White & Case and Latham & Watkins land high-yield mandates

The London offices of White & Case and Latham & Watkins have advised on two high-yield deals worth nearly £400m for European video, voice and broadband internet services provider UPC.

The deals, together with a $1bn (£607bn) bond offering by Virgin Media Finance, are further indications that the European high-yield market, which has been in near shutdown for the last 18 months as a result of the global turmoil in the financial markets, could be set for a revival.

White & Case took the lead for UPC, which issued $400m (£244m) and €150m (£128m) of senior notes due in 2018. The US firm is a longstanding adviser to UPC in both the US and UK, with London banking and capital markets partner Rob Mathews leading the team on these transactions, acting alongside US tax partner Ray Simon.

Latham advised the banks, which included Credit Suisse as global co-ordinator and bookrunner alongside BNP Paribas, JP Morgan and Morgan Stanley as bookrunners and HSBC as co-manager. London capital markets partner Jocelyn Seitzman headed up the team with co-head of London corporate Richard Trobman.

The deals come after White & Case advised UPC on two related high-yield transactions with a combined issuance of €250m (£214m) that closed at the end of April. Meanwhile, the firm's German office played a role on the first new high-yield issue since August 2007 earlier this year – an $860m (£525m) offering by Fresenius US Finance in February.

Meanwhile, Fried Frank Harris Shriver & Jacobson advised regular client Virgin on the offering by its subsidiary, which marks the largest high-yield bond offering in Europe since 2007. London partners Tim Peterson, Bob Mollen and Rob McBride took the lead roles, working alongside a team from the firm's tax practice. The underwriters were represented by Simpson Thacher & Bartlett.