A&O Shearman advises on nine high yield bonds during summer wave

The team reopened the market in the first week of September advising Boels on its high yield refinancing, after closing the market for summer break in mid-August advising on the bond issuances of Iceland Foods and HSE. In addition, the team has advised on more than a dozen leveraged buyouts (LBOs) so far this year, including committed financings for the acquisition of easyJet, ContiTech, InPost and Lantheus.

John Kicken, head of high yield at A&O Shearman, commented: “It is unusual to see this much activity mid-summer. Global geopolitical events earlier in the year have pushed deal timelines later into the summer, while other deals are being accelerated to optimize marketing windows. We are seeing existing bonds being repriced at lower rates, and the strong LBO pipeline will gradually shift primary market activity toward new sponsor-backed supply.”  

Nick Clark, global co-head of debt finance at A&O Shearman, added: “Our summer activity reflects the strength of investor demand, underwriting appetite, and the versatility of our platform. With a robust LBO pipeline continuing to build, our high yield and leveraged finance teams are well positioned to help issuers and underwriters capitalize on market opportunities and move quickly when windows emerge.”

A&O Shearman’s high yield team advised both issuers and underwriters across sectors such as telecom, retail, energy, and services over the course of the summer, including the following:

• The initial purchasers on Vodafone Spain’s EUR1.1bn 4.250% senior secured notes due 2032 
• Bité on its EUR550m E+2.750% senior secured floating rate notes due 2031
• The initial purchasers on Verisure’s EUR1bn 4.125% senior secured notes due 2032
• The initial purchasers on Intrum’s EUR525m 7.000% senior secured notes due 2031
• Iceland Foods on its EUR300m 6.625% senior secured notes due 2033
• Iceland Foods on its EUR300m E+3.625% senior secured floating rate notes due 2033
• The initial purchasers on Aktor’s EUR300m 7.875% senior notes due 2031
• The initial purchasers on HSE’s EUR400m E+6.500% senior secured floating rate notes due 2032
• Boels on its EUR400m 5.125% senior secured notes due 2032