LizSaxton

Of Counsel

London + 44.20.7039.5162

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Liz Saxton has more than 25 years of experience advising on a wide range of finance transactions, with a particular focus on UK and cross-border real estate finance.

Liz regularly advises borrowers of all types, including several listed property companies, cutting-edge joint venture structures, and real estate funds, on the full range of their debt financing requirements. These include subscription and equity bridge facilities (both in and outside the real estate sector), facilities for investment and development properties, and corporate-level revolving facilities across all market sectors, including retail, offices, industrial, logistics, and residential. In addition, Liz regularly advises on derivative transactions, including those linked to debt facilities and on a stand-alone basis.

Recent notable transactions have included advising LondonMetric Property in connection with a £400 million unsecured revolving credit facility from a club of five lenders coordinated by The Royal Bank of Scotland and advising a joint venture between a UK-based real estate company and a Canadian institutional investor on an acquisition facility used to purchase a portfolio of nine prime logistics assets in the United Kingdom for £286 million. She also has advised a newly established real estate fund on a US$250 million subscription-based credit facility provided by Wells Fargo and a UK-listed property company on the innovative hybrid financing of its pan-European portfolio of assets.

Experience

  • IceLake backed HeadFirst Global announces offer for Impellam Group PLCJones Day advised funds managed by Dutch PE firm IceLake Capital on the £483 million takeover of London listed Impellam Group PLC by HeadFirst Global, a company backed by funds managed by IceLake Capital.
  • Omnicom Group completes €600 million public offering of Senior NotesJones Day represented Omnicom Group Inc., a leading global marketing and corporate communications company, in connection with the public offering by Omnicom Finance Holdings plc, its wholly-owned U.K. finance subsidiary, of €600 million of 3.700% Senior Notes due 2032.
  • Mizuho Bank-led syndicate provides US$590 million sustainability linked revolving credit facility and amends and restates US$455 million sustainability linked revolving credit facility to Louis Dreyfus Company Suisse SAJones Day advised (i) a syndicate of 50 financial institutions, led by Mizuho Bank, Ltd., Paris Branch (with Rabobank as the facility agent), in connection with a new US$590 million sustainability linked revolving credit facility and (ii) in parallel, a syndicate of over 35 financial institutions in connection with the amendment and restatement of an existing US$455 million sustainability linked revolving credit facility, to Louis Dreyfus Company Suisse SA.
  • TransDigm completes $1 billion Senior Secured Notes offering and $1 billion incremental term loanJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $1 billion aggregate principal amount of 7.125% Senior Secured Notes due 2031 (the “Notes”).
  • Real estate investment trust amends £90 million term loan facilityJones Day advised a real estate investment trust in connection with the amendment of a £90 million real estate finance loan facility with Canada Life and associated substitution of properties.
  • TransDigm completes $1.45 billion Senior Secured Notes offeringJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $1.45 billion aggregate principal amount of 6.875% Senior Secured Notes due 2030 (the “Notes”).
  • Agriculture company amends $1.9 billion credit facilityJones Day represented an agriculture company in connection with an amendment of its $1.9 billion credit facility.
  • TransDigm completes $1.1 billion Senior Secured Notes offeringJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of an additional $1.1 billion aggregate principal amount of 6.75% Senior Secured Notes due 2028 (the “Notes”).
  • TransDigm completes $1 billion Senior Secured Notes offeringJones Day represented TransDigm Group Incorporated (“TransDigm Group”), a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $1 billion aggregate principal amount of 6.75% Senior Secured Notes due 2028 (the “Notes”).
  • FLEETCOR acquires Global Reach GroupJones Day advised FLEETCOR Technologies, Inc. in the acquisition of Global Reach Group, a UK-based cross-border payments provider.
  • Timken amends and restates $1.15 billion credit facilityJones Day represented The Timken Company, a global leader in engineered bearings and industrial motion products, in connection with an amended and restated credit agreement with Bank of America, N.A. and KeyBank, National Association, as co-administrative agents, which consisted of a $750 million revolving credit facility and a $400 million term loan facility.
  • LondonMetric obtains £225 million unsecured revolving credit facility provided by club of lendersJones Day represented LondonMetric Property Plc in connection with a £225 million unsecured revolving credit facility provided by a club of lenders.
  • Oxford Properties acquires seven properties for £202.5 millionJones Day represented Oxford Properties advised by M7 in connection with the acquisition of a portfolio of seven properties located across the United Kingdom known as the Bow and Arrow portfolio for £202.5 million.
  • Oxenwood Real Estate sells 951,000 square foot logistics warehouse in DaventryJones Day advised Oxenwood Real Estate LLP in its joint venture with AIMCo for the corporate disposal of a 951,000 square foot logistics warehouse in Daventry.
  • LondonMetric obtains bilateral £150 million unsecured revolving credit facilityJones Day represented LondonMetric Property Plc in relation to a bilateral £150 million unsecured revolving credit facility provided by a multinational universal bank in connection with obtaining exclusivity on buying a large portfolio of property.
  • Greystar Equity Partners Europe Fund obtains subscription line credit facilityJones Day represented Greystar Equity Partners Europe Fund in connection with the subscription line credit facility arranged by Mitsubishi UFJ Trust and Banking Corporation.
  • Greystar announces €725 million close for flagship pan-European closed-end value-add residential strategyJones Day advised Greystar Europe Investment Management B.V., a subsidiary of Greystar Real Estate Partners, LLC, on the closing of €725 million in equity commitments into its flagship pan-European value-add discretionary vehicle.
  • LondonMetric obtains £175 million unsecured revolving credit facilityJones Day represented LondonMetric Property Plc, a British property company, in connection with a £175 million unsecured revolving credit facility provided by Wells Fargo Bank N.A., London Branch.
  • LondonMetric obtains £225 million unsecured revolving credit facilityJones Day represented LondonMetric Property Plc, a British property company, in connection with a £225 million unsecured revolving credit facility coordinated by Barclays Bank plc.
  • TransDigm completes $750 million Senior Subordinated Notes offeringJones Day represented TransDigm Group Incorporated, a leading global designer, producer, and supplier of highly engineered aircraft components, in connection with the Rule 144A and Regulation S offering by TransDigm Inc., its wholly-owned subsidiary, of $750 million aggregate principal amount of 4.875% Senior Subordinated Notes due 2029.
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    September 2023 Reprint

    Hedging and Lending: A Practical Guide (Butterworths Journal of International Banking and Financial Law)

    September 2021 Reprint

    USD LIBOR succession legislation at home and abroad (Butterworths Journal of International Banking and Financial Law)

    November 2020 Commentary

    FCA Consultation on New Benchmark Powers Highlights Ongoing Discussions Regarding USD LIBOR

    OCTOBER 2020 Alert

    UK Financial Services Bill Includes New Powers for FCA to Manage LIBOR Transition

    July 2020 Alert

    Latest Developments in Dealing With "Tough Legacy" IBOR Transition Contracts

    June 2017 External Publications

    The impact of the assignment to a lender of a building contract, Butterworths Journal of International Banking and Financial Law

    January 2016 External Publications

    Regulatory Investigations and the parameters of privilege, Butterworths Journal of International Banking and Financial law

    November 2015 External Publications

    Negative Interest Rates: Where Are We Now?, Butterworths Journal of International Banking and Financial Law

    June 2015 External Publications

    Sectoral sanctions: the unintended consequences for finance arrangements, Butterworths Journal of International Banking and Financial Law

    June 2013 External Publications

    In Practice: Taking security where a regulated entity is in the group, Butterworths Journal of International Banking and Financial Law
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