Scroll down for latest news

Ashursts advised BNP Paribas on a €187.2 million CDO

5 September 2003 - Ashurst Morris Crisp advised BNP Paribas as the arranger of Leveraged Finance Europe Capital II B.V., a €187.2 million collateralised debt obligation (CDO). The Leveraged Funds Group of BNP Paribas (a dedicated asset management unit) acts as investment adviser to Leveraged Finance Europe Capital II B.V.

Ashursts also advised the arranger of Leveraged Finance Europe Capital I B.V., the first CDO in respect of which the Leveraged Funds Group of BNP Paribas acted as investment adviser.

BNP Paribas was advised by Ashursts international finance partners Erica Handling and Michael Smith, together with solicitors Christopher Parry, Tikvah MacLennan, Hassan Javanshir and Daniela Schluckebier. Advice in relation to the transfer of loans to Leveraged Finance Europe Capital I B.V. was provided from Madrid by partner Gonzalo Jiménez-Blanco, from Paris by international finance partner Jonathan Nabarro and from Frankfurt by international finance partner Andreas Zahn.

Clifford Chance (Amsterdam) provided Dutch law advice to BNP Paribas, Linklaters (Paris) acted for the Leveraged Funds Group of BNP Paribas and White & Case advised JPMorgan Chase Bank as trustee on the transaction.

Ashursts’ growth in Madrid continues with two new appointments and first change in managing partner

11 September 2003 - Ashurst Morris Crisp announces today the appointments of Eduardo Gracia and Juan Hormaechea, who join the firm’s Madrid office from Garrigues and J.P. Morgan Securities Ltd respectively.

Juan Hormaechea is a structured finance specialist with experience in the fields of derivatives, securities, corporate finance and collective investment schemes.

Eduardo Gracia, who joins as a tax partner, has advised a wide range of Spanish and international corporate and financial institutions on tax planning and the structuring of investment into Spain and external investment by Spanish entities across Europe and into South America.

Duncan Stiles completes his term as Madrid’s founding managing partner in October and is to be replaced by Steven Fox. Steven has been with Ashursts for over 14 years and has wide-ranging public and private M&A experience.

Under Duncan’s tenure, the Madrid office has seen the recruitment of senior lawyers of the calibre of Jesús Almoguera (corporate), Gonzalo Jiménez-Blanco (finance and telecoms) and Cristina Calvo (real estate), as well as Eduardo Gracia and Juan Hormaechea. In less than three years the office has increased in size from just two English lawyers to 21 lawyers, of whom 18 are Spanish qualified.

The Madrid office now has the ability to handle both domestic and international transactions comprising corporate, finance, real estate and tax advice, with its lawyers also having valuable sector expertise in areas such as insolvency, telecoms and media.

Steven Fox aims to continue developing Ashursts’ Madrid office and commented: “I look forward to working with my colleagues in Madrid to develop both our domestic Spanish business and also our involvement in the complex cross-border corporate and finance transactions which Ashursts regularly undertakes across Europe.

“These latest appointments reflect the firm’s commitment to building our Spanish capabilities in our core practice areas and our policy of targeted expansion into areas where we see the greatest potential for growth.”

Duncan Stiles returns to London to continue practising as an M&A partner. He said: “I have thoroughly enjoyed my time as managing partner in Madrid. With the arrival of the new tax partner, Eduardo Gracia, we have now recruited well-known lawyers in all Ashursts’ principal practice areas. Steven and our partners in Madrid will now concentrate on the next stage of consolidating and developing our Spanish practice.”

Geoffrey Green, Ashursts’ senior partner, said: “Madrid is an excellent example of the success of our policy of organic growth in Europe. We have built a strong, profitable business in Spain thanks to the quality of the individuals we have recruited during Duncan Stiles’ time in office. I am delighted to welcome Eduardo and Juan to Ashursts and now look forward to Steven Fox’s tenure as managing partner.”

Ashursts appoints new partner in Tokyo

18 November 2003 - Ashurst Morris Crisp announces today the appointment of Ken Kiyohara, who joins the firm’s Tokyo office as a partner from Latham & Watkins.

Ken Kiyohara specialises in M&A, structured finance and leveraged finance and advises domestic and multinational companies in Japan and the United States. Ken’s appointment continues the expansion and development of Ashursts’ Japanese law capability following the appointment of structured finance and mergers and acquisitions specialist Shoji Ushijima last year. Ken will join Shoji Ushijima as a partner in Ashurst Tokyo Law Office which is the joint enterprise firm of Ashurst Morris Crisp in Japan providing Japanese legal advice.

John McClenahan, Ashursts’ managing partner in Tokyo, said: “Ken's appointment highlights the continued expansion of our Japanese practice. He will focus on M&A and structured finance as well as the developing areas of leveraged finance and PFI. Ken’s appointment is indicative of the continued development and expansion of the Japanese legal market and our ability to respond to the needs of international and domestic clients.”

Shoji Ushijima said: “We are delighted that Ken has decided to join our team. He will add considerable depth and breadth to our Japanese law practice in Tokyo, particularly in the areas of M&A and structured finance."

Geoffrey Green, Ashursts’ senior partner, said: “Ashursts has built an increasingly high-profile practice in Japan since opening there in 1990. The appointments of first class Japanese-qualified lawyers such as Ken Kiyohara and Shoji Ushijima have further enhanced our M&A and structured finance practices in Tokyo.”

Ashursts advised ABN AMRO Trustees in relation to the approximately e797.5 million Amstel synthetic CDO

Ashurst Morris Crisp advised ABN AMRO Trustees Limited in relation to the e797.5 million Amstel Securitisation of Contingent Obligations 2003-1 B.V and Amstel Securitisation of Contingent Obligations 2003-2 B.V synthetic CDO (Amstel).

Amstel is rated by both Moody’s and Standard & Poor’s and has the novel use of a twin special purpose vehicle (SPV) structure, with the junior SPV issuing a subordinated tranche of finance.

International finance partner Siân Withey led the Ashursts team, assisted by solicitor Dan Whitehead.

Ashursts advised J.P. Morgan in relation to the e15 million White Tower synthetic CDO

Ashurst Morris Crisp advised J.P. Morgan Corporate Trustee Services Limited and JPMorgan Chase Bank in relation to the White Tower synthetic CDO.

International finance partner Siân Withey led the Ashursts team, assisted by solicitor Dan Whitehead and trainee Holly Mellors.

Ashursts advised J.P. Morgan in relation to the Stanton “CDO squared”

Ashurst Morris Crisp advised J.P. Morgan Corporate Trustee Services Limited and JPMorgan Chase Bank in relation to the US$403,252,000 plus e48,000,000 Stanton CDO I S.A. CDO of bonds issued by other CDOs. This involved the issue of preliminary notes to fund warehousing and their exchange for final notes on closing.

International finance partner Siân Withey led the Ashursts team, assisted by solicitor Dan Whitehead.

Ashurst Morris Crisp changes name to Ashurst in major rebranding

8 December 2003 - Ashurst Morris Crisp, the international law firm, announces that it is to change its name to "Ashurst" with immediate effect.

The name change is part of a major rebranding programme for the firm going forward and reflects a period of substantial growth. In the past three years, Ashurst has appointed around 40 new partners and opened offices in Madrid and Munich.

Justin Spendlove, Ashurst's managing partner, said: "We have recognised for some time the need to leverage our impressive international transaction record and specialist expertise by using some of the fundamental disciplines utilised in the development of a strong brand. I think we have been very successful in capturing Ashurst's distinctive personality in our brand proposition."

Marina Galanti, Ashurst's global brand director, who has been overseeing the rebranding, said: "Changing our name to Ashurst is about clarity and focus. The triple surname is somewhat outdated and convoluted and has run into pronunciation difficulties, particularly abroad. We are just making it simpler for everyone by reflecting the current preference internationally. The single name conveys our united vision as a firm."

Ashurst advises on first repo funded arbitrage CDO

11 March 2004 - International law firm Ashurst has advised Nomura in relation to H2 Finance – the first cash arbitrage collateralised debt obligation (CDO), which for the first time uses repurchase agreements (repos) to source additional leverage. H2 Finance is managed by Wharton Asset Management Bermuda Ltd, which launched the CDO through Nomura.

The CDO's liability structure for the first time combines certain elements of cash CDOs - namely funding the purchase of the portfolio of Asset-Backed Securities (ABS) with the proceeds of the note issuance - with a structured investment vehicle, thus providing additional finance through short-term liabilities. Wharton targets the highest-quality available assets and has freedom to trade the repos under eligibility criteria.

H2 Finance, backed by a €1.50 billion pool of high quality asset-backed securities, comprises:

· €45 million Class A Senior Secured Floating Rate Notes due 2052

· €30 million Class B Senior Secured Floating Rate Notes due 2052

· €18.75 million Class C Mezzanine Secured Floating Rate Notes due 2052

· €11.25 million Class D Subordinated Secured Floating Rate Notes due 2052

Ashurst international finance partner Michael Smith advised Nomura with solicitors Stuart Brinkworth, Hassan Javanshir and Adrian Elliott, and trainee Katie Tam. International finance partner Siân Withey, solicitor Dan Whitehead and trainee Matthew Cole acted for Deutsche Trustee Company Limited - the trustee. Speechly Bircham acted for Wharton Asset Management.

Michael Smith said: "This really is a completely new and innovative structure which brings together traditional cashflow CDO technology with market value SIV technology – the technique of using repo to leverage the assets in a CDO has never been done before.

"We have a reputation for advising on innovative transactions and as such we are delighted to have been involved in such a ground-breaking deal, which cements our position as a leader in the European CDO market

Ashurst acted for managers of Duke Street Capital's debt management business on the sale of its CDO business to David L. Babson & Company Inc.

Ashurst acted for the managers of Duke Street Capital's debt management business in connection with its sale to David L. Babson & Company Inc.

Duke Street Capital Debt Management Limited manages Duke Street's two CDO funds, Duchess I and Duchess II and is to be transferred to David L. Babson & Company Inc. along with all 17 members of Duke Street's debt management team.

Ashurst corporate partner Charlie Geffen and solicitor Piers Warburton led the team with support from head of tax John Watson and tax solicitor Alastair Ladkin and employment solicitors Jonathan Ions and Kelly Cole.

Clifford Chance acted for Duke Street and Cleary, Gottlieb, Steen & Hamilton acted for David L. Babson Company Inc.

Ashurst advises on first European CLO of leveraged loans by a Japanese bank

International law firm Ashurst has advised Merrill Lynch International on the first European collateralised loan obligation (CLO) of leveraged loans by a Japanese bank. The €514.3 million CLO of a portfolio of leveraged loans managed by Mizuho Corporate Bank, Ltd. was issued through Harvest CLO I S.A.

Ashurst advised Merrill Lynch with US firm McKee Nelson, the two firms having last month entered into an alliance pairing the two firms' securitisation and structured finance practices. The alliance, which is non-exclusive, involves the two firms partnering on a variety of cross-border financial deals.

International finance partner Michael Smith led the substantial cross-border Ashurst team, assisted by solicitors Tiki MacLennan and Ainslie Reddin and trainee Kirsten Rogers. Also advising were partner Ken Kiyohara (Tokyo), Hassan Javanshir (Paris), Rudolf Lemke and partner Andreas Zahn (Frankfurt). International finance partner Siân Withey acted for J.P. Morgan Corporate Trustee Services Limited, assisted by solicitor Dan Whitehead and trainee Sufian Creui.

Rachel Kelly at Clifford Chance in London advised Mizuho Corporate Bank, Ltd. Charles Roemers at Clifford Chance in Luxembourg and Larry Isaacson at McKee Nelson also advised Merrill Lynch International.

Michael Smith comments: "The Harvest CLO further demonstrates that the Ashurst McKee Nelson alliance is a real success story, the two firms having recently advised Nomura in relation to H2 Finance – the first cash arbitrage CDO.We now offer a level of US securitisation services that no other law firm operating in London can match."

Ashurst acted for Dresdner Kleinwort Wasserstein on a €270 million synthetic CDO of asset backed securities and reference swaps

Ashurst acted for Dresdner Kleinwort Wasserstein (DKW) on a €270 million synthetic CDO of asset backed securities and reference swaps. The credit-linked notes were issued to non-US investors in three classes, each consisting of subclasses of fixed and floating rate notes. The issue was listed on the Irish Stock Exchange.

Although the bulk of the reference obligations comprised asset-backed securities, some were reference credit default swaps referencing a notional reference portfolio of notional reference entities synthetically recreating tranches of synthetic CDOs.

Subordination levels and loss calculations were determined using percentages rather than the more usual method of absolute figures, allowing greater flexibility in future structuring of deals.

International finance partner Chris Georgiou led the Ashurst team, assisted by solicitors Stewart Hall and Peter Castagnino, and trainee Patrick Chamberlain.

A&L Goodbody and McKee Nelson also advised DKW. HSBC acted as paying agent and trustee.

International finance partner Erica Handling led the Ashurst team advising J.P. Morgan Securities Ltd in its capacity as arranger, assisted by solicitors Trevor Kemp and Daniela Schluckebier, and trainee Luis Criscuolo. International finance partner Michael Smith, assisted by solicitor Daniel Whitehead and trainee Sufian Creui, advised on English due diligence and asset transfer issues. In Paris, international finance partner Laurent Mabilat, assisted by Hassan Javanshir, advised on French due diligence and asset transfer issues. Partner Ian Johnson advised on tax issues. International finance partner Siân Withey, assisted by solicitor Ainslie Reddin, acted as counsel to the trustee - J.P. Morgan Corporate Trustee Services Ltd. McKee Nelson (Brian Whaley) advised on US due diligence and asset transfers and also advised J.P. Morgan Securities Ltd on US issues (Brian Whaley and Geoffrey Kott). Clifford Chance (Frank Graaf, Philippe Steffens and Hester Berenschot) acted as Dutch counsel to J.P. Morgan Securities Ltd. Linklaters (Michael Canby, Jeremy Elliott, John Lindsay, Sarah Taylor and Deepak Sitlani) acted as English counsel to the investment manager

Ashurst acted for Dresdner Kleinwort Wasserstein (DKW) on a €270 million synthetic CDO of asset backed securities and reference swaps. The credit-linked notes were issued to non-US investors in three classes, each consisting of subclasses of fixed and floating rate notes. The issue was listed on the Irish Stock Exchange. Although the bulk of the reference obligations comprised asset-backed securities, some were reference credit default swaps referencing a notional reference portfolio of notional reference entities synthetically recreating tranches of synthetic CDOs. Subordination levels and loss calculations were determined using percentages rather than the more usual method of absolute figures, allowing greater flexibility in future structuring of deals. International finance partner Chris Georgiou led the Ashurst team, assisted by solicitors Stewart Hall and Peter Castagnino, and trainee Patrick Chamberlain. A&L Goodbody and McKee Nelson also advised DKW. HSBC acted as paying agent and trustee. .