Ropes & Gray wins High Yield Deal of the Year at IFLR Europe Awards 2017

Practices: Finance

Ropes & Gray has won High Yield Deal of the Year at the IFLR Europe 2017 Awards for its advice to the Virgin Media Group on the world’s first ever issuance of receivables financing notes (RFNs). 

The RFNs – which raised £350 million - are secured on accounts payable by the Virgin Media group, while the Issuer’s excess cash is lent to Virgin Media. The structure is a significant development in the supply chain finance market since it allows corporates to term out their accounts payable until the maturity of the RFNs – in this case eight years.

The London-based Ropes & Gray team that advised on the deal was led by finance partners Jane Rogers and Robert Haak, who act for Virgin Media’s parent, Liberty Global plc, on all of their high yield issuances across their operating businesses. They were assisted by finance associates Monsiree Jirasarunya and Samantha Greer.

The awards were held at the Savoy Hotel, in London on 20 April. Ropes & Gray was also named Finance Team of the Year at the Legal Business 2017 Awards for its pioneering advice to the Virgin Media Group on the deal.