Gilles Teerlinck

Gilles advises issuer and underwriter clients, as well as alternative capital investors on international capital markets and cross-border leveraged finance transactions, with a particular focus on high-yield bond financings and acquisition financings. Gilles also advises on debt liability management transactions, restructurings, initial public offerings and U.S. securities law matters. Based in London and fluent in English, French and Dutch, Gilles has a deep understanding of the European leveraged finance market.

Gilles is ranked as a "leading individual" in Legal 500 UK 2022 for high yield. Clients describe Gilles as offering "very commercial advice – he has a real grasp of the background and goes the extra mile in producing practical solutions, which is enhanced by his excellent knowledge of the market" and being "very commercial in addition to having strong technical knowledge. He combines deal experience with strong technical skills and good commercial acumen, which is helpful in the context of negotiations."

Experience*:

• Advised BNP Paribas and Crédit Agricole Corporate and Investment Bank, as joint global coordinators and joint physical bookrunners, Natixis and Société Générale, as joint global coordinators and BBVA, Belfius, CaixaBank, CIC Market Solutions and La Banque Postale as joint bookrunners in connection with the issuance by Fnac Darty S.A. of €550 million 6.000% senior notes due 2029. The refinancing comprised this new issuance of senior notes and a concurrent cash tender offer to holders of the existing 1.875% senior notes due 2024 and 2.625% senior notes due 2026.
• Advised Schoeller Packaging B.V., a Brookfield portfolio company and European market leader of returnable industrial plastic packaging solutions, on its recapitalization and refinancing of its €250 million senior secured notes November 2024.
• Advised a Steering Committee of convertible noteholders of Cazoo Group Ltd, an independent online car retailer in the United Kingdom, in connection with a series of restructuring transactions, including an exchange offer of $630 million of the Company’s 2.00% Convertible Senior Notes due 2027 for $200 million of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 and Class A ordinary shares of the Company which represent 92% of the outstanding Class A ordinary shares of the Company.
• Advised Ceva Santé Animale on a €2.3 billion equivalent dual-tranche TLB, used to refinance the Group’s existing senior facilities and to finance a distribution.
• Advised Paprec, a leading French industrial and household waste management and recycling specialist, in connection with the refinancing of its existing notes through the issuance of €300 million in principal amount of new senior secured notes due 2027 and €300 million in principal amount of new senior secured notes due 2029.
• Advising an ad-hoc group of noteholders of Ideal Standard’s €325 million 6.375% senior secured notes due 2026 in relation to its exchange offer, consent solicitation and scheme solicitation
• Advising an ad hoc group of bondholders on Worldwide Flight Services (“WFS”) tender offer
• Advising Ardian and the Biofarma Group on the private placement of $220 million (equivalent) senior secured notes for the acquisition of U.S. Pharma Lab
• Advised BNP Paribas as placement agent, on a Rule 144A/Regulation S privately placed tap offering by Burger King France SAS of €45 million senior secured floating rate notes due 2026.
• Advised J.P. Morgan, BNP Paribas, KKR Capital Markets, Natixis and Société Générale, as initial purchasers, in connection with the partial refinancing by iQera, a leading debt servicing specialist for large corporates and financial institutions in France and Italy, of its existing notes through the issuance of €500 million in principal amount of new senior secured floating rate notes due 2027, as well as the entry into a new €50 million super senior revolving credit facility. The complex refinancing comprised several concurrent transactions: exchange offers made to certain existing bondholders of each of iQera’s three existing series of senior secured notes, a new issuance of senior secured floating rate notes, and a cash tender offer to certain of iQera’s existing bondholders. The proceeds from the new issuance were used to pay the consideration for the exchange offers and the tender offer, for general corporate purposes and to pay costs, fees, and expenses in connection with the refinancing.
• Advised BNP Paribas and Credit Suisse, as joint global coordinators and joint physical bookrunners, and Banca Akros S.p.A. - Gruppo Banco BPM, IMI - Intesa Sanpaolo and UniCredit, as joint bookrunners, in connection with the debut issuance of €350 million sustainability-linked 5.625% senior secured notes due 2027 by F.I.S. - Fabbrica Italiana Sintetici S.p.A. The notes were offered and sold pursuant to Rule 144A and Regulation S under the US Securities Act and listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF market.
• Advised a banking syndicate led by Deutsche Bank AG, J.P. Morgan AG, Royal Bank of Canada and Société Générale, acting as mandated lead arrangers and bookrunners, on the €830 million debt financing for the acquisition by SK Capital of a majority shareholding in Seqens, a French based leader in pharmaceuticals and specialty chemicals.
• Advised J.P. Morgan SE, Nordea Bank Abp, Deutsche Bank Aktiengesellschaft, DNB Markets, a division of DNB Bank ASA and Skandinaviska Enskilda Banken AB (publ), as initial purchasers, in connection with the Rule 144A/Regulation S offering by Ren10 Holding AB, a subsidiary of funds advised by IK Partners, of €350 million senior secured floating rate notes due 2027 as part of the financing for the acquisition of, and refinancing of outstanding indebtedness of Renta Group Oy, a full-service machine and equipment rental services company with operations in Finland, Sweden, Norway, Denmark and Poland.
• Represented Energean in connection with the refinancing of its RBLs via a US$450 million high yield bond, and the entry into a US$150 million letter of credit facility. 
• Advised BNP Paribas, J.P. Morgan, BofA Securities Europe SA, Crédit Agricole Corporate and Investment Bank, Crédit Suisse Bank (Europe), S.A., Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE, as initial purchasers, in connection with the Rule 144A/Regulation S offering by Burger King France S.A.S. of €620 million senior secured notes due 2026 and by Midco GB S.A.S. of €235 million pay-if-you-can PIK notes due 2027 as part of the refinancing of outstanding indebtedness of Burger King France S.A.S., Midco GB S.A.S. and NewCo GB S.A.S., the direct parent of Burger King France S.A.S.
• Represented Faurecia S.E. (Faurecia) on its inaugural sustainability-linked high yield bond issuance of €1.2 billion 2.750% sustainability-linked senior notes due 2027.Faurecia will use the net proceeds of the offering to finance part of the contemplated acquisition of HELLA GmbH & Co. KGaA (Hella), or to refinance certain debt. Faurecia issued the notes under its Sustainability-Linked Financing Framework established in October 2021. Société Générale, Commerzbank Aktiengesellschaft and Crédit Agricole Corporate and Investment Bank acted as joint bookrunners and joint coordinators, Deutsche Bank Aktiengesellschaft, Intesa Sanpaolo S.p.A., SMBC Nikko Capital Markets Europe GmbH and UniCredit Bank AG acted as joint bookrunners, and Banco de Sabadell S.A., Crédit Industriel et Commercial S.A. and MUFG Securities (Europe) N.V. acted as co-managers.
• Represented Séché Environnement S.A. as Issuer on its debut high yield bond offering of €300,000,000 2.250% Sustainability-Linked Senior Notes due 2028. BNP Paribas acted as the Sole Bookrunner and Sustainability-Linked Bond Structuring Advisor, and Crédit Agricole CIB and Natixis acted as Joint Lead Managers on this offering.
• Represented doValue S.p.A. on a €300 million senior secured notes issuance to prepay and cancel the outstanding senior facility agreement entered into on March 22, 2019, with the remainder to be held as cash for general corporate purposes. The senior secured notes have been issued by doValue S.p.A. at a fixed rate of 3.375% per annum and an issue price of 100.00%.
• Representation of J.P. Morgan, BNP Paribas and Bank Pekao S.A. as Global Coordinators and Joint Physical Bookrunners and Barclays, Citigroup, Goldman Sachs Bank Europe SE and ING as Joint Bookrunners on the debut high yield bond offering by InPost S.A.. The offering was for €490 million senior notes due 2027 and the proceeds will be used to consummate the previously announced acquisition of Mondial Relay SAS, and for general corporate purposes.
• Advised J.P. Morgan, Goldman Sachs and UniCredit, as initial purchasers, in connection with the Rule 144A/Regulation S offering of €650 million senior secured floating rate notes due 2028 by Cedacri Mergeco S.p.A. Cedacri is an industry-leading technology company providing core banking software, digital infrastructure, solutions and other IT services predominantly to the Italian market.
• Advised J.P. Morgan and Standard Chartered Bank, as initial purchasers, in connection with the Rule 144A/Regulation S offering of $350 million 5.000% senior secured notes due 2028 by Acuris Finance US, Inc and Acuris Finance S.à r.l. (ION Analytics). ION Analytics is comprised of two prominent names in capital markets data, content and intelligence: Dealogic and Acuris, providing proprietary analytics and insights, through integrated data and workflow software for financial markets participants.
• Advised Credit Suisse and Standard Chartered Bank, as initial purchasers, in connection with the Rule 144A/Regulation S offering of $450 million 5.750% senior secured notes due 2028 by ION Trading Technologies S.à r.l. (ION Markets). ION Markets provides software, data and analytics for the trading operations of financial market participants.
• Advised Credit Suisse and Standard Chartered Bank, as initial purchasers, in connection with the Rule 144A/Regulation S offering of $350 million 4.625% senior secured notes due 2028 by Helios Software Holdings, Inc. and ION Corporate Solutions Finance S.à r.l. (ION Corporates). ION Corporates is an industry-leading global technology company that provides mission-critical software, data and analytics for the treasury management and commodities operations of businesses.
• Represented Energean Israel Finance Ltd., a finance subsidiary of Energean PLC, a London-based leading independent oil and gas company, on its US$2.5 billion offering of Rule 144A/Reg S high yield senior secured notes. The offering is the largest ever non-US energy high yield bond offering, providing Energean with the financing needed to complete the development of its flagship Israeli Karish and Tanin offshore gas fields.
• Represented Crédit Agricole CIB, MUFG and Santander, as joint global coordinators and joint bookrunners, Citigroup, J.P. Morgan and Helaba, as joint bookrunners, and Bankinter and Raiffeisen Bank International, as co-managers, on the inaugural green high yield bond issuance of €400 million 2.375% senior notes due 2029 by Faurecia.
• Represented Columbus Finance B.V., a finance subsidiary of the Scenic Group, on its offering of Senior Secured Notes due 2024 by way of a private placement. The Scenic Group is a leader in the field of luxury cruises and tours with more than ten offices worldwide and owning 23 ships.
• Represented the majority of the holders of the Revolving Credit Facility (RCF), including financial institutions and investment funds, on Europcar Mobility Group's financial restructuring and subsequent accelerated financial safeguard.
• Represented Vallourec's ad hoc group of bondholders and lenders under the RCF, led by Apollo, SVP, Bybrook and M&G, on the negotiation of an Agreement in Principle reached as part of the financial restructuring of Vallourec, world leader in premium tubular solutions for the energy markets and for demanding industrial applications.
• Represented the investors on a private placement by Faurecia of €190 million 2.375% Senior Notes due 2027.
• Advised Swissport Group, a multinational cargo/airport ground services provider, on its restructuring and recapitalisation.
• Represented Sofima Holding S.p.A., as issuer, and IMA Bidco S.p.A., as guarantor, on the offering of €450 million Senior Secured Floating Rate Notes due 2028 and €830 million 3.75% Senior Secured Fixed Rate Notes due 2028 as part of the financing for the acquisition of shares of, and refinancing of outstanding indebtedness of, I.M.A. Industria Macchine Automatiche S.p.A. and its subsidiaries by IMA Bidco S.p.A., a subsidiary of the issuer.
• Advised the bondholders on the financial restructuring of the Solocal Group, the leading European provider of digital solutions for SME companies.
• Represented the super senior revolving credit facility lenders on the debt and equity recapitalisation through a UK scheme of arrangement of Selecta Group, the European market leader in self-service beverage and snack solutions.
• Represented J.P. Morgan Securities plc as sole physical bookrunner and joint global coordinator, Credit Suisse Securities (Europe) Limited as joint bookrunner and joint global coordinator, and BNP Paribas, Crédit Agricole Corporate and Investment Bank, Natixis and Société Générale as joint bookrunners, on the offering of €200 million 6.50% senior secured notes due 2024 by Louvre Bidco SAS, a subsidiary of funds advised by BC Partners.
• Represented doValue S.p.A. on its offering of €265 million 5.00% Senior Secured Notes in connection with the prepayment of the bridge facility, which was entered into in connection with doValue's acquisition of 80 percent of the share capital of the Greek loan servicing company Eurobank FPS Loans and Credits Claim Management Company S.A.
• Represented BNP Paribas, Crédit Agricole CIB, Natixis and Société Générale, as joint global coordinators and joint bookrunners on the issuance of senior notes by Faurecia, with an aggregate principal mount of €1 billion. The offering was split into two tranches: €300 million 2.625% senior notes due 2025 (to be consolidated and form a single series with Faurecia's existing €700 million 2.625% senior notes due 2025), and €700 million 3.750% notes due 2028.
• Represented Rubis Terminal as Issuer on its offering of €410 million 5.625% Notes due 2025. The notes were offered and sold in accordance with Rule 144A and Regulation S under the US Securities Act of 1933. The proceeds of the notes were used to repay a €410 million bridge loan that was drawn in connection with the acquisition of a 45% stake in Rubis Terminal by I Squared Capital Advisors (US) LLC and the concurrent refinancing of the group's existing indebtedness.
• Represented the ad hoc group of senior secured noteholders in the chapter 11 cases of Global Cloud Xchange (GCX), which owns and operates a global subsea cable network spanning the globe, with 46 landing stations in 27 countries. The prepackaged chapter 11 plan of reorganization restructured approximately 350 million in funded debt and resulted in the senior secured noteholders becoming the new owners of GCX going forward (following the receipt of necessary regulatory clearances).
• Represented the Joint Global Coordinators and Joint Bookrunners in connection with the offering by OCI N.V. of US$600 million 5.250% Senior Secured Notes due 2024 and €700 million 3.125% Senior Secured Notes due 2024 (2019).
• Represented the notes purchasers in connection with the private placement by MCS Groupe of Senior Secured Floating Rate Notes due 2024 (2019).
• Represented the notes purchasers in connection with the private placement of 6.375% senior secured notes due 2025 by Pinnacle Bidco plc, an affiliate of the Pure Gym group (2019).
• Represented the initial purchasers in connection with the offering of €500 million 3.125% Senior Notes due 2026 by Faurecia (2019).
• Represented Partners Group AG on the financing aspects of their acquisition of German energy services provider Techem from Macquarie, including the offering by Blitz F18-674 GmbH of €465 million 6% Senior Notes due 2026 (2018).
• Represented an ad hoc group of bondholders of the US$300 million senior secured notes issued by Reliance Communication Limited in connection with the financial restructuring of Reliance Communication Limited (2018).
• Represented Credit Suisse Securities Europe Ltd. and J.P. Morgan Securities plc in connection with the offering by Picard Groupe S.A.S. of €60 million floating rate senior secured notes due 2023 (2018).
• Represented Partners Group AG and PSP Investments on the financing aspects of Cerba Healthcare's acquisition of French clinical pathology lab operator Bio7, including the offering of €60 million 5.375% Senior Notes due 2025 (2018).
• Represented Credit Suisse Securities Europe Ltd. and J.P. Morgan Securities plc in connection with the offering by Picard Groupe S.A.S. of €1.19 billion floating rate senior secured notes due 2023 and the offering by Picard Bondco S.A. of €310 million 5.5% senior notes due 2024 (2017).
• Represented EQT in connection with the initial public offering and the NASDAQ Helsinki listing of Terveystalo plc (2017).
• Represented Maxeda DIY Holding B.V. in connection with its offering of €475 million 61/8% Senior Secured Notes due 2022 (2017). This transaction won the "Europe High Yield Bond" award at the IFR Awards 2017.
• Represented Banijay Group S.A.S. in connection with its issuance of €365 million of senior secured notes due 2022 (2017).
• Represented Bain Capital Private Equity on its acquisition of leading Italian tyre wholesaler Fintyre (2017).
• Represented an ad hoc group of holders of convertible bonds issued by Paladin Energy Limited (a listed Australian mining company) in connection with a proposed exchange offer and debt-to-equity swap (2017).
• Represented an ad hoc committee of holders of the US$300 million notes due 2016 and US$700 million notes due 2017 issued by subsidiaries of PT Bumi Resources Tbk. (a listed Indonesian coal mining company) in connection with a restructuring through Indonesian suspension of payments proceedings (2017).
• Represented Partners Group AG and PSP Investments on the financing aspects of their acquisition of French clinical pathology lab operator Cerba Healthcare from PAI Partners, including the offering by NewCo Sab MldCo S.A.S. of €180 million 5.375% Senior Notes due 2025 (2017).
• Represented Algeco/Scotsman Holding S.à r.l. and certain of its subsidiaries in connection with the exchange offer and consent solicitation of the PIK loan of Algeco Scotsman PIK S.A., and the subsequent restructuring thereof through an English scheme of arrangement (2017).
• Represented Algeco/Scotsman Holding S.à r.l. in connection with several private placements of senior secured notes of its subsidiary Algeco Scotsman Global Finance plc (2017).
• Represented the purchasers on the issuance by N&W Global Vending S.p.A. of €100 million of second lien notes due 2023, to finance Lone Star Funds' acquisition of N&W Global Vending (2016).
• Represented Astorg Partners and Kerneos Corporate S.A.S. in connection with the aborted refinancing of Kerneos and the sale of Kerneos to Imerys (2016).
• Represented Oaktree Capital Management on the sale of SGD Group S.A.S. to China Jianyln Investment (JIC) (2016).
• Represented Citigroup and the other initial purchasers in connection with the offering by Faurecia S.A. of €700 million 3.625% senior notes due 2023 (2016).
• Represented I Squared Capital in connection with its acquisition of Viridian (2016).
• Represented Labeyrie Fine Foods SAS on the issuance of €80 million 5.625% senior secured notes due 2021 (2016).
• Represented Advent International, Bain Capital and Clessidra in connection with the offering by Mercury Bondco plc of €1.1 billion of high yield PIK notes to finance the acquisition of Istituto Centrale delle Banche Popoiari Italiane S.p.A. (ICBPI), an Italian payments banking group (2015). This transaction was named "High Yield Deal of the Year" at the IFLR Europe Awards 2015.
• Represented Bain Capital in relation to the redemption of the Floating Rate Senior Notes due 2020 by Ship Global 2 & Cy S.C.A. in connection with the IPO of Worldpay Group plc (2015).
• Represented Bain Capital in relation to the initial public offering of Bravida and the related senior secured notes and floating rate senior notes redemption (2015).
• Represented Altor Equity Partners and Bain Capital LLC on the sale of Norwegian fish-feed supplier EWOS to Cargill Inc (2015).
• Represented Astorg Partners SAS on the issuance of €25 million senior secured floating rate notes due 2021 by Kerneos Tech Group SAS (2015).
• Represented Cinven in the offering by Ephios Bondco PLC of €500 million 6.25% senior secured notes due 2022 and €300 million floating rate senior secured notes due 2022 in connection with the proposed acquisition of Labco S.A. by Ephios Bondco PLC (2015).
• Represented BNP Paribas and the other initial purchasers in connection with the offering by Faurecia S.A. of €200 million 3.125% senior notes due 2022 (2015).
• Represented BNP Paribas and the other initial purchasers in connection with the offering by Faurecia S.A. of €500 million 3.125% senior notes due 2011 (2015).
• Represented BNP Paribas and the other initial purchasers in connection with the offering by Faurecia S.A. of €500 million 3.125% senior notes due 2022 (2015).
• Represented Credit Suisse Securities Europe Ltd. and J.P. Morgan Securities plc, in the offering by Picard Groupe S.A.S. of €342 million floating rate senior secured notes due 2019 and the offering by Picard Bondco S.A. of €428 million 7.750% senior notes due 2020 (2015).
• Represented Albéa Beauty Holdings S.A. in connection with its offering of €45 million 8.75% Senior Secured Notes due 2019 (2015).
• Represented Bain Capital on the issuance of SEK 920,160,000 Floating Rate Senior Notes due 2020 by Bravissima Holding AB (2014).
• Represented Albéa S.A. in its $175 million initial public offering (aborted) (2014).
• Represented Bain Capital in relation to the issuance of senior PIK notes due 2020 by Atalaya LuxCo PIKCo (Atento) (2014) and the subsequent partial redemption thereof in connection with the initial public offering of Atento S.A. (2014).
• Represented Oaktree Capital Management and SGD Group S.A.S. in the offering by SGD Group S.A.S. of €350 million 5.625% senior secured notes due 2019 (2014).
• Represented Autodistribution, a portfolio company of TowerBrook Capital Partners L.P., in connection with the offering by Autodis S.A. of €240 million senior secured notes due 2019 (2014).
• Represented Bain Capital, Altor, Albain Midco Norway AS and Albain Bidco Norway AS in the offering by Albain Midco Norway AS of NOK 1,040 million Floating Rate Senior Notes due 2021 and in the offering by Albain Bidco Norway AS of €225 million 6.750% senior secured notes due 2020 and NOK 1,810 million senior secured floating rate notes due 2020, the proceeds of which were used to finance the acquisition of the EWOS Group by Albain Bidco Norway (2013).
• Represented Credit Suisse Securities Europe Ltd., in the offering by Picard Groupe S.A.S. of €480 million floating rate senior secured notes due 2019 (2013).
• Represented Bain Capital and Magnolia (BC) S.A. in the offering by Magnolia (BC) S.A. of €325 million 9% senior secured notes due 2020 in connection with the proposed acquisition of Maisons du Monde by Magnolia (BC) S.A.S. (2013).
• Represented Elis, a Eurazeo portfolio company, in connection with its offering of €450 million in aggregate principal amount of senior secured notes due 2018 and the concurrent private placement of €380 million in aggregate principal amount of senior subordinated notes due 2018 and a private placement of €173 million in aggregate principal amount of PIK notes due 2018 (2013).
• Represented CVC Capital Partners, in the offering of €350 million senior secured notes due 2020 by Trionista Holdco GmbH and the offering of €525 million senior subordinated notes due 2021 issued by Trionista Topco GmbH in connection with the acquisition of ista International GmbH (2013).
• Represented Integrated Dental Holdings Finance plc, a Carlyle portfolio company, in connection with its offering of £200 million in aggregate principal amount of senior secured fixed rate notes due 2018, £125 million in aggregate principal amount of senior secured floating rate notes due 2018 and £75 million in aggregate principal amount of second lien notes due 2019 (2013).
• Represented Avis Budget Finance plc, in its offering of €250 million senior notes due 2021 issued in connection with the acquisition of Zipcar, Inc (2013).
• Represented Labco S.A., in connection with its offering of €100 million 8.5% senior secured notes due 2018 (2013).
• Represented Edcon Proprietary Limited, in connection with its offering of €300 million 9.5% senior secured notes due 2018 and the concurrent tender offer for ca. €750 million of its senior secured notes due 2014 (2013).

*includes matters worked on prior to joining Weil