Elisabeth Johnson | Lawyers

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UK (England & Wales)

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Capital Markets

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“I am a specialist in infrastructure finance, mostly involving utilities, advising on the financing of all phases of construction and implementation of projects. I am pragmatic and commercially focused in my advice, aiming to work collaboratively and congenially with all parties in the best long-term interests not just of clients but the projects.”

Overview

Lizzie has extensive experience advising both borrowers and lenders in the UK and Europe on the structured financing of regulated infrastructure and utilities, primarily water, gas, electricity, offshore wind and other renewables. Her expertise extends to the increasing range of assets that fall within the definition of infrastructure, including smart metering, telecoms and radio masts, as well as infrastructure associated with digital utilities.

Lizzie has developed specialist expertise in acquisition financings, refinancings and restructurings, whole business securitisations and HoldCo financings. On the lending side of transactions, Lizzie advises on loans, bonds (including public bond issuances), private placements, swaps and derivatives. She works closely with the firm’s market-leading lawyers in the Corporate, Projects and Finance practices, as required.

Within the water sector, Lizzie has advised on price reviews, the potential impact of Brexit and nationalisation and Ofwat investigations and enquiries. She was one of the team structuring and implementing the Thames Tideway delivery model, which has paved the way for Ofwat’s new direct procurement model.

She also advises corporates on financial resilience, capital requirements and directors’ duties.

Experience

Lizzie has advised on many high-profile and public transactions. These include advising:

Thames Water in relation to the £4.7bn Thames Tideway Project, including delivering a £8.5bn multi-source debt Security Trust and Intercreditor Deed (STID) proposal process (the largest non-sovereign public liability management post-crisis process), rating process, bid evaluation, and developing a new regulatory ringfencing and project financing structure
Thames Water, Welsh Water and Yorkshire Water on all aspects of their financings, primarily their whole business securitisations and HoldCo financings
National Grid on the £14bn disposal of 61% of its gas distribution business (Cadent), including the development of a stapled MidCo whole business securitisation platform to raise debt from the public bond
Cadent on its £800m U.S. private placement
Morgan Stanley in relation to the £1bn restructuring of Southern Water’s swap portfolio
Scotland & Southern Gas on the establishment of its whole business securitisation, as well as on treasury, regulatory and corporate matters
the sponsors of the Beatrice offshore windfarm
a global investment consortium comprised of Alberta Investment Management Corporation, Allianz Capital Partners and Hastings Funds Management on their agreement to purchase Porterbrook, one of the three major rolling stock leasing companies in the UK

Beyond the Office

Lizzie has tutored A-level students in English literature.

Education, Qualifications and Languages

Lizzie studied jurisprudence at Exeter College, University of Oxford.

Overview

She also advises corporates on financial resilience, capital requirements and directors’ duties.

Experience

Lizzie has advised on many high-profile and public transactions. These include advising:

Thames Water in relation to the £4.7bn Thames Tideway Project, including delivering a £8.5bn multi-source debt Security Trust and Intercreditor Deed (STID) proposal process (the largest non-sovereign public liability management post-crisis process), rating process, bid evaluation, and developing a new regulatory ringfencing and project financing structure

Thames Water, Welsh Water and Yorkshire Water on all aspects of their financings, primarily their whole business securitisations and HoldCo financings

National Grid on the £14bn disposal of 61% of its gas distribution business (Cadent), including the development of a stapled MidCo whole business securitisation platform to raise debt from the public bond

Cadent on its £800m U.S. private placement

Morgan Stanley in relation to the £1bn restructuring of Southern Water’s swap portfolio

Scotland & Southern Gas on the establishment of its whole business securitisation, as well as on treasury, regulatory and corporate matters

the sponsors of the Beatrice offshore windfarm

a global investment consortium comprised of Alberta Investment Management Corporation, Allianz Capital Partners and Hastings Funds Management on their agreement to purchase Porterbrook, one of the three major rolling stock leasing companies in the UK

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Overview

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Beyond the Office

Education, Qualifications and Languages

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Overview

Experience