Andrew Shutter’s practice focuses on the origination and restructuring of international financing transactions.

He represents corporates, sovereigns, funds, and financial institutions, as debtors or creditors in the origination and restructuring of complex financial transactions including leveraged and high-grade syndicated loans, high-yield and investment-grade bonds, derivatives, and securitization transactions. Andrew also has experience in mergers and acquisitions, joint ventures, and strategic investments.

Andrew joined the firm in 1997 and became a partner in 2001. Prior to joining Cleary, he worked in the Madrid and London offices of Clifford Chance.

Notable Experience

Debt Origination

  • The Hellenic Republic in a €3 billion new notes offering and switch and tender offer.

  • Loxam SA in its €795 million syndicated bridge loan and high yield bond take-out for its contested public bid for Lavendon Group plc.

  • ArcelorMittal in its $5.5 billion revolving credit facility.

  • TPG Capital, together with other funds, on the acquisition financing of Media Broadcast from TDF of France. The transaction was financed with a €175 million term loan B and revolving credit facility.

  • TPG in the £155 million financing for the public to private tender offer for Prezzo plc, a branded UK restaurant operator listed on the Alternative Investment market of the London Stock Exchange.

  • Servihabitat, the Spanish real estate serving platform in its LBO financing and subsequent refinancings.

  • Hellenic Republic in its €3 billion notes offering, Greece’s first syndicated offering in the bond markets since March 2010.

  • TES Finance PLC in its debut £300 million high-yield bond offering.

  • Greece in its €7.16 billion bridge loan from the European Union under the European Financial Stabilisation Mechanism.

  • Citigroup, Morgan Stanley, Goldman Sachs International, and Erste Group as initial purchasers in a €275 million Reg S/Rule 144A senior notes offering by New World Resources N.V., a leading hard coal producer in Central Europe.

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Restructuring

  • Hyundai Merchant Marine Co., Ltd. (HMM) in the restructuring of its bulk and container ship leases.

  • Hellenic Financial Stability Fund in the recapitalization of the four systematically important Greek banks.

  • Celsa (UK) Holdings affiliates in Poland in a scheme of arrangement to restructure their loan facilities.

  • The Hellenic Republic in its €206 billion private sector debt restructuring – the largest-ever debt restructuring – and subsequently in its loan agreement with the European Financial Stability Facility (EFSF), which involved debt facilities in excess of €150 billion.

  • Truvo, the European yellow-pages business, in its €1.5 billion global restructuring.

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Derivatives and Structured Finance

  • A leading investment bank on the negotiations of its collateral arrangements with various counterparties under GMSLA, GMRA, and stand-alone transactions, including replacing outright transfer collateral arrangements with a security financial collateral arrangement in order to reduce counterparty risk and related capital charges.

  • Goldman Sachs International on its listed secured notes program as part of the range of “flow products” it offers to its clients.

  • A global bank on a bespoke £2 billion repo transaction referencing UK RMBS securities.

  • Private equity bidders on various bespoke contingent (aka, “tear up”) swap transactions in connection with significant M&A transactions.

  • 16 of the largest buy-side and sell-side broker dealers in preparing the English law aspects of a report for the European Commission on the challenges of transferring CDS from OTC to a central counterparty (CCP) and presenting the report to the European Commission in Brussels.

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Publications

Events