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Linklaters

Leveraged Finance

Linklaters’ leveraged finance practice advises the world’s most sophisticated financial sponsors, investment banks and credit funds on their most complex and challenging financing transactions.

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Our top tier leveraged finance lawyers are leaders in our markets with expertise in all key products across the capital structure: LBOs, P2Ps, TLBs, high yield bonds, unitranche and direct lending, private credit products, ARR financings, margin lending, fund financing, infrastructure and real-estate finance. We work closely with our leading PE and M&A practice to guide our client through acquisition structures.

We are one of the first firms to fully integrate our U.S. high yield lawyers into our Leveraged Finance practice, giving us the unique ability to deliver a full-service approach.

We are an engaged, pragmatic and proactive team. We pride ourselves on having excellent working relationships with all key participants in the leveraged finance market (financial sponsors, law firms, banks and credit funds) and our ability to consistently deliver an outstanding service to our clients. Our deep-rooted knowledge and expertise results in quick execution on transactions and enables us to provide our clients with innovative financing solutions.

We have dedicated leveraged finance practitioners in London, Benelux, France, Germany, Hong Kong SAR, Italy, New York, Singapore, Spain and Sweden.

Our recent highlights

Acting for Sponsors

  • Brookfield: advising on the financing for its £2.2bn recommended offer for Network International Holdings plc.
  • The private credit arm of a global investment bank: advising on the financing for its public offer for Kahoot! ASA.
  • Triton: advising on the financing for its public tender offer for Caverion Corporation.
  • IK Partners: advising on the financing for its recommended offer for the £269m take-private of The Medica Group Plc.
  • Brookfield: advising on the financing for its £4bn public offer for HomeServe plc.
  • IK Partners: advising on the financing for its acquisition of Ipsum Group Limited.
  • Globalvia and Kinetic: advising on the financing for their public offer for The Go-Ahead Group plc.
  • Carlyle: advising on the TLB, RCF and PIK financing for its US$2bn acquisition of Autoform.
  • Carlyle: advising on the €1.32bn cov-lite financing for its acquisition of Flender and subsequent dividend recap/RCF upsize.
  • GBL: advising on the financing for its acquisitions of Webhelp and OneLink.
  • Hg: advising on the financing for its public offer for Ideagen plc.
  • Hillhouse: advising on the financing for its US$3.7bn acquisition of the Phillips Domestic Appliances business.
  • PAI: advising on the financing for its acquisition of Areas.
  • IPI Partners: advising on the financing for its acquisition of Digiplex.
  • The private credit arm of a global investment bank: advising on the financings for its acquisitions of LRQA and Elevate.
  • Hg: advising on the financing for Team.blue.
  • Warburg Pincus and Towerbrook: advising on the financing for the £2.8bn offer and takeover of The AA plc.
  • Digital Bridge: advising on the financing of its acquisition (through Vantage Data Centres) of a UK data centre business. 
  • Ardian: advising on the financing for its acquisition of Mila ehf.
  • PAI: advising on the financing for its acquisition of Euro Ethnic Foods.
  • Carlyle: advising on the financing for its investment in Acrotec.
  • Hg: advising on the financing for its acquisition of TrustQuay.
  • Montagu: advising on the financing for its acquisition of Waystone Group. 
  • Hg: advising on the financing for its acquisition of TrackUnit.
  • Bridgepoint: advising Bridgepoint and Practice Plus on the financing for the Practice Plus Group.
  • Hg: advising on the financing for Azets.
  • The private credit arm of a global investment bank: advising on the financings for its acquisitions of Advania, Visolit, Content + Cloud and Valtti.
  • Montagu: advising on the financing for Janes Group.
  • Hg: advising on the financing for its acquisition of Auvesy.
  • Carlyle: advising on the financing for its acquisition of MAK-System.

Acting for Arrangers and Lenders – syndicated TLB financings

  • Arrangers and underwriters: advising on the €620m financing for PAI’s acquisition of a majority stake in Infra Group.
  • Arrangers: advising on the €6.6bn financing for the Orange Espagne merger and €3.5bn financing for the Euskaltel P2P.
  • Arranger/interim lender: advising on the financing for KKR’s public cash offer for Albioma.
  • MLAs: advising on the TLB, RCF and holdco PIK to refinance the Wella Group.
  • MLAs: advising on the cov-lite TLB and RCF refinancing of the Paysafe Group.
  • MLAs: advising on the financing for PAI’s acquisition of a majority stake in Uvesco.
  • MLAs: advising on the financing for CVC’s €4.5bn acquisition of Ekaterra B.V. (Unilever Teas).
  • MLAs: advising on the €915m TLB, €160m RCF and €235m 2L financing for CVC’s acquisition of a majority stake in Cooper Consumer Health.
  • MLAs: advising on the €330m TLB, guarantee facility and RCF financing for Carlyle’s P2P acquisition of Schaltbau Holdings.
  • MLAs: advising on the financing for Permira’s acquisition of Neuraxpharm and additional debt for subsequent acquisitions by the Neuraxpharm group.
  • Arrangers: advising on the financing for KKR’s €1.56m P2P acquisition of the Accell Group.
  • MLAs: advising on the cov-lite TLB and PIK financing for OTTP’s acquisition of Logoplaste.
  • MLAs: advising and 2L lender on the financing for PAI’s €1.6bn acquisition of Apleona.
  • MLAs: advising on the financing for KKR’s £2bn acquisition of John Laing plc in partnership with Equitix.
  • MLAs: advising on the financing for Astorg’s acquisition of the Corialis Group.

Acting for Unitranche Lenders – private credit financings

  • Unitranche lenders: advising on the financing for PAI’s acquisition of Frutarom.
  • Unitranche lender: advising on the financing for A&M Capital’s acquisition of Ayesa.
  • Unitranche lender: advising on the financing for Astorg’s acquisition of IPCOM.
  • Unitranche lender: advising on the financing for Bridgepoint’s acquisition of MiQ.
  • Incoming lenders: advising on the refinancing of MSX International’s existing facilities.
  • Unitranche and PIK lenders: advising on the financing for Astorg’s acquisition of Corden Pharma.
  • Unitranche lender and the ssRCF lenders: advising on the financing for CVC’s acquisition of Neolith.
  • Unitranche note-holder: advising on the financing for Carlyle’s acquisition of Ocmis.
  • Unitranche lender and ssRCF lenders: advising on the refinancing of Moneycorp’s existing facilities.
  • Senior unitranche noteholders and ssRCF lenders: advising on the financing for Carlyle’s acquisition of Dainese.
  • Unitranche lender and ssRCF lender: advising on the financing for Bridgepoint’s acquisition of the Inspired Thinking Group.
  • Unitranche lender: advising on the financing for Accel-KKR’s acquisition of Mindworking.
  • Unitranche lenders and ssRCF lenders: advising on the financing for Bridgepoint’s acquisition of the Infinigate Group (and subsequent acquisitions of Starlink and Nuvias).
  • Unitranche lender: advising on the financing for Carlyle’s acquisition of END Clothing.
  • Unitranche lenders: advising on the financing for Astorg/ Bridgepoint’s acquisition of Fenergo Group.

Awards and Rankings

London

UK

  • Tier 1 for Acquisition Finance
    Legal 500 UK 2024
  • Band 1 for Banking & Finance: Borrowers: Big Ticket
    Chambers UK 2024
  • Band 1 for Banking & Finance: Lenders: Big Ticket
    Chambers UK 2024
  • Tier 1 for Bank lending: Investment Grade Debt & Syndicated Loans
    Legal 500 2024
  • Band 2 for Banking & Finance: Sponsors
    Chambers UK 2024
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EMEA

  • Band 1 for Banking & Finance, Europe-wide
    Chambers Europe 2024
  • Band 1 for Banking & Finance
    Chambers Belgium 2023
  • Band 1 for Banking & Finance
    Chambers Luxembourg 2023
  • Band 1 for Banking & Finance
    Chambers Italy 2023
  • Band 1 for Banking & Finance
    Chambers Portugal 2023
  • Band 1 for Banking & Finance
    Chambers Spain 2023
  • Band 1 for Banking & Finance
    Chambers United Arab Emirates 2024
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Hong Kong

Asia

  • Band 1 for Banking & Finance
    Chambers Singapore 2023
  • Band 1 for Banking & Finance (International Firms), China
    Chambers Asia Pacific 2024

  • Band 2 for Banking & Finance
    Chambers Asia-Pacific 2024

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Europe

Global

  • Band 1 for Banking & Finance
    Chambers Global 2024
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Quotes

  • "They are true specialists in complex leveraged financing deals. They show acute commercial awareness, explain complex legal mechanisms in a clear and lucid way and document complicated constructs accurately and effectively."
    Chambers Global 2023
  • "Linklaters provides strong guidance on difficult issues, particularly giving market and commercial views. The lawyers are very user-friendly and know their stuff." 
    Chambers UK 2024

  • "They are able to deliver at an extremely high level on a hugely complicated breadth of transaction structures, timelines and negotiating dynamics."
    Legal 500 UK 2024

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Key Contacts

For more information on how we can support you, please speak to our lawyers below.

Explore our key Banking services

Flying Plane

Asset Finance

The multi-disciplinary approach and global reach of Linklaters' Asset Finance practice offer major asset finance industry participants a critical competitive advantage.

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Corporate and structured lending

Corporate and Structured Lending

Linklaters has a broad banking practice at the top of the market with leading relationships with all major banks and corporates in the syndicated loan market.

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Financial Structuring - Prudential Regulation

Advising global banks and other financial institutions on financial structuring transactions, including providing prudential regulatory expertise.

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Fund Finance

Fund Finance

A market-leading funds finance practice.

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High Yield

Linklater’s high yield group is fully integrated into the firm’s banking and private equity practices and comprises highly regarded lawyers with leading high yield and restructuring expertise.

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Margin Lending

We have acted on nearly every high profile European margin loan in the last five years and we are the pre-eminent creditor-facing margin lending team in Europe.

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Real Estate Finance

Linklaters' global real estate finance team combines the experience of the firm's pre-eminent finance, real estate and tax practices.

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Restructuring and Insolvency

Linklaters' global restructuring and insolvency lawyers handle the world's most challenging and significant domestic and cross-border assignments.

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Trade Finance

Trade finance transactions demand a combination of legal expertise and commercial awareness across a wide range of demanding jurisdictions.

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Banking Litigation

Banking litigation lawyers at Linklaters have advised leading investment banks and other financial institutions on some of largest and most complex recent financial disputes.

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