Leading global law firm Baker McKenzie has seen stellar activity in its London and Madrid leveraged finance practices in the first half of 2021, acting for the initial purchasers and mandated lead arrangers on the following transactions by Vía Célere, Neinor Homes and Aedas Homes:
Vía Célere: A debut issue of €300 million 5.25% senior secured high yield green bond due 2026 by Vía Célere Desarrollos Inmobiliarios, S.A. The transaction represented the first green bond ever issued by a residential developer in the Euro market. Baker McKenzie acted for seven leading investment banks as initial purchasers in connection with the offering and the mandated lead arrangers and lenders under a €30 million senior secured revolving credit facility.
Neinor Homes: A debut issue of €300 million 4.50% senior secured high yield green bond due 2026 by Neinor Homes, S.A. The transaction represented the first green bond issuance from a European listed residential developer. Baker McKenzie acted for seven leading investment banks as initial purchasers in connection with the offering and the mandated lead arrangers and lenders under a €50 million senior secured revolving credit facility.
Aedas Homes: A debut issue of €325 million 4.00% senior secured high yield green bond due 2026 by AEDAS Homes OpCo, S.L.U. The transaction represented the largest green bond issuance in the Spanish residential development sector. Baker McKenzie acted for nine leading investment banks as initial purchasers in connection with the offering and the mandated lead arrangers and lenders under a €55 million senior secured revolving credit facility.
Baker Mckenzie New York-qualified London-based corporate finance partner, Haden Henderson, who led each of the deals out of London, commented, “Acting on all three issuances for a new sector in the European high yield market is a real achievement by the team. These transactions highlight that we are a go to advisor in the real-estate sector and demonstrate our expertise in sustainable finance. Congratulations to each of Vía Célere, Neinor Homes and Aedas Homes and their respective advisors on these ground breaking transactions and establishing a new sector for the European high yield market.”
Baker McKenzie Spanish-qualified Madrid-based partner, Rossanna D'Onza said of the deals, “The Via Célere, Neinor Homes and Aedas Homes green bond issuances are landmark transactions for the European residential development sector, opening up a new financing path to be followed by other Spanish residential developers. These successful transactions demonstrate the strength of our combined London and Madrid capabilities in the real estate sector and the high yield and sustainable finance markets".
Rob Mathews, head of Baker McKenzie's high yield team said, "These transactions, together with marque transactions for Encore (Cabot), Inspired Entertainment and Liberty Latin America earlier this year highlight that we have become an established player in the European high yield market, with particular strength in our bank-side practice. This is a testament to the team we have built over the past three years and the talented partners and associates we have to call on. With the hiring of bank finance partner Ben Wilkinson in London earlier this year, we are continuing to strengthen our UK/US bank/bond platform and the team is well placed to capitalize on this momentum heading into the remainder of the year and beyond.
The Baker McKenzie team on the above transactions was led by London-based partners Haden Henderson and Nick O'Grady, and Madrid-based partners Rossanna D'Onza and Enrique Carretero, supported by London-based partner Rob Mathews, Of counsel, Charles Farnsworth and associates Benjamin Bierwirth, Nick Cusack, Lola Oni, Andrew J Brown, Matthew Mazenier and Nicholas Parker, Madrid-based associates Carlos Martin, Paloma Moreno de la Santa, Marina Martinez, Modesto Puerta, Ines Colas, Carmen Noain, Alberto Aires, and London-based trainees Abigail Saffron, Ross Gray, Chloe Potter, Rebecca Longe and Suha Alwan. The team was supported by teams from the Firm’s offices in the US (partners Kai Kramer and Patricia McDonald and associates Chen Tang and Patrick Renckly).
Vía Célere: A debut issue of €300 million 5.25% senior secured high yield green bond due 2026 by Vía Célere Desarrollos Inmobiliarios, S.A. The transaction represented the first green bond ever issued by a residential developer in the Euro market. Baker McKenzie acted for seven leading investment banks as initial purchasers in connection with the offering and the mandated lead arrangers and lenders under a €30 million senior secured revolving credit facility.
Neinor Homes: A debut issue of €300 million 4.50% senior secured high yield green bond due 2026 by Neinor Homes, S.A. The transaction represented the first green bond issuance from a European listed residential developer. Baker McKenzie acted for seven leading investment banks as initial purchasers in connection with the offering and the mandated lead arrangers and lenders under a €50 million senior secured revolving credit facility.
Aedas Homes: A debut issue of €325 million 4.00% senior secured high yield green bond due 2026 by AEDAS Homes OpCo, S.L.U. The transaction represented the largest green bond issuance in the Spanish residential development sector. Baker McKenzie acted for nine leading investment banks as initial purchasers in connection with the offering and the mandated lead arrangers and lenders under a €55 million senior secured revolving credit facility.
Baker Mckenzie New York-qualified London-based corporate finance partner, Haden Henderson, who led each of the deals out of London, commented, “Acting on all three issuances for a new sector in the European high yield market is a real achievement by the team. These transactions highlight that we are a go to advisor in the real-estate sector and demonstrate our expertise in sustainable finance. Congratulations to each of Vía Célere, Neinor Homes and Aedas Homes and their respective advisors on these ground breaking transactions and establishing a new sector for the European high yield market.”
Baker McKenzie Spanish-qualified Madrid-based partner, Rossanna D'Onza said of the deals, “The Via Célere, Neinor Homes and Aedas Homes green bond issuances are landmark transactions for the European residential development sector, opening up a new financing path to be followed by other Spanish residential developers. These successful transactions demonstrate the strength of our combined London and Madrid capabilities in the real estate sector and the high yield and sustainable finance markets".
Rob Mathews, head of Baker McKenzie's high yield team said, "These transactions, together with marque transactions for Encore (Cabot), Inspired Entertainment and Liberty Latin America earlier this year highlight that we have become an established player in the European high yield market, with particular strength in our bank-side practice. This is a testament to the team we have built over the past three years and the talented partners and associates we have to call on. With the hiring of bank finance partner Ben Wilkinson in London earlier this year, we are continuing to strengthen our UK/US bank/bond platform and the team is well placed to capitalize on this momentum heading into the remainder of the year and beyond.
The Baker McKenzie team on the above transactions was led by London-based partners Haden Henderson and Nick O'Grady, and Madrid-based partners Rossanna D'Onza and Enrique Carretero, supported by London-based partner Rob Mathews, Of counsel, Charles Farnsworth and associates Benjamin Bierwirth, Nick Cusack, Lola Oni, Andrew J Brown, Matthew Mazenier and Nicholas Parker, Madrid-based associates Carlos Martin, Paloma Moreno de la Santa, Marina Martinez, Modesto Puerta, Ines Colas, Carmen Noain, Alberto Aires, and London-based trainees Abigail Saffron, Ross Gray, Chloe Potter, Rebecca Longe and Suha Alwan. The team was supported by teams from the Firm’s offices in the US (partners Kai Kramer and Patricia McDonald and associates Chen Tang and Patrick Renckly).
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