Clifford Chance
Clifford Chance has advised Bank of America and a group of investment banks on the issue of high-yield bonds for El Corte Inglés
13 October 2020
- José Manuel Cuenca, Antonio Henriquez, Michael Dakin, Francisco Pizarro, Leonardo Fernández Rodríguez, , , ,
- London, Madrid
Clifford Chance has advised Bank of America and a group of investment banks on the issue of high-yield bonds for El Corte Inglés
Clifford Chance has advised Bank of America and a group of investment banks on El Corte Inglés' €600,000,000 high-yield bond issue with an annual coupon of 3.625% and which matures in 2024.
The bond issue, which was carried out in compliance with Rule 144A and Regulation S, was carefully structured in order for the bonds to be eligible for the asset purchase programme launched by the Central European Bank and the Bank of Spain. The transaction was very well received on the market, resulting in the original issue being increased by 50%, from €400 million to €600 million euros.
The multijurisdictional team was co-led by partners José Manuel Cuenca and Antonio Henríquez in Madrid and the US law partner Michael Dakin in London. The team included associates from both offices: Francisco Pizarro, Leonardo Fernández, Stacey Zverev, José María Eguía, Ana Plana, Mariana Ceballos and Javier López from the Madrid office, and Patrick Meson and Sydney Sawyier from the London office, among others.
