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Noel Hughes
Noel Hughes
Partner — Mergers & Acquisitions and Capital Markets
Partner — Mergers & Acquisitions and Capital Markets

Noel Hughes

Noel Hughes
New York

The Grace Building
1114 Avenue of the Americas
32nd Floor
New York, NY 10036

London

20 Fenchurch Street
24th Floor
London EC3M 3BY
United Kingdom

One of the interesting things about high yield is that it’s effectively consensual financing. Banks and issuers have interests that are generally aligned. A large part of the job is to help clients see the possibilities in a transaction and not make things unnecessarily adversarial.
Noel Hughes

A partner in Mergers & Acquisitions and Capital Markets, Noel Hughes’ practice focuses on international capital markets and cross-border leveraged finance transactions, with a particular focus on high-yield bond financings and acquisition financings. Based in both London and New York, Noel has a deep understanding of the European and American markets. In the former, he has helped clients navigate across jurisdictions and local legal regimes and has seen the high yield market mature to become a more prominent part of the leveraged finance toolkit.

Noel advises issuer and underwriter clients, as well as alternative capital investors on a broad range of transactions, including high-yield debt offerings, debt liability management transactions and U.S. securities law matters. He is also experienced in advising on restructurings and acquisition financings.

Noel has been recognized by Chambers UK, with commentators saying that he “is razor sharp intellectually and marries this with a very unusual level of market knowledge of high-yield securities” with clients said to be “incredibly impressed with his skills” (2019).

Experience Highlights

  • Macquarie European Infrastructure Fund (MEIF 5) and its portfolio company, Empark, on the group’s issuance of €575 million Senior Secured Notes due 2028 and Senior Secured Floating Rate Notes due 2027 and €100 million Super Senior Revolving Credit Facility

  • Vistra Energy on its issuance of $1 billion of Senior Notes due 2026 and its related $1.7 billion cash tender offers

  • First Quantum Minerals Ltd. on its notes issuances, liability management transactions and related U.S. securities law advice, including:

    • its issuance of additional $500 million Senior Notes due 2023 and additional $250 million Senior Notes due 2025;
    • its issuance of $850 million Senior Notes Due 2024 and $1 billion Senior Notes Due 2026;
    • its issuance of $2.2 billion Senior Notes due 2023 and 2025 and its related tender offers in respect of $1.47 billion of existing notes;
    • its $850 million Senior Notes due 2022; and
    • its debut high-yield offering of $350 million Senior Notes due 2019, its acquisition of Inmet Mining Corporation, the consent solicitation in respect of its $350 million Senior Notes due 2019 and the exchange offer for its $1.5 billion Senior Notes due 2020 and $500 million Senior Notes due 2021
  • J.P. Morgan and other banks in relation to Ithaca Energy’s $500 million offering of Senior Notes due 2024

  • Credit Suisse, J.P. Morgan, and other banks, as joint bookrunners, in connection with the offering by Altice of €2.8 billion equivalent Senior Secured Notes due 2025 and 2028, comprising $1.2 billion Senior Secured Notes due 2028, €1.1 billion Senior Secured Notes due 2028 and €600 million Senior Secured Notes due 2025

  • Goldman Sachs, Deutsche Bank and other banks in relation to a leading coffee machine manufacturer’s offering of €550 million Senior Secured Notes due 2026

  • Petra Diamonds on its notes issuances, liability management transactions and related U.S. securities law advice, including:

    • the U.S. securities law aspects of its $178 million equivalent fully underwritten rights issue;
    • its issuance of $650 million Senior Secured Lien Notes due 2022; and
    • its debut high-yield offering of $300 million Senior Secured Second Lien Notes due 2020
  • The senior secured bondholder committee in relation to the consent solicitation process relating to c. £1.3 billion of debt and the Corporate Voluntary Arrangement (CVA) of New Look, the UK-headquartered apparel business

  • Bank of America Merrill Lynch, Citigroup and RBC Capital Markets on the tender offers by BHP Billiton in respect of $1.8 billion of Senior Notes

  • JP Morgan, Bank of America Merrill Lynch, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Morgan Stanley and RBC in connection with the offering by Suddenlink (Altice USA) of $1.5 billion of Senior Secured Notes due 2026

  • JP Morgan and BNP Paribas in connection with the $6.7 billion financing package provided to Altice for its $9.1 billion Suddenlink acquisition

Credentials

  • St. Catharine’s College, Cambridge, LL.M., 2007
  • Queen’s University of Belfast, LL.B., 2004 (with first class honors)
  • Chambers UK, Capital Markets, High-Yield Products, 2015−2020
  • Legal 500 UK, Finance: High Yield, 2020
  • Chambers Global, Capital Markets: High-Yield Products (USA) “Foreign Expert based abroad,” 2020
  • New York (Attorney), England and Wales (Solicitor)
  • Italian
  • “High Yield Bonds in the Energy Industry,” V&E Houston Office, April 10, 2019 (speaker)