Ryan Benedict, a US securities and capital markets lawyer, advises public and private company issuers and underwriters on a range of equity and debt capital markets transactions in the US, EMEA, and beyond.
Drawing on his extensive product knowledge and on-the-ground experience working in London, Continental Europe, and New York, Mr. Benedict regularly counsels clients on their most complex and significant capital markets transactions. His work spans a variety of key industries, including technology and life sciences.
Mr. Benedict’s practice work includes:
- Initial public offerings and follow-on offerings, including US Securities and Exchange Commission (SEC)-registered offerings and Rule 144A/Reg S transactions
- Special purpose acquisition company (SPAC) transactions
- High yield and investment grade debt offerings
- Bank capital and financial regulatory matters
- Tender offers and liability management transactions
- Public company representation
Mr. Benedict frequently advises on innovative transactions involving bespoke deal structures. He brings particular experience handling cross-border offerings, including US-registered transactions and listings on securities exchanges throughout Europe.
Outside of his commercial work, Mr. Benedict takes a proactive role in helping industry participants successfully navigate the capital markets — including by organizing thought leadership initiatives and industry roundtables.
Mr. Benedict’s representative transactions include advising:
Equity Capital Markets
- The underwriters on Atlantica Sustainable Infrastructure’s (NASDAQ: AY) US$167.3 million public offering, effected by way of a UK cash box structure — marking the first time this has been done in a public offering by a US-registered issuer
- Citibank in connection with Jumia Technologies AG’s (NYSE: JMIA) US$243.2 million capital increase, and at-the-market (ATM) offering — marking the first US ATM offering of a German company
- Joint global coordinators and underwriters to AVEVA Group plc, the global leader in industrial software, in connection with AVEVA’s fully underwritten rights issue to raise gross proceeds of approximately £2.835 billion through the issue of 125,739,796 new ordinary shares at an issue price of £22.55 per right issue share, making it the largest UK rights issue of 2020
- Various clients on accelerated book-build equity transactions and UK cash box financings, including Hays plc (€200 million), Assura plc (€185 million), JD Wetherspoon plc (£141 million), Polypipe Group plc (£120 million), Diversified Gas & Oil plc (US$86 million), IWG plc (£320 million), Dechra Pharmaceuticals plc (£133.4 million), SIG plc (€165 million), The Unite Group plc (£300 million), Taylor Wimpey plc (£522 million), Aston Martin Lagonda plc (£152 million), and Zealand Pharma (DKK657.7 million)
- The joint global coordinators and the joint bookrunners in connection with the €2.3 billion initial public offering of leading Italian paytech company, Nexi S.p.A., on Borsa Italiana
- Solarpack in connection with its €100 million initial public offering on the Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges (Spanish Stock Exchanges)
- Moncler S.p.A., the Italian designer of luxury winter jackets, in connection with its €681.3 million initial public offering (Rule 144A/Reg. S) listed Borsa Italiana S.p.A.
- Salvatore Ferragamo S.p.A. in connection with its €378.9 million global initial public offering (Rule 144A/Reg. S) listed on Borsa Italiana S.p.A.
- The joint global coordinators in connection with the €8 billion capital increase and rights offering by Enel S.p.A.
Debt Capital Markets
- Unicredit S.p.A. in the 144A/Reg S issuances under its US$ Global MTN Program, including:
- A US$1.5 billion tier 2 instrument
- US$3 billion senior non-preferred notes due 2023
- US$1.25 billion 3.750% notes due 2022 and US$750 million 4.625% notes due 2027, for an aggregate value of US$2 billion
- A US$1 billion tier 2 instrument with an innovative callable structure
- Eni S.p.A. in the 144A/Reg S issuances of :
- A fixed rate bond with a 10-year maturity for a total principal amount of US$1 billion
- A dual tranche fixed rate bond with maturities of five and 10 years for a total principal amount of US$2 billion
- The underwriters in connection with the issuance by Atlantica Sustainable Infrastructure of US$100 million of its 4.00% green exchangeable senior notes due 2025
- The initial purchasers in connection with Mytilineos Financial Partners S.A.’s 2.5% senior notes due 2024
- Goldman Sachs in connection with a high yield offering (Rule 144A/Reg. S) by AS Roma Football Club of €275 million aggregate principal amount of 5.125% senior secured notes due 2024