Edward J. Nalbantian

Ed Nalbantian has more than 30 years of experience representing counterparties in a broad range of cross-border structured finance transactions with a particular focus on over-the-counter (OTC) derivatives and related debt capital markets financings.

Following the financial crisis, Ed's experience extended to the analysis and dispute resolution of credit-linked structured finance primarily from the Firm's role as Special Derivatives Counsel to the Estate of Lehman Brothers Holdings Inc. for which he headed the Firm's London team. He was also lead partner on Jones Day's representation of a major U.S. bank in evaluating its risk and documentation exposure in the derivatives, stock lending, and repo markets and, subsequently, in the context of the bank's credit rating downgrade.

More recently, Ed has been involved with a broad range of fintech issues in the derivatives markets including the drafting of documentation for cryptocurrency derivatives and related capital markets financings. He participates in the International Swaps and Derivatives Association's (ISDA) fintech working group and has recently addressed global custody issues related to cryptocurrencies in a podcast for FinTech Beat.

Ed also has experience with major strategic portfolio acquisitions of derivatives assets on behalf of major bank clients. This included Jones Day's representation of BNP Paribas on its acquisition of the £1.6 billion equity derivatives business of the Royal Bank of Scotland for which Ed was the lead London partner.

Ed served as co-leader of the Firm's Banking & Finance Practice from 2009 to 2015. He practiced in the Firm’s Paris Office from 1998 to 2004 and continues to represent clients involved in the Paris market.

Experience

TransDigm completes $1.5 billion Senior Secured Notes offering and incurs $1.5 billion of new term loans under its term credit facilityJones 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 $1.5 billion aggregate principal amount of 6.000% Senior Secured Notes due 2033 (the “Notes”).

Banco Sabadell, Rabobank, and ING complete €261.97 million financing for five photovoltaic plants in Palencia, SpainJones Day provided legal advice to Banco Sabadell, Rabobank, and ING in connection with the financing for the construction, start-up, and operation of five photovoltaic plants in the Palencia region of Spain under construction named "Pisoraca 2", "Pisoraca 3", "Grijota III", "Grijota IV", and "Grijota V", totaling a nominal power of 244.7 MWp.

TransDigm reprices $3.6 billion of existing tranche J and I term loansJones Day represented TransDigm Group Incorporated and certain of its subsidiaries in connection with the Amendment No. 16, Loan Modification Agreement and Refinancing Facility Agreement, pursuant to which, among other things, TransDigm (x) repriced almost $1 billion of its existing term loans J maturing February 28, 2031 and (y) amended and extended $2.6 billion of its existing term loans I by converting such loans into term loans J.

TransDigm completes additional $550 million Senior Secured Notes offering and reprices $6.2 billion of existing tranche H and I term loansJones 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 $550 million aggregate principal amount of 6.375% Senior Secured Notes due 2029 (the “Notes”).

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.

TransDigm completes $4.4 billion Senior Secured Notes offering and extension and increase of its revolving credit facility to $910 millionJones 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 $2.2 billion aggregate principal amount of 6.375% Senior Secured Notes due 2029 and $2.2 billion aggregate principal amount of 6.625% Senior Secured Notes due 2032 (collectively, the “Notes”).

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”).

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”).

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”).

Permira Credit refinances Sportscape GroupJones Day advised Permira Credit, as unitranche lender, in connection with the refinancing of the newly created European online sporting goods retailer, Sportscape Group.

Omnicom Group completes £325 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 Capital Holdings plc, its wholly-owned subsidiary, of £325 million aggregate principal amount of 2.250% Senior Notes due 2033.

Dealer managers and underwriters complete $4.8 billion tender offer and concurrent offerings of $3.0 billion and €1.0 billion of Senior NotesJones Day represented the dealer managers and underwriters in a series of liability management transactions by PepsiCo, Inc., a world leader in convenient snacks, foods and beverages.

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.

TransDigm Inc. completes $1.2 billion 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 $1.2 billion aggregate principal amount of 4.625% Senior Subordinated Notes due 2029.

Banco Santander refinances existing financing relating to Cerro Grande wind project located in Sierra de los Rios, Cerro LargoJones Day represented Banco Santander, S.A. in the refinancing of the existing financing subject to German law provided by two Spanish banks in connection with the Cerro Grande wind project located in Sierra de los Rios, Cerro Largo, in Uruguay.

Lucid Trustee Services Limited acts as agent and security agent in £450 million restructuring of Survitec GroupJones Day represented Lucid Trustee Services Limited, as agent and security agent, in connection with the £450 million debt and equity restructuring of the Survitec Group, a specialist in the manufacturing of survival and safety solutions in the marine, defense, aviation, and offshore industries in various jurisdictions.

Diebold Nixdorf completes offering of $700 million of Senior Secured NotesJones Day represented Diebold Nixdorf, Incorporated, a global leader in driving connected commerce for the banking and retail industries, in connection with the issuance of its $700 million aggregate principal amount of 9.375% Senior Secured Notes due 2025 in a Rule 144A and Regulation S offering.

Diebold Nixdorf completes offering of €350 million of Senior Secured NotesJones Day represented Diebold Nixdorf, Incorporated, a global leader in driving connected commerce for the banking and retail industries, in connection with the issuance by its wholly-owned Dutch subsidiary, Diebold Nixdorf Dutch Holding B.V., of €350 million aggregate principal amount of 9.000% due 2025 in a Rule 144A and Regulation S offering.

TransDigm Group completes $400 million Senior Secured 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 an additional $400 million aggregate principal amount of 6.25% Senior Secured Notes due 2026.

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August 2024 Commentary

Additional Publications

May 10, 2004
French Funds & OTC Derivatives – A Practical Guide, coauthor, Derivatives Week Magazine
October 2003
Book Review of Droit des Dérivés de Crédit by Alain Gauvin, Banque Magazine
March 2002
Whiskey and LIBOR - Financing Pernod Ricard's Seagram Acquisition, International Financial Law Review
April 1999
France – Derivatives 1999 – A European Guide, co-author, Special Supplement for International Financial Law Review, Euromoney Publications
December 1998
Securitisation – Public-Private Partnerships, Balance Sheet Magazine, London
September 23, 1996
Produits Dérivés : un Risque Juridique à Maîtriser, Option Finance Magazine
September 1996
France Modernizes Collateralization and Netting, co-author, International Financial Law Review, Euromoney Publications
April 1996
Des Critères de Responsabilité en Evolution, co-author, Banque Magazine
March 1995
The Prudential Framework in Repurchase Transactions, coauthor, International Financial Law Review, Euromoney Publications
February 1994
France Sorts Out Netting Uncertainty, International Financial Law Review, Euromoney Publications
1994
Targeting the Capital Markets, coauthor, Capital for Shipping Annual by Lloyds Shipping Economist
September 1993
Netting and Derivatives – a Practical Guide, International Financial Law Review
April 1991
Restructuring Junk Bonds: Bondholders Beware, International Financial Law Review, Euromoney Publications
April 1991
Restructuring Junk Bonds: Bondholders Beware, International Financial Law Review, Euromoney Publications
December 1987
Eurobonds, coauthor, Supplement to Butterworth Journal of International Banking & Financial Law
1981
Legislative Analysis, Federal Proposals Regulating State Taxation of Multistate and Multicultural Corporations, American Enterprise Institute
1981
Note, The Constitutional Dilemma of State Tax Exemptions: Sears Roebuck and Co. v. County of Los Angeles, 13 Law and Policy Int’l Bus. 811

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FCA Consulting on Proposed Changes to the Derivatives Trading Obligation

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

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

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

ISDA's IBOR Supplement and Protocol: Background, Operation, Prognosis

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

President Trump Signs the First Major Financial Services Deregulation Law in a Decade

EMIR Variation Margin Rules Effective March 1, 2017

Mandatory Clearing of OTC Derivatives in the EU—A Buy-Side Perspective

Federal Reserve Board Proposes New Single-Counterparty Credit Exposure Limits for Large Banking Organizations

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Edward J. Nalbantian

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