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Tuesday, 10th December 2019
FINANCE MAGAZINE Deals of the Year 2009
Aryzta, Noonan, WestLB, CRH and SWS deals feature in Deals of the Year 2009
The past year saw a number of firsts and new developments in capital markets, all paying testimony to the innovation and creativity that is to be found in Ireland’s financial sector. In the past year, landmark transactions in Ireland include deconstructing SIV structures, the winner of this year’s ‘Securitisation Deal of the Year’ and WestLB’s asset deal, this year’s ‘Most Innovative Deal of the Year’. Both of these involved novel solutions even pointing the way forward for a development of the banking business model in the IFSC. It was the hardest year deal-wise in living memory, and those deals that did make it over the line were, by definition, exceptional. We raise our glasses to them!
IAWS merger with Hiestand creates world leader Aryzta
The merger of IAWS plc with Swiss firm Hiestand Holdings has created the Irish/Swiss listed group Aryzta, which is now one of the largest players in the international baked goods market. The deal, which took place prior to the landmark Lehman Brothers bankruptcy in September 2008, shows the ability of Irish advisers to conduct multi-jurisdictional transactions. The merger was achieved on a largely non-cash basis rather than a debt-funded transaction and has left the merged entity well placed to emerge stronger on the other side. For these and other reasons, the deal wins this year’s Corporate Finance Deal of the Year
Winning deal provides a solution to an SIV puzzle
2008 obviously recorded less activity than previously for Ireland’s securitisation industry, however significant events are occurring now both for the future of the industry and for the international reputation of Ireland’s financial services industry in this space. The winner of this year’s Securitisation Deal of the Year is the restructuring of the Cheyne Capital structured investment company (SIV). The Cheyne deal shows how Goldman Sachs International auctioned off the assets belonging to Cheyne’s SIV and how the structure of the deal is likely to provide a template for other defaulted SIVs
Six bank syndicated deal completed despite difficult financial backdrop
SWS Wind Farms wins the Project Finance Deal of the Year, which was a six bank syndicated deal involving the refinancing of a portfolio of operational windfarms, the provision of finance for three development windfarms and availability of financing for future windfarms, and which was conducted in the midst of the financial crisis. All parties involved showed great skill in getting this, first of its kind in Ireland, deal to completion
A new business model emerging in IFSC banking
The winner of this year’s Most Innovative Deal of The Year is the the transfer of a portfolio of securities valued at approximately €23 billion from WestLB to an Irish SPV. The structure of the deal is innovative and ground breaking because it shows how Ireland can develop into a location for the domiciliation of distressed assets and guide other international banks to set up similar entities in Ireland. The benefit of these type of structures is that the sale of distressed assets to Irish banks, for domiciliation in Irish SPVs, will result in a lower tax charge on the gains arising in the event of their recovery to par values. On foot of the WestLB deal, a number of banks have submitted proposals to locate distressed assets in Dublin
Competitive auction process gets strong price for Noonan
The sale of the Noonan Services Group, Ireland’s largest facilities services business, to Alchemy partners has won the Mid-market Corporate Finance Deal of the Year. The Noonan Group attracted international and domestic interest with a number of bids from both international and domestic private equity and trade buyers
Quality in the underlying asset was core to funding success
Obtaining underwritten funding to get through a tight bid process was challenging for the acquirer Alchemy Partners in this year‘s winner of the Funding Facility Deal of the Year: the acquisition financing of the Noonan Services Group. Yet, in spite of difficulties, funding was achieved, reflecting to the strength of the underlying asset
Timing a key factor in winning for Iberdrola
The landmark Iberdrola €1.5 billion global medium term structured note programme is the winner of the Capital Issues category for 2009. The deal was notable for its timing which gave the issuer the ability to raise finance
Pricing good for target while acquirer gains strategic investment
Iberdrola achieved an important strategic investment when it invested $55 million by way of placing of new ordinary shares for a 22.6 per cent shareholding in Petroceltic. While for Petroceltic the pricing of the equity placing was done at a 41 per cent premium to its previous day closing share price in this year’s Equity Linked Deal of the Year
Bond success a testament to the quality of CRH
A €650 million bond issue by CRH America has won the Bond Deal of the Year. At a time when raising money on the capital markets was very difficult and there were few issues of debt by Irish corporates, CRH managed to successfully issue this bond
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