The Cahill high-yield team in London is built around the talents of partner James 'Jim' Robinson. "The only differentiate is depth, you know Cahill is one man but Jim really knows his stuff," says one partner....
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The Cahill high-yield team in London is built around the talents of partner James 'Jim' Robinson. "The only differentiate is depth, you know Cahill is one man but Jim really knows his stuff," says one partner.
The issue of bench strength was mentioned by the market as a factor that would slightly impede the firm's progress. "Jim Robinson at Cahill is very good but the issue is just capacity, they have six people in London but it must be hard to keep up with the volume," says another partner. However such comments can in truth be levelled against a number of firms in the market, with arguably only Latham being able to draw on a deep well in London itself. To take full advantage of the vibrant market, peers suggest that the firm's UK banking team may also require additional bodies, but in terms of pure quality there was no doubt: "Cahill are very high quality, extremely good," says one.
In the LBO market, a clear highlight last year saw Robinson, James Clark, Jonathan Schaffzin and Stuart Downing advise among others Citigroup Global Markets, Bank of America Securities, BarCap and RBC Capital Markets on the issue by Pinafore of $1.15 billion of senior secured notes due 2018 for the partial finance of the acquisition of Tomkins by Onex and the Canada Pension Plan Investment Board. In a similar deal in October 2010, Clark, Robinson and Anthony Tama advised Citigroup Global Markets, Credit Suisse Securities and JPMorgan Securities on a $1.1 billion issuance by Ardagh Packaging Finance as part of the funding of Ardagh Glass Group's acquisition of Impress Coöperatieve.
With refinancing work flooding the market the team took full advantage acting for Matalan Finance on a £250 million issue of senior secured notes in April 2011. On the other side it acted for bookrunners on the $650 million 5.75% notes and the €500 million 5.25% notes issues by FMC Finance and Fresnius Medical Care US Finance.
Robinson and Tama also advised JPMorgan Securities, Banca IMI, BNP Paribas, Deutsche Bank and RBS as bookrunners on SEAT Pagine Gialle's €200 million 10.5% issue of senior secured notes in October 2010.
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