White & Case Closes €550
Million Duchess II CDO
12 May 2003
LONDON: International law firm White & Case acted for CIBC World
Markets and SG as co-arrangers on the €550 million Duchess
II CDO S.A. collateralised debt obligation (CDO) for Duke Street
Capital Debt Management Limited, the largest funded CDO of leveraged
loans so far this year.
Duchess II follows last year’s €250 million tap issue
of Duchess I CDO S.A. which was already Europe’s largest cash
funded collateralised debt obligation. White & Case acted as
both deal counsel and trustee counsel in the tap issue which increased
the total deal size of Duchess I to €1 billion.
Duchess II comprises €293.75 million senior debt, €129.25
million mezzanine debt, €52 million secured income notes and
a €75 million revolving loan. There are four classes of combination
notes, which combine various tranches of senior and mezzanine debt
with secured income notes, and are both fixed and floating.
The London office has established itself as a European leader in
structured finance and securitisation transactions. This year White
& Case has, amongst other transactions, advised on several innovative
securitisations and has acted for Morgan Stanley, Merrill Lynch,
JP Morgan, Deutsche Bank, Credit Suisse First Boston, Nomura, The
Royal Bank of Scotland, CIBC World Markets and Société
Générale. In addition, new partners David Barwise
and Ulf Kreppel joined the team from Linklaters in London and Allen
& Overy in Frankfurt respectively.
“We are extremely delighted that CIBC, SG and Duke Street
were pleased with our performance on their previous transactions
and felt comfortable hiring us for Duchess II, one of the most important
CDOs to be completed this year” said lead partner Rich Reilly.
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