Allen & Overy (A&O) and Latham & Watkins have acted on a £950m high yield bond issue by frozen food retailer Iceland Foods. 

The issue, which is thought to be the largest sterling denominated high yield bond offer this year, was made up of £350m in floating rate notes, due 2020, alongside £400m of secured notes at 6.25%, due 2021, and £200m of secured notes at 6.75%, due 2024.

The proceeds of the issue will be used to refinance debt incurred when Iceland's current owners – the firm's management team and a consortium formed of investment holding company Brait, Dubai-based retail conglomerate Landmark Group, and founder of the DFS Furniture Group Lord Kirkham – acquired the chain from Icelandic banks Kaupthing and Glitnir in 2012 for £1.4 billion.

The owners will also use the proceeds to redeem vendor loan notes issued to Kaupthing and Glitnir as part of the acquisition.

The A&O team was led by corporate partner George Knighton, high yield partners Jeanette Cruz and Kevin Muzilla and banking partner Jonathan Brownson, all from the firm's London office.

They were supported by corporate senior associate William Samengo-Turner and associate Chloe Johnson.

U.S. law advice was provided from the London office by senior associate Paul Porter, associates Maylea Ma and Jiah Ham, and summer associate Nick Fedewa. Additional support was provided by banking senior associate Ian Roebuck and associates Katherine Abraham, James Green and Abira Gupta.

A&O has previously advised the consortium of Brait, Landmark Group and Lord Kirkham on their original acquisition of Iceland Foods.

Two teams from Latham's London office advised the initial purchasers on the bond offering: Credit Suisse, J.P. Morgan and HSBC. Latham's bond team was led by partner James Burnett with associates Steve Soper and Matt Friedman. The firm's bank team was led by partner Ross Pooley with Shahid Jamil and Viviane Pendleton