David E. Howe

Recent examples of significant experience include advising:

• GlaxoSmithKline plc and various of its subsidiaries in connection with a number of significant financing transactions in preparation for the proposed spin-off of GSK’s Consumer Healthcare business and listing of Haleon plc.
• Lucid Agency and Trustee Services Limited and its affiliates in their various trustee and agency roles in connection with the September 2021 restructuring by Jain International Trading B.V. (JITBV), a direct subsidiary of Indian listed multinational micro-irrigation, food processing and plastic products conglomerate Jain Irrigation Systems Limited, of its US$200 million 7.125% senior notes due 2022, involving an injection of US$30 million new money funding and an exchange of JITBV’s existing notes for three series of new notes, implemented by way of an English law scheme of arrangement under Part 26 of the UK Companies Act 2006.
• McDonald’s Corporation in connection with its September 2021 issues of €500 million 0.250% Notes due 2028 and its €500 million 0.875% Notes due 2033 issued under McDonald’s US$20 billion Global Medium term Note Program.
• Membership Collective Group Inc., a London-based membership and hospitality company (and parent company of Soho House and related businesses), in connection with its initial public offering and listing on the New York Stock Exchange of thirty million shares of its common stock. The transaction included a novel simultaneous public offer to eligible members and employees in the United Kingdom.
• Bank of Cyprus Group in three significant English law capital-related transactions.
• Worley on the establishment of its US$2 billion Euro Medium Term Note Programme and its debut issue of EUR 500 million five-year sustainability-linked bond.
• Travelex on its financial and operational restructuring.
• GlaxoSmithKline plc on the refinancing of its core revolving credit facilities consisting of US$2.5 billion of 364-day facilities and £1.9 billion of multi-currency three-year facilities, which are the first large scale credit facilities executed globally to be linked from the commencement date to both SONIA and SOFR compounded in arrear.
• Citigroup Global Markets, Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC as representatives of the Initial Purchasers of QBE Insurance Group Limited’s recent issue of US$500,000,000 capital notes which were sold in the Rule 144A and Reg S markets and listed on the Singapore Stock Exchange.
• Worley Group in connection with the establishment of its Euro Commercial Paper Program for the purposes of accessing the Joint HM Treasury and Bank of England Covid Corporate Financing Facility.
• Bank of Cyprus Holdings Public Limited Company in connection with its December 2018 debut issue of €220 million Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities.
• GlaxoSmithKline plc in connection with the issue by subsidiary GlaxoSmithKline Capital plc of its €750 million Floating Rate Notes due 2020, €1 billion 1.25%. Notes due 2026 and €750 million 1.750%. Notes due 2030, in each case guaranteed by GlaxoSmithKline plc and issued under the group’s Euro Medium Term Note Program.
• Advising Lucid Trustee Services Limited and affiliates in connection with the restructuring of Agrokor d.d. including in connection with the issue by successor entity Fortenova grupa d.d. of €1,131,024,112.00 2.5 per cent. (PIK) Convertible Bonds due 2029 and stapled depositary receipts.
• Merrill Lynch International and the other joint lead managers in connection with Westpac Banking Corporation’s debut Euromarket Climate Bond, an issue of €500 million 0.625%. Fixed Rate Instruments Due 2024.
• Mace Limited, the privately held UK construction company, in connection with its debut bond issue, a Channel Islands-listed, high-yield issuance of £100 million 8%. Notes Due 2022 by wholly owned subsidiary Frontier Finance PLC, sold to a group of credit funds.
• Citigroup Global Markets Singapore Pte Ltd., Goldman Sachs (Singapore) Pte. and Mizuho Securities (Singapore) Pte. Ltd. in their respective capacities as Arrangers in connection with the establishment by GLP Pte. Ltd. of its US$4 billion EMTN Program, and subsequent updates.
• Guangzhou R&F Properties Co. Ltd, a leading Chinese property developer in connection with multiple issues of senior secured notes by subsidiary Easy Tactic Limited.
• Bank of Cyprus PCL in connection with its January 2017 issue of €250 million Fixed Rate Reset Tier 2 Capital Notes Due 2027, the bank’s first wholesale debt issuance since the bail-in of depositors and other creditors in 2013 as part of the Cypriot banking crisis.
• CM Securities (Hongkong) Company Limited and Haitong International Securities Company Limited in their capacity as Arrangers in connection with the establishment by CMIG Capital Limited of its US$700 million EMTN program.
• Agile Group Holdings Limited in connection with its issue of US$500 million 6.875 per cent. Senior Perpetual Capital Securities.
• Deutsche Bank AG, Singapore Branch, Industrial and Commercial Bank of China (Asia) Limited, BOCI Asia Limited, Ping An of China Securities (Hong Kong) Company Limited, China Industrial Securities International Brokerage Limited and GF Securities (Hong Kong) Brokerage Limited in their respective capacities as joint lead managers in connection with the issue by Coastal Emerald Limited of US$400 million 3.9 per cent. Guaranteed Bonds due 2019.
• Banca IMI S.p.A., Mediobanca and UniCredit Bank AG as dealer managers in connection with the February 2015 cash tender offers by Atlantia S.p.A. in relation to its outstanding €1.5 billion 5.625% Notes Due 2016, €1 billion 3.375% Notes Due 2017 and €1 billion 4.500% Notes Due 2019, all guaranteed by Autostrade per l’Italia S.p.A.
• Barclays Bank PLC and Société Générale as consent solicitation agents in connection with the August 2015 consent solicitations by Pirelli & C. S.p.A in relation to its €500 million 5.125% Guaranteed Notes Due 2016 guaranteed by Pirelli Tyre S.p.A and by Pirelli International plc in relation to its €600 million 1.750% Guaranteed Notes Due 2019 guaranteed by Pirelli Tyre S.p.A.
• Advising a leading European investment bank in its capacity as consent solicitation agent in connection with the June 2015 consent solicitations by Novo Banco S.A. in relation to various series of senior debt and exchangeable securities issued by BES Finance Limited.
• Credit Suisse Securities (Europe) Limited and Commonwealth Bank of Australia as consent solicitation agents in connection with the September 2015 consent solicitations by Commonwealth Bank of Australia in connection with various series of outstanding Covered Bonds issued under its Covered Bond program.
• Altus Capital Pte Ltd, a wholly owned subsidiary of PT Chandra Asri Petrochemical Tbk, in connection with its offer to purchase for cash any and all of its outstanding 12.875% Senior Secured Guaranteed Notes Due 2015 and solicitation of consents for the amendment of the terms and conditions of such Notes.
• Aeroporti di Roma S.p.A. in connection with the restructuring of its 2001 securitization transaction relating to Rome airport.
• Barclays Capital in connection with the restructuring of Cairn High Grade Funding I Limited’s SIV-Lite structure (Restructuring Deal of the Year, Risk Magazine 2007). 
• Goldman Sachs International, HSBC Bank plc, National Australia Bank and Morgan Stanley International as underwriters of QBE Insurance Group Limited’s December 2014 offering of US$700 million Tier 2 Subordinated Notes Due 2044 which qualify as Tier 2 capital for regulatory purposes under the rules of the Australian Prudential Regulatory Authority (APRA).
• Barclays Capital and J.P. Morgan as arrangers in connection with the issue by QBE Insurance Group Limited of £325 million and US$1 billion Fixed Rate Reset Guaranteed Exchangeable Subordinated Callable Notes Due 2041.
• The Olayan Group in connection with its forward purchase of Credit Suisse AG’s ground-breaking issue of US$6.2 billion Tier 1 buffer capital notes in 2011, the first true “contingent convertible” securities to be issued under the Basel III regime.
• J.P. Morgan, Merrill Lynch and Oversea-Chinese Banking Corporation (OCBC) in a complex transaction that resulted in the establishment of a 144A-eligible US$10 billion Global Medium Term Notes program and the issue of US$1 billion 3.15% Subordinated Notes Due 2023 under the program by OCBC. The deal was named ‘‘Debt Market Deal of the Year” by Asian Legal Business.
• Agile Property Holdings Limited, a leading Chinese property developer, on its January 2013 issue of US$700 million Subordinated Perpetual Capital Securities.
• Wilmington Trust (London) Limited in its capacity as bond trustee in connection with the issue of circa €62 billion of new bonds issued as part of The Hellenic Republic’s February 2012 sovereign debt restructuring (The American Lawyer’s ‘‘2013 Global Finance Deal of the Year: Public Restructuring” and ‘‘2013 Global Finance Deal of the Year” and IFLR’s ‘‘Debt and Equity-linked Deal of the Year 2013”).
• Law Debenture Trustees Limited as indenture trustee in connection with Italian media company SEAT Pagine Gialle S.p.A.’s 2012 debt restructuring and subsequent default (IFLR’s ‘‘Restructuring Deal of the Year 2013”).
• DBS Bank Limited and Oversea-Chinese Banking Corporation Limited as joint lead managers in connection with Indonesian telecoms company PT Professional Telekomunikasi Indonesia’s December 2014 issue of US$180 million 3.25% Senior Unsecured Guaranteed Bonds Due 2024, guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.
• J.P. Morgan, Bank of America Merrill Lynch, Oversea-Chinese Banking Corporation Limited and HSBC as managers of Oversea-Chinese Banking Corporation Limited’s April 2014 issue of US$1 billion 4% Subordinated Notes Due 2024.