John Stephen

Counsel,

London

Phone: +44 20 8161 4359
Email: john.stephen@alston.com

Private credit funds, private equity firms, and corporations rely on John’s advice on international leveraged finance transactions. Clients turn to him to structure and execute complex cross-border financings that support strategic investments, acquisitions, and growth initiatives.

Private Credit

Represented a leading U.S. private credit fund in more than 20 international financings, principally in the technology sector, including one of its largest overseas positions in an over $2 billion facility to a UK-based business.
Represented a private debt fund in connection with a $250 million credit facility to a U.S./UK-based software company.
Represented a private credit fund in connection with a $150 million credit facility to a UK-based artificial intelligence company.
Represented a private credit fund in connection with a credit facility to a UK-based data analytics company.
Represented a private credit fund focused on lending to commodities businesses in more than 10 trade finance facilities.
Represented a private credit fund in connection with $85 million senior secured split-lien asset-based lending and term loan facilities for a global market research and data company.
Represented a private credit fund in connection with $177 million senior secured credit facilities to finance the acquisition of a keg-leasing company and subsequent add-on acquisition.
Represented a special situations fund as the direct lender and equity provider in numerous mezzanine loans, stressed situations, and restructurings, including the take-over of an Asian main board listed company, the restructuring of a mezzanine loan to a UK-based care sector platform, a mezzanine loan to a global real estate investment platform, and sales and options in relation to debt and equity investments in the U.S. and Europe.
Represented a UK alternative asset management firm and an Irish commercial bank in the unitranche financing for the acquisition of a pharmaceutical company by a global private equity firm.
Represented the largest Norwegian financial services group and a leading French bank as super senior lenders in the acquisition of a commercial satellite communication business of a European multinational aerospace corporation with funds managed by a leading private equity firm.

Private Equity

Represented Invacare Holdings Corporation in the financing aspects of the sale of Invacare Holdings, S.ar.l, its EMEA and APAC operations, to a joint venture vehicle formed by private equity sponsors Rhône Capital and Archimed.
Represented Ridgemont Equity Partners and its portfolio company, SEKO Logistics, in relation to the financing aspects (including a French private placement bond) of its acquisition of global logistics group Bansard International.
Represented a U.S. private equity fund in the financing of its acquisition of an international financial services company, its first overseas investment.
Represented a U.S. private equity fund in the acquisition financing and sale of an international aviation business.
Represented L1 Retail in the £900-million senior financing of the acquisition of Holland & Barrett, Europe’s largest health and wellness retailer, from The Carlyle Group and The Nature’s Bounty Co.
Represented Macquarie European Infrastructure Fund 5 and its portfolio company, Empark, on their issuance of €575 million senior secured notes, senior secured floating rate notes, and a €100 million super senior revolving credit facility.
Represented KKR in the sale of European Locomotive Leasing, a leading pan-European provider of electric locomotive leasing solutions.
Represented Macquarie European Infrastructure Fund 2 and Condor Ferries Group in the refinancing of their senior facilities.
Represented Macquarie European Infrastructure Fund 2 and the UK’s largest provider of car parking facilities in the refinancing of their senior facilities.
Represented Macquarie European Infrastructure Fund 2 in the financing of the sale of its interest in the UK’s largest provider of car parking facilities to an international consortium.
Represented Asia-Germany Industrial Promotion Limited in the acquisition and related financing of Fotona, a U.S. and Slovenia-based developer of high-tech laser systems and components.
Represented a private equity firm specializing in middle market, growth equity, and buyout investments and a European snack food manufacturer in the financing of the manufacturer’s acquisition of a UK food company and the refinancing of its debt.

Fund Financing

Represented a European secondaries fund, as borrower, in several NAV financings from a global investment bank.
Represented a European investment fund in the acquisition, via a continuation vehicle, of a portfolio of European private credit loans.
Represented a U.S.-based direct lending fund as agent and arranger in a $109 million secured NAV-based credit facilities to an investment fund with minority holdings across Europe and the U.S.
Represented a European private investment fund, as the borrower, in a secured master/hybrid credit facility, including capital call and NAV facilities.

Public Transactions

Represented FirstCash, the leading international operator of pawn stores, in relation to the financing of its successful £351 million public bid for H&T Group Plc.
Represented FirstCash in relation to the financing of its £206 million recommended public bid for Ramsdens Holdings Plc.
Represented Vitol Group and Helios Investment Partners in Vivo Energy’s initial public offering, with a valuation of £2 billion, on the London and Johannesburg stock exchanges.

Bank Lending

Represented a U.S. bank in the over $10 billion term and asset-based credit facilities to a top-tier sponsor in its take-private of an international retail business.
Represented a U.S. bank in relation to the acquisition of a large minority stake an overseas regulated business, listed on the local stock exchange.
Represented a syndicate of banks in relation to the $400 million senior secured revolving credit facility to a music company formed by a top-tier sponsor to finance the acquisition of music rights.
Represented a U.S. bank in connection with a $550 million senior secured revolving credit facility to provide working capital and finance the acquisition of music copyrights by a publicly traded independent music company.

Distressed Debt

Represented an investment bank in the potential restructuring and eventual sale of its debt in a distressed European technology business.
Represented distressed and par trading funds in all aspects of secondary debt and claims trading, including in respect of some of Europe’s most complex capital structures and distressed situations.

Energy

Represented the underwriters and super senior facility lenders in Tullow Oil’s $2.38 billion refinancing, consisting of an offering of $1.8 billion aggregate principal amount of senior secured notes and a super senior secured revolving credit facility comprised of a $500 million revolving credit facility and a $100 million letter of credit facility.
Represented a venture capital fund in numerous debt and equity investments in the oil and gas technology and services businesses.
Represented the underwriters in Tullow Oil’s placement of $800 million of senior notes.