLB debt, and €610 million second-lien debt.
• ASDA, the third-largest grocery retailer in the United Kingdom, in a £2.75 billion offering of bonds to repay the bridging acquisition financing raised by the Issa brothers and TDR Capital to acquire the company from Walmart, representing the largest sterling corporate bond sale on record.
• EG Group, the third largest independent convenience store operator in the world, on finance matters relating to its acquisition of the OMV filling station business in Germany.
• The Issa brothers, founders and co-CEOs of EG Group, and TDR Capital LLP, a leading UK-based private equity firm, on the financing for the acquisition of Asda Group Limited, Walmart Inc.’s wholly-owned UK business, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis; under the new ownership structure, the Issa brothers and TDR Capital are acquiring Asda, with equal shareholdings, with Walmart retaining a minority equity investment in the business and an ongoing commercial relationship with a seat on the board.
• EG Group, the third-largest independent convenience store operator in the world, in the committed bank financing of its acquisition of The Herbert Group, the largest KFC franchise in the UK & Ireland.
• EG Group, the third-largest independent convenience store operator in the world, in the €1.26 billion-equivalent bond financing of its acquisition of Cumberland Farms, one of the largest independent retailers of convenience merchandise and fuel products in the New England states, New York, and Florida.
• CVC and its portfolio company Domestic & General, the UK’s leading appliance care specialist, in the bridge financing of the sale of a circa 30% stake in D&G to an entity ultimately wholly owned by the Abu Dhabi Investment Authority (ADIA) and in the refinancing of D&G’s existing capital structure with new bond issuances and revolving credit lines.
• Intermediate Capital Group in the €470 million committed bridge loan financing and floating rate notes offering for its acquisition of leading Italian generic pharmaceutical company DOC Generici.
• DXC Technology, the world’s leading independent end-to-end IT services company, in its offering of €650 million of senior notes.
• Schoeller Allibert, Brookfield, and Schoeller Industries in connection with their joint and several offer to purchase Schoeller Allibert’s existing Senior Secured Notes due 2021 at a price of 101% of their principal amount, following the consummation of Brookfield’s acquisition of a controlling stake in Schoeller Allibert.
• Refresco, the world’s largest independent bottler of retailer and A-brand soft drinks, in its offering of €445 million of senior notes.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in its offer to exchange new floating rate notes due 2020 for its outstanding floating rate notes due 2019, and in its concurrent private placement of £43.5 million of additional floating rate notes due 2020.
• PAI Partners and British Columbia Investment Management Corporation in the €2.6 billion committed term loan and bridge loan financing of their recommended cash tender offer for the ordinary shares of Refresco, the world’s largest independent bottler of retailer and A-brand soft drinks.
• HomeVi, a leading provider of services to elderly people in France, Spain, and China, and its new controlling shareholder, Intermediate Capital Group, in the €1,150 million syndicated loan financing supporting ICG’s leveraged buyout and the refinancing of HomeVi’s existing debt.
• AkerBP, a Norwegian oil production and exploration company listed on the Oslo Stock Exchange, in its debut bond offering.
• PAI Partners and its portfolio company Cerba HealthCare, the leading clinical pathology laboratories company is France, which holds strong market positions in Belgium, Luxembourg, and Africa in the €1.1 billion staple financing package underwritten by BNP Paribas, Crédit Agricole, Credit Suisse, J.P. Morgan, and Natixis in connection with the sale and auction of the company.
• PAI Partners and its portfolio company HomeVi in connection with the bridge, bank, and bond financing for DomusVi’s acquisition of Spanish nursing home business SARquavitae Servicios a la Dependencia.
• Shandong Ruyi in connection with the bridge, bank, and bond financing for its acquisition of international apparel and accessories retail group SMCP.
• PAI Partners and its portfolio company HomeVi in connection with the bridge, bank, and bond financing for DomusVi’s acquisition of Spanish nursing home business Geriatros.
• Onex Partners and its portfolio company Onex Wizard Acquisition Company in connection with the bridge, bank, and bond financing for their acquisition of global packaging company SIG Combibloc.
• PAI Partners and its portfolio company HomeVi in connection with the bridge, bank, and bond financing for their acquisition of French nursing home company DomusVi.
• PAI Partners and its portfolio company Cerba European Lab in the €80 million bond financing of Cerba’s acquisition of French laboratory group JS Bio.
• CVC Capital Partners in the £500 million bridge and bond financing of its leveraged buy-out of UK warranty provider Domestic & General.

Private Placements and Hybrid Financings

• WE Soda in connection with the private placement of US$250 million of add-on senior secured notes due 2031.
• The joint global coordinators in the issuance of US$2,850 million-equivalent long-dated hybrid notes by SoftBank Group, a leading technology company. The notes obtained 50% equity treatment from rating agencies and SoftBank allocated the proceeds from the offering toward refinancing existing debt and general corporate purposes.
• The arranging banks in the private placement of £310 million of senior secured notes by Motor Fuel Group, the UK’s largest independent forecourt operator and a portfolio company of CD&R, for the purpose of making a distribution to shareholders.
• WE Soda in a US$180 million tap issuance of its senior secured notes on through a private placement to select institutional investors.
• ASDA, a leading grocery retailer in the United Kingdom, in the financing of its agreed acquisition of EG Group’s UK&I operations for an enterprise value of £2.27 billion, a transformational step towards creating a diversified omni-channel retail champion in the United Kingdom and Ireland.
• TPG Capital in the private debt financing on its acquisition of a majority interest in Diocle Topco S.àr.l., parent of DOC Generici, a leading generic pharmaceutical company based in Milan, from ICG and Merieux Equity Partners.
• Goldman Sachs, BNP Paribas, Bank of America, Mizuho, Deutsche Bank, Santander, Rabobank, Intesa Sanpaolo, MUFG, National Westminster Bank, NatWest, Societe Generale, and SMBC as placement agents in connection with the private placement of £1.2 billion in aggregate principal amount of Senior Notes by Wm Morrison Supermarkets plc, the fourth largest grocery retailer in the United Kingdom.
• EG Group, the third-largest independent convenience store operator in the world, in connection with the private placement £675 million of new issue senior secured notes with a group of large institutional investors.
• A consortium of leading institutional investors in the financing of BC Partners’ acquisition of a stake in SOFIMA, the controlling shareholder of IMA, a world leader in the design and manufacturing of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, tea, coffee, and foods.
• The holding company of EG Group, the third largest convenience store operator in the world, in a preferred equity capital raise from leading institutional investors.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in its private placement of £100 million of additional senior secured notes due 2026.
• An investment bank in connection with its purchase of £40 million of senior secured notes privately placed by Virgin Media, a leading UK cable and telecommunications company.
• An investment bank in connection with its purchase of £50 million of receivables financing notes privately placed by Virgin Media.
• Investment management firms in connection with the purchase by several of their investment funds of £50 million of receivables financing notes privately placed by Virgin Media.
• Albacore Capital in its redeemable preferred equity investment in Algeco Scotsman, a world leader in modular space and secure storage solutions controlled by TDR Capital.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in its offer to exchange new floating rate notes due 2020 for its outstanding floating rate notes due 2019, and in its concurrent private placement of £43.5 million of additional floating rate notes due 2020.
• BNP Paribas, Credit Suisse, ING Bank, Banca IMI, and DNB Markets in the £300 million offering of receivables financing notes by Virgin Media.
• Credit Suisse, Banca IMI, ING, and Mediobanca in the £450 million tap offering of Virgin Media’s receivables financing notes.
• Credit Suisse, Banca IMI, Citigroup, Deutsche Bank, and ING in the innovative off-balance sheet funding of Virgin Media’s vendor financing program through the high-yield bond market for which the bond financing was awarded the High Yield Deal of the Year recognition at the IFLR European Awards 2017.
• CPPIB Capital in its €480 million commitment of Mandatory Convertible Notes as part of TDR’s acquisition of LeasePlan Corporation, the largest vehicle leasing and fleet company in the world.

Liability Management Transactions and Restructurings

• Zenith Vehicles, the UK’s largest independent truck-to-car vehicle leasing and fleet management company and a portfolio company of Bridgepoint, in a comprehensive recapitalization to strengthen its balance sheet. The transaction extends the maturities of the group’s £65 million revolving credit facility, £475 million senior secured notes, and EFP securitization’s revolving period to April 2031, June 2031, and February 2029, respectively. Implemented at par, the recapitalization includes a £100 million capital injection from Bridgepoint and was supported by approximately 98% of noteholders, with unanimous backing from the RCF and securitization lenders.
• EG Group in an asset sale tender offer relating to the proceeds from the divestment of Italian and French operations. 
• NatWest as dealer manager in connection with a cash tender offer by Voyage Care, a UK-based provider of residential and community care for individuals with complex care needs.
• WE Soda in connection with the maturity extension of its US$360 million revolving credit facility.
• The initial purchasers and dealer managers, led by BNP Paribas and Goldman Sachs, in Wm Morrison Supermarkets Group’s offering of £500 million and €500 million of senior secured notes due 2031 and the related tender offers for a portion of its existing sterling-denominated and euro-denominated senior secured notes. The transaction allowed Morrisons, a leading grocery retailer in the UK, to reduce its overall debt level and push out financing maturities.
• Omni Helicopters International Group, a prominent provider of vertical air mobility services, in two bondholder consent solicitations, which aimed to extend financial reporting deadlines for 2025 and to waive the requirement to use fleet expansion proceeds for the mandatory redemption of existing notes, thereby allowing the retention and use of these proceeds for general corporate purposes.
• J.P. Morgan, Barclays, BNPP, and SEB as placement agents to The Very Group, the UK’s largest integrated online non-food retailer and leading pureplay consumer finance provider, in connection with the private placement of £598 million of new senior secured notes and the entry into commitments for a £150 million super senior revolving credit facility. The proceeds of the private placement, together with cash on hand, are expected to be used to redeem in full the group’s existing senior secured notes maturing in August 2026.
• ASDA, the third-largest grocery retailer in the United Kingdom and a portfolio company of TDR Capital, in the raising of a new institutional term loan to refinance indebtedness maturing in 2025 and 2026. The refinancing was implemented through a tender offer at par for the 4.5% senior secured notes and at 98.75 for the 3.25% 2026 senior secured notes.
• HSBC as sole dealer manager and sole purchase agent in connection with multiple and simultaneous tender offers, structured as unmodified Dutch auctions, and a concurrent term loan solicitation by certain group entities of Morrisons, a leading grocery retailer in the UK. The liability management transaction resulted in an aggregate principal amount of approximately £1 billion (equivalent) of indebtedness being repurchased
• EG Group in the amend and extend transaction in which the company addressed its US$6.1 billion loan maturities through the repayment of US$2.9 billion of loans from asset disposal proceeds, the extension of the maturity of US$3.2 billion of loans to February 2028 and new money commitments. As part of the transaction, EG Group has also secured an extension of the maturity date of the majority of its RCF and LC facilities to 2027.
• HSBC and J.P. Morgan as global coordinators in connection with a two-part 4.5 year secured bond offering by Iceland Foods, including a £265 million tranche of fixed-rate notes and a €250 million tranche of floating-rate notes, and as dealer managers in connection with the concurrent par tender offer of up to £500 million of the company’s £550 million secured bonds maturing March 2025. As part of the refinancing, Iceland Foods, a leading frozen food and grocery retailer in the UK, extended its £50 million RCF to 2027.
• Deutsche Bank as sole dealer manager, in the multiple and simultaneous tender offers (structured as unmodified Dutch auctions) completed by Softbank, a leading technology company, in respect of 16 series of its then outstanding NY law-governed senior notes and its English law-governed Undated Subordinated NC6 Resettable Notes.
• EG Group, the third largest independent convenience store operator in the world, in connection with the separate solicitations of consents from its bondholders and lenders to defer publication and delivery of audited financial statements for fiscal year 2021.
• BNP Paribas, Goldman Sachs, Merrill Lynch, and Mizuho, as dealer managers, in the cash tender offers and consent solicitations that were launched and completed in respect of Wm Morrison Supermarkets plc’s four series of then outstanding notes in preparation for Clayton, Dubilier & Rice’s takeover of the company, the fourth largest grocery retailer in the United Kingdom.
• EG Group, the third largest independent convenience store operator in the world, in connection with the separate solicitations of consents from its bondholders and lenders to defer publication and delivery of audited financial statements for fiscal year 2020, due to the significant time and resources required by KPMG to complete their period of transition as new auditors and the continuing practical challenges presented by containment measures and restrictions on movement imposed in response to the COVID-19 pandemic.
• Deutsche Bank, JPMorgan, and Crédit Agricole CIB as dealer managers and solicitation agents in the multiple and simultaneous tender offers (structured as unmodified Dutch auctions) and consent solicitations completed by Softbank, a leading technology company, to reduce gross debt and shift its bond covenant test for making restricted payments from asset sale proceeds from a net leverage ratio test to a loan-to-value test.
• The ad hoc group of senior secured creditors in relation to the comprehensive financial restructuring of Swissport, the world’s leading independent provider of airport ground services and air cargo handling, via a debt for equity swap of existing secured debt, the extinguishment of unsecured and junior debt, and the provision of a new €500 million debt facility to support investment in the business and the plan to accelerate growth globally.
• The committee of senior secured bondholders in relation to a comprehensive recapitalization of New Look, a UK national fashion retailer, via the re-basing of UK leasehold obligations through a company voluntary arrangement, a debt for equity swap of existing secured debt, an extension of primary working capital facilities, and an injection of £40 million of new capital to support the business plan.
• The committee of senior secured bondholders in relation to the balance sheet restructuring of Pizza Express, a major casual dining restaurant operator in the United Kingdom, comprising the resetting of leasehold obligations through a company voluntary arrangement, the restructuring of third party indebtedness, the recapitalization of the business via a £144 million of committed new money financing, and the transfer of mainland China operations to an affiliate of Hony Capital.
• EG Group, the third largest independent convenience store operator in the world, in connection with the separate solicitations of consents from its bondholders and lenders to defer publication and delivery of audited financial statements for fiscal year 2019, due to the unprecedented practical difficulties that the COVID-19 pandemic created in its efforts to meet financial reporting deadlines.
• The ad hoc committee of bondholders in respect of the financial restructuring of the Johnston Press group through a pre-pack administration sale of the business as a going concern.
• Deutsche Bank, as sole dealer manager, in connection with multiple concurrent cash tender offers made by Softbank, a leading technology company, for several of its existing senior notes pursuant to an unmodified Dutch auction process.
• Savannah Petroleum, an independent UK oil and gas company, in relation to the restructuring of the Seven Energy Group and its related acquisition of oil and gas assets in Nigeria.
• The committee of senior secured bondholders in relation to the restructuring of the c. £1.35 billion debt capital structure of New Look, a UK national fashion retailer, via the injection of interim financing, public debt exchange, debt-for-equity swap, and new high-yield bond issuance.
• A group of bondholders led by CQS and HIG in negotiating a number of changes to the indenture governing Global Ship Lease’s 9.875% First Priority Secured Notes due 2022, designed to secure better protection of creditor rights following the company’s announcement of an all-stock merger transaction with Poseidon Containers.
• Schoeller Allibert, Brookfield, and Schoeller Industries in connection with their joint and several offer to purchase Schoeller Allibert’s existing Senior Secured Notes due 2021 at a price of 101% of their principal amount, following the consummation of Brookfield’s acquisition of a controlling stake in Schoeller Allibert.
• Deutsche Bank, Merrill Lynch International, and Morgan Stanley as dealer managers and solicitation agents in connection with the offer to exchange existing senior notes due 2022, 2025, and 2027 for new senior notes due 2028 (and the concurrent consent solicitation) by Softbank, a leading global technology company.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in its offer to exchange new floating rate notes due 2020 for its outstanding floating rate notes due 2019, and in its concurrent private placement of £43.5 million of additional floating rate notes due 2020.
• Credit Suisse as dealer manager in connection with Virgin Media’s offer to exchange its 2021 senior secured notes par-for-par for new sterling-denominated 2025 notes and the related solicitation of consents from holders of the 2021 notes aimed at aligning the covenants of the existing indenture with those of senior secured notes more recently issued by the company.
• Cerba European Lab, the leading clinical pathology laboratories company is France, in connection with its solicitation of consents from its bondholders to facilitate a corporate reorganization.

Francesco has broad finance experience spanning numerous industries. Notable transactions include representing:

Telecommunications and Media

• The initial purchasers on SoftBank Group Corp.'s US$11.1 billion multicurrency bond offering — the largest high-yield corporate bond issuance ever in the global capital markets. The transaction marked SoftBank's high-profile return to the 144A market and cemented the Japanese tech investment conglomerate as the largest issuer in the global high-yield index, with US$14.6 billion in high-yield issuance in 2026 alone. SoftBank used the proceeds to fund the final US$10 billion tranche of its US$30 billion follow-on investment in OpenAI, with the remainder to be used for general corporate purposes. The offering drew strong investor demand and signalled a shift from investment-grade debt issuance by US hyperscalers to large-scale, AI-focused issuance in the high-yield market.
• A syndicate of arrangers led by Goldman Sachs, J.P. Morgan, and Mizuho in connection with US$40 billion of bridge facilities provided to SoftBank Group Corp., a leading Japanese strategic investment holding company focused on global technology businesses, to finance investments in OpenAI and for general corporate purposes. 
• The joint global coordinators in the issuance of US$2,850 million-equivalent long-dated hybrid notes by SoftBank Group, a leading technology company. The notes obtained 50% equity treatment from rating agencies and SoftBank allocated the proceeds from the offering toward refinancing existing debt and general corporate purposes.
• The initial purchasers in Softbank Group Corp.’s US$4.2 billion (equivalent) multi-tranche senior notes issuance composed of euro-denominated and dollar-denominated securities. As of completion, the transaction was the largest high-yield offering outside of North America in 2025, according to LSEG. Softbank is a leading Japanese strategic investment holding company, with a focus on artificial intelligence.
• Deutsche Bank, Barclays, and HSBC, as global coordinators and representatives of a syndicate of underwriting banks, in connection with a €900 million and US$900 million bond offering by SoftBank Group Corp., a strategic investment holding company with a focus on artificial intelligence.
• Universal Music Group, the world leader in music-based entertainment with operations in more than 60 countries, in the private placement of ¥7 billion of senior notes.
• Universal Music Group in the offering of €750 million of senior notes.
• Universal Music Group in setting up its inaugural Euro Medium Term Note program and its debut issuance of €1 billion of notes thereunder.
• Deutsche Bank, Barclays, HSBC, Merrill Lynch, J.P. Morgan, Nomura, Mizuho, Crédit Agricole, Goldman Sachs, Citigroup, ING, BNP Paribas, Daiwa, Natixis, SMBC, UBS, ICBC, and Société Générale in the offering of US$3.85 billion of dollar-denominated senior notes and €2.95 billion of euro-denominated senior notes by Softbank, a leading global technology company. The financing was the second largest offshore bond offering by a Japanese issuer in 2021.
• Citigroup, Credit Suisse, Crédit Agricole, and RBC in the off-balance sheet funding of Ziggo’s vendor financing program through the high-yield bond market.
• Bank of America, Credit Suisse, HSBC, Barclays, Rabobank, ING, Morgan Stanley, and Société Générale in the offering of €425 million and $500 million of senior secured notes of Dutch cable and mobile telecommunications company Ziggo.
• Citigroup, BNP Paribas, BofA Merrill Lynch, Credit Suisse, and HSBC in the US$600 million tap offering of senior secured notes by Virgin Media.
• Citigroup, Rabobank, Deutsche Bank, Goldman Sachs, ING, and Merrill Lynch in the offering of €550 million senior notes of Dutch cable and mobile telecommunications company Ziggo.
• Credit Suisse, Deutsche Bank, Barclays, BNP Paribas, Merrill Lynch, Citigroup, HSBC, Morgan Stanley, and Scotiabank in the US$825 million and £300 million senior secured notes offering of Virgin Media.
• Deutsche Bank in the offering of £40 million of senior secured notes by Perform Group, a global leader in the commercialization of multimedia sports content.
• Deutsche Bank, Morgan Stanley, Merrill Lynch International, Daiwa Capital Markets, Mizuho Securities, Nomura, and SMBC Nikko in the offering of €1.45 billion and US$750 million of senior notes by Softbank, a leading global technology company.
• Deutsche Bank, BNP Paribas, Rabobank, Credit Suisse, Goldman Sachs International, J.P. Morgan, RBC Capital Markets, Scotia Capital, and Société Générale in the US$1 billion senior secured notes offering of Belgian cable company Telenet.
• Credit Suisse, BNP Paribas, Rabobank, Deutsche Bank, Goldman Sachs International, J.P. Morgan, BofA Merrill Lynch, RBC Capital Markets, and Société Générale in the €600 million senior secured notes offering of Belgian cable company Telenet.
• Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Scotiabank, and Société Générale in the US$550 million senior notes offering of European cable company UPC.
• Deutsche Bank, Citigroup, Goldman Sachs, Morgan Stanley, Mizuho, Credit Agricole, BofA Merrill Lynch, J.P. Morgan, UBS, Barclays, BNP Paribas, SMBC Nikko, NOMURA, Credit Suisse, Daiwa Capital, and ING in the offering of US$3.35 billion and €2.25 billion of senior notes by Softbank, a leading global technology company.
• Goldman Sachs, Barclays, BNP Paribas, Bank of America Merrill Lynch, and Scotia Bank in the US$700 million high-yield bond offering of Cable & Wireless, a leading telecommunications company in the Caribbean, Latin America, and the Seychelles.
• Credit Suisse, BNP Paribas, Goldman Sachs International, ING Bank N.V., and Société Générale in the €600 million secured notes offering of European cable company UPC.
• Credit Suisse, ABN AMRO, Crédit Agricole CIB, HSBC, Mediobanca, Morgan Stanley, NatWest Markets, Nomura, Société Générale, and UBS Investment Bank in the €635 million unsecured notes offering of European cable company UPC.
• Deutsche Bank, Banca IMI, Barclays, Citigroup, Credit Suisse, HSBC, Mediobanca, NatWest, Nomura, RBC, and UBS in the £675 million bond offering of Virgin Media.
• Credit Suisse, ABN AMRO, Barclays, BNP Paribas, Rabobank, Crédit Agricole, Deutsche Bank, Goldman Sachs International, HSBC, ING, J.P. Morgan, Mediobanca, Merrill Lynch International, Nomura, and Scotiabank in the €3,145 million equivalent bond offering of Dutch cable and telecommunications company Ziggo, supporting its proposed joint venture with Dutch mobile telecommunications company Vodafone Libertel.
• J.P. Morgan, Bank of America Merrill Lynch, BNP Paribas, Barclays, Crédit Agricole, HSBC, and Mediobanca in the US$750 million bond offering of UK Virgin Media.
• The underwriting banks in the committed bridge financing for Liberty Global’s acquisition of Latin American telecommunications company Cable & Wireless Communications.
• Deutsche Bank, Goldman Sachs International, Mizuho Securities, Morgan Stanley, Bank of America Merrill Lynch, Crédit Agricole, NOMURA, SMBC Nikko, UBS, Daiwa Capital Markets, and Citigroup in the US$4.5 billion bond offering of Softbank, one of Japan’s leading mobile communications companies, which was, as of the date of the transaction’s completion, one of the largest high-yield bond offerings out of Asia on record.
• Goldman Sachs, J.P. Morgan, RBC Capital Markets, and Société Générale in the €530 million bond offering of Belgian cable company Telenet.
• Credit Suisse, Crédit Agricole, and Nomura in the US$340 million bond offering of European cable company UPC Holding.
• J.P. Morgan, Credit Suisse, ING, Morgan Stanley, Nomura, and Scotiabank in the US$800 million bond offering of European cable company UPC Holding.
• J.P. Morgan, Credit Suisse, ING, Morgan Stanley, Nomura, and Scotiabank in the €600 million bond offering of European cable company UPC Holding.
• Goldman Sachs International, Barclays, BNP PARIBAS, and Deutsche Bank in the US$500 million bond offering of Virgin Media.
• Deutsche Bank, Barclays, BNP PARIBAS, Bank of America Merrill Lynch, Citigroup, Goldman Sachs International, HSBC, and Société Générale in the £846 million (equivalent) bond offering of Virgin Media.
• Credit Suisse, Citigroup, J.P. Morgan, The Royal Bank of Scotland, and UBS in the €700 million bond offering of German cable and telecommunications company Unitymedia KabelBW.
• Credit Suisse, J.P. Morgan, and The Royal Bank of Scotland in the €500 million bond offering of German cable and telecommunications company Unitymedia KabelBW.
• Goldman Sachs, HSBC, and Morgan Stanley in connection with a US$570 million bridge loan, as well as US$1.1 billion high-yield bonds and US$80 million super-senior revolving facility, provided to the Altice Group to finance the acquisition of the remaining 31% stake in HOT Telecommunications not already owned by Altice and to refinance existing debt.
• DXC Technology, the world’s leading independent end-to-end IT services company, in its offering of €650 million of senior notes.

Healthcare and Pharmaceutical Companies

• CVC and its portfolio company Recordati S.p.A. in a €6.05 billion-equivalent bond offering, a record-breaking financing that was at time of pricing the largest offering ever of high-yield floating rate notes, the largest ever high-yield bond-only LBO financing in Europe, the largest ever bond financing for a single B-rated issuer in Europe, and the largest ever high-yield bond offering by a European high-yield issuer in the healthcare sector.
• CVC in the €7.5 billion committed financing of its public takeover of Italian specialty pharmaceutical company Recordati S.p.A., representing the largest European pharma deal and largest leveraged buyout to the date of announcement in 2026.
• NatWest as dealer manager in connection with a cash tender offer by Voyage Care, a UK-based provider of residential and community care for individuals with complex care needs.
• DOC Pharma, a leading Italian generic pharmaceutical company and a portfolio company of TPG, on a €990 million senior secured notes offering and on a €150 million multi-currency revolving credit facility to refinance existing indebtedness.
• The arrangers and lenders on the senior secured loan and bond financing of Clayton, Dubilier & Rice’s bid to acquire a 50% controlling stake in Opella, the consumer healthcare business of Sanofi, based on an enterprise value of c.€16 billion.
• DOC Generici, a leading generic pharmaceutical company based in Milan and a portfolio company of TPG, in the financing of its acquisition of the Muscoril drug from Sanofi.
• TPG Capital in the private debt financing on its acquisition of a majority interest in Diocle Topco S.àr.l., parent of DOC Generici, a leading generic pharmaceutical company based in Milan, from ICG and Merieux Equity Partners.
• Intermediate Capital Group in the €600 million committed loan financing for its acquisition of AMEOS, a private hospitals operator with a focus on acute general and psychiatric facilities across the DACH region (Austria, Germany, and Switzerland).
• Intermediate Capital Group in the €470 million committed bridge loan financing and floating rate notes offering for its acquisition of leading Italian generic pharmaceutical company DOC Generici.
• HomeVi, a leading provider of services to elderly people in France, Spain, and China, and its new controlling shareholder, Intermediate Capital Group, in the €1,150 million syndicated loan financing supporting ICG’s leveraged buyout and the refinancing of HomeVi’s existing debt.
• PAI Partners and its portfolio company HomeVi in connection with the bridge, bank, and bond financing for DomusVi’s acquisition of Spanish nursing home business SARquavitae Servicios a la Dependencia.
• PAI Partners and its portfolio company Cerba HealthCare, the leading clinical pathology laboratories company is France, which holds strong market positions in Belgium, Luxembourg, and Africa, in the €1.1 billion staple financing package underwritten by BNP Paribas, Crédit Agricole, Credit Suisse, J.P. Morgan, and Natixis in connection with the sale and auction of the company.
• PAI Partners and its portfolio company HomeVi in connection with the bridge, bank, and bond financing for DomusVi’s acquisition of Spanish nursing home business Geriatros.
• PAI Partners and its portfolio company HomeVi in connection with the bridge, bank, and bond financing for their acquisition of French nursing home company DomusVi.
• PAI Partners and its portfolio company Cerba European Lab in the €80 million bond financing of Cerba’s acquisition of French laboratory group JS Bio.
• J.P. Morgan, Banca IMI, and Mediobanca in the €400 million bond offering by Italian pharmaceutical company Rottapharm.
• Goldman Sachs International and another leading financial institution as global coordinators in connection with bridge, bank, and bond LBO financing for the acquisition of Four Seasons Health Care by Terra Firma.

Financial Institutions and Insurance

• CVC and its portfolio company Domestic & General, one of the largest appliance care providers across the UK and Europe, on the financing aspects of the sale of Domestic & General to Asurion, a global leader in technology care, support, and protection.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in the financing of its acquisition of US-based post-sale warranty specialist After Inc, a Galway Holdings company. The acquisition strengthens D&G’s operations in the US, enabling the group to meet strong US consumer demand for post-sale appliance care and protection.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in its private placement of £100 million of additional senior secured notes due 2026.
• CVC and its portfolio company Domestic & General, the UK’s leading appliance care specialist, in the bridge financing of the sale of a circa 30% stake in D&G to an entity ultimately wholly owned by the Abu Dhabi Investment Authority (ADIA) and in the refinancing of D&G’s existing capital structure with new bond issuances and revolving credit lines.
• Domestic & General, the market-leading appliance care specialist in the UK and a portfolio company of CVC, in its offer to exchange new floating rate notes due 2020 for its outstanding floating rate notes due 2019, and in its concurrent private placement of £43.5 million of additional floating rate notes due 2020.
• Deutsche Bank, Nordea, DNB Markets, Mizuho Securities, Nykredit Bank, and SEB in the debut post-initial public offering bond offering of Nets A/S, a leading provider of digital payment services and related technology solutions across the Nordic region.
• Bank of America Merrill Lynch, Deutsche Bank, HSBC, UBS, Banca IMI, J.P. Morgan, and Goldman Sachs International in the €600 million offering of senior secured PIK Toggle Notes of ICBPI, the largest diversified payments company in Italy.
• CPPIB Capital in its €480 million commitment of Mandatory Convertible Notes as part of TDR’s acquisition of LeasePlan Corporation, the largest vehicle leasing and fleet company in the world.
• CVC Capital Partners in the £500 million bridge and bond financing of its leveraged buy-out of UK warranty provider Domestic & General.

Industrials and Manufacturing

• The underwriters in an underwritten public offering of €850 million of 4.250% senior notes due 2032 by Ball Corporation, a leading supplier of aluminum packaging for the beverage, personal care, and household products industries.
• Omni Helicopters International Group, a leading provider of vertical air mobility services for the offshore, onshore, and advanced air mobility sectors with operations in Brazil, Guyana, and Mozambique, on its debut issuance of US$400 million senior secured amortizing notes due 2029.
• Refresco, the world’s largest independent bottler of retailer and A-brand soft drinks, in its offering of €445 million of senior notes.
• PAI Partners and British Columbia Investment Management Corporation in the €2.6 billion committed term loan and bridge loan financing of their recommended cash tender offer for the ordinary shares of Refresco, the world’s largest independent bottler of retailer and A-brand soft drinks.
• Albacore Capital in its redeemable preferred equity investment in Algeco Scotsman, a world leader in modular space and secure storage solutions controlled by TDR Capital.
• Onex Partners and its portfolio company Onex Wizard Acquisition Company in connection with the bridge, bank, and bond financing for their acquisition of global packaging company SIG Combibloc.
• Deutsche Bank, HSBC, and another leading financial institution in the €342 million bond refinancing of UK specialty films and polymer substrates manufacturer Innovia.

Natural Resources

• WE Soda in connection with the maturity extension of its US$360 million revolving credit facility.
• WE Soda in connection with the private placement of US$250 million of add-on senior secured notes due 2031.
• WE Soda in a US$500 million offering of senior secured notes.
• WE Soda in a US$180 million tap issuance of its senior secured notes on through a private placement to select institutional investors.
• WE Soda in its inaugural offering of US$800 million of senior secured notes.
• WE Soda Limited, the largest natural soda ash producer in the world, in its inaugural senior secured revolving credit facility with a club of international banks.
• WE Soda Limited, the largest natural soda ash producer in the world, in its US$1.2 billion senior secured loan refinancing transaction with a syndicate of international banks, including Bank of China, Denizbank, ENBD, Goldman Sachs, JP Morgan, Yapı Kredi, and Isbank. The company used the proceeds to refinance its existing corporate-level facility, taking advantage of its strong financial performance and recent market trends to extend the maturity profile of its indebtedness and gain increased flexibility to execute on its business plan.
• AkerBP, a Norwegian oil production and exploration company listed on the Oslo Stock Exchange, in its debut bond offering.
• Goldman Sachs, CaixaBank, PNC Capital Markets, Santander, and B. Riley & Co in the debut issuance of high-yield bonds by Ferroglobe, one of the world’s largest producers of silicon metal, silicon-based alloys, and manganese-based alloys.

Services and Retail

• Zenith Vehicles, the UK’s largest independent truck-to-car vehicle leasing and fleet management company and a portfolio company of Bridgepoint, in a comprehensive recapitalization to strengthen its balance sheet. The transaction extends the maturities of the group’s £65 million revolving credit facility, £475 million senior secured notes, and EFP securitization’s revolving period to April 2031, June 2031, and February 2029, respectively. Implemented at par, the recapitalization includes a £100 million capital injection from Bridgepoint and was supported by approximately 98% of noteholders, with unanimous backing from the RCF and securitization lenders.
• EG Group in a fungible US$550 million term loan B issuance to fund the acquisition of Coen Markets and the partial repayment of existing bonds. 
• EG Group in a comprehensive wholesale refinancing transaction, including the issuance of a €1.525 billion term loan B due 2031 and a US$1.8 billion term loan B due 2031, as well as the establishment of a new five year US$1.285 billion revolving credit facility.
• Biffa, a leading UK-based industrial waste services company owned by Energy Capital Partners, in the debut issuance of £830 million-equivalent senior secured notes to refinance existing indebtedness and the concurrent establishment of a £300 million revolving credit facility.
• The initial purchasers and dealer managers, led by BNP Paribas and Goldman Sachs, in Wm Morrison Supermarkets Group’s offering of £500 million and €500 million of senior secured notes due 2031and the related tender offers for a portion of its existing sterling-denominated and euro-denominated senior secured notes. The transaction allowed Morrisons to reduce its debt level and push out maturities.
• ASDA, the third-largest player in the UK grocery retail market and a portfolio company of TDR Capital, on a €700 million senior secured notes offering to refinance existing indebtedness and fund general corporate purposes.
• J.P. Morgan, Barclays, BNPP, and SEB as placement agents to The Very Group, the UK’s largest integrated online non-food retailer and leading pureplay consumer finance provider, in connection with the private placement of £598 million of new senior secured notes and the entry into commitments for a £150 million super senior revolving credit facility. The proceeds of the private placement, together with cash on hand, are expected to be used to redeem in full the group’s existing senior secured notes maturing in August 2026.
• ASDA, the third-largest grocery retailer in the United Kingdom and a portfolio company of TDR Capital, in the raising of a new institutional term loan to refinance indebtedness maturing in 2025 and 2026. The refinancing was implemented through a tender offer at par for the 4.5% senior secured notes and at 98.75 for the 3.25% 2026 senior secured notes.
• HSBC as sole dealer manager and sole purchase agent in connection with multiple and simultaneous tender offers, structured as unmodified Dutch auctions, and a concurrent term loan solicitation by certain group entities of Morrisons, a leading grocery retailer in the UK. The liability management transaction resulted in an aggregate principal amount of approximately £1 billion (equivalent) of indebtedness being repurchased.
• The arranging banks in the private placement of £310 million of senior secured notes by Motor Fuel Group, the UK's largest independent forecourt operator and a portfolio company of CD&R, for the purpose of making a distribution to shareholders.
• ASDA, the third-largest grocery retailer in the United Kingdom, in the refinancing of £3.2 billion of its debt, pushing out the majority of its maturities into the next decade. The refinancing included the biggest Sterling high-yield bond of 2024 and the second largest Sterling bond ever in the European leveraged finance market, only behind Asda’s original £2.25 billion bond tranche in 2021. As part of the refinancing, Asda secured an extension of its revolving credit facility from August 2025 to October 2028 and upsized the same facility from £667 million to £748 million. The refinancing followed recent positive rating actions, with Moody’s upgrading its corporate rating from B2 to B1, Fitch Ratings raising the outlook on its current IDR rating of B+ from stable to positive, and S&P Global Ratings assigning Asda a long term issuer rating of B+ with a stable outlook.
• A group of 14 arranging banks on the £1.6 billion debt financing for Motor Fuel Group’s acquisition of petrol forecourts from Morrisons, including the initial financing commitments provided by the banks, the syndication of £1.2 billion-equivalent of new term loan facilities, and the offering of £400 million of senior secured notes. The transaction involves Motor Fuel Group acquiring 337 petrol forecourts (including fuel, convenience retail, kiosk, and ancillary services) and more than 400 sites for ultra-rapid electric vehicle charging development across the UK. As part of the long-term commercial partnership, Morrisons will take a minority stake of approximately 20% in Motor Fuel Group and enter into commercial and supply arrangements with Motor Fuel Group.
• EG Group in its US$1.5 billion-equivalent offering of senior secured notes to refinance existing debt. 
• EG Group in the “amend and extend” transaction in which the company addressed its US$6.1 billion loan maturities through the repayment of US$2.9 billion of loans from asset disposal proceeds, the extension of the maturity of US$3.2 billion of loans to February 2028 and new money commitments. As part of the transaction, EG Group has also secured an extension of the maturity date of the majority of its RCF and LC facilities to 2027.
• HSBC and J.P. Morgan as global coordinators in connection with a two-part 4.5 year secured bond offering by Iceland Foods, including a £265 million tranche of fixed-rate notes and a €250 million tranche of floating-rate notes, and as dealer managers in connection with the concurrent par tender offer of up to £500 million of the company’s £550 million secured bonds maturing March 2025. As part of the refinancing, Iceland Foods (a leading frozen food and grocery retailer in the UK) extended its £50 million RCF to 2027. 
• ASDA, a leading grocery retailer in the United Kingdom, in the financing of its agreed acquisition of EG Group’s UK&I operations for an enterprise value of £2.27 billion, a transformational step towards creating a diversified omni-channel retail champion in the United Kingdom and Ireland.
• EG Group in the sale and leaseback of a portfolio of its sites on the east coast of the United States to Realty Income Corporation for a gross consideration of approximately US$1.5 billion.
• Goldman Sachs, BNP Paribas, Bank of America, Mizuho, Deutsche Bank, Santander, Rabobank, Intesa Sanpaolo, MUFG, National Westminster Bank, NatWest, Societe Generale, and SMBC in the offering of €545 million in aggregate principal amount of Senior Secured Notes by Wm Morrison Supermarkets plc, the fourth largest grocery retailer in the United Kingdom.
• Goldman Sachs, BNP Paribas, Bank of America, Mizuho, Deutsche Bank, Santander, Rabobank, Intesa Sanpaolo, MUFG, National Westminster Bank, NatWest, Societe Generale, and SMBC in the offering of £1,144 million in aggregate principal amount of Senior Secured Notes by Wm Morrison Supermarkets plc, the fourth-largest grocery retailer in the United Kingdom.
• Goldman Sachs, BNP Paribas, Bank of America, Mizuho, Deutsche Bank, Santander, Rabobank, Intesa Sanpaolo, MUFG, National Westminster Bank, NatWest, Societe Generale, and SMBC as placement agents in connection with the private placement of £1.2 billion in aggregate principal amount of Senior Notes by Wm Morrison Supermarkets plc, the fourth largest grocery retailer in the United Kingdom.
• Zenith Vehicles, the largest independent provider of mobility as a service in the UK and a portfolio company of Bridgepoint Group plc, in its inaugural offering of £475 million of green bonds and a new £65 million revolving credit facility. The transaction is indicative of Zenith’s broader strategic goals in driving the take up of electric vehicles and helping to decarbonise the UK vehicle parc. Zenith intends to spend in excess of the equivalent of the gross proceeds from the bonds on eligible green projects, including battery electric vehicles across its three divisions.
• Goldman Sachs, BNP Paribas, Bank of America, Mizuho, Deutsche Bank, Santander, Rabobank, Intesa Sanpaolo, MUFG, National Westminster Bank, NatWest, Societe Generale, and SMBC on the financing of the public-to-private acquisition of Wm Morrison Supermarkets plc, the fourth-largest grocery retailer in the United Kingdom, by Clayton, Dubilier & Rice, a global private equity manager, for an enterprise value of £9.7 billion.
• ASDA, the third-largest grocery retailer in the United Kingdom, in a £500 million offering of senior secured notes to repay an outstanding bridge facility raised by the Issa brothers and TDR Capital to acquire the company from Walmart.
• EG Group, the third-largest independent convenience store operator in the world, in connection with the multi-layered, cross-border financing of EG Group’s acquisition of ASDA’s forecourt business in the UK and OMV’s forecourt business in Germany, comprising £675 million privately placed bonds, US$510 million TLB debt, and €610 million second-lien debt.
• ASDA, the third-largest grocery retailer in the United Kingdom, in a £2.75 billion offering of bonds to repay the bridging acquisition financing raised by the Issa brothers and TDR Capital to acquire the company from Walmart, representing the largest sterling corporate bond sale on record.
• HSBC in a £250 million senior secured bond refinancing of Iceland, a leading frozen food and grocery retailer in the UK.
• EG Group, the third-largest independent convenience store operator in the world, on finance matters relating to its acquisition of the OMV filling station business in Germany.
• The Issa brothers, founders and co-CEOs of EG Group, and TDR Capital LLP, a leading UK-based private equity firm, on the financing for the acquisition of Asda Group Limited (Asda), Walmart Inc.’s (Walmart) wholly owned UK business, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis. Under the new ownership structure, the Issa brothers and TDR Capital are acquiring Asda, with equal shareholdings, with Walmart retaining a minority equity investment in the business and an ongoing commercial relationship with a seat on the board.
• EG Group, the third-largest independent convenience store operator in the world, in the committed bank financing of its acquisition of The Herbert Group, the largest KFC franchise in the UK & Ireland.
• EG Group, the third-largest independent convenience store operator in the world, in the €-equivalent 1,260 million bond financing of its acquisition of Cumberland Farms, one of the largest independent retailers of convenience merchandise and fuel products in the New England states, New York, and Florida.
• HSBC and Goldman Sachs in the £550 million senior secured bond refinancing of Iceland, a leading frozen food and grocery retailer in the UK.
• Shandong Ruyi in connection with the bridge, bank, and bond financing for its acquisition of international apparel and accessories retail group SMCP.
• Deutsche Bank, Morgan Stanley, Nordea, and Handelsbanken in the SEK 3,225 million bank and bond refinancing of Swedish installation services company Bravida.
• BNP Paribas, Deutsche Bank, Goldman Sachs International, and J.P. Morgan in the €450 million bond refinancing of French textile and hygiene services company Elis.