North Sea Hires Steve Paras From Bank of America for Europe

North Sea Partners, a private investment bank, hired Steve Paras as head of European capital markets in London.

Paras was previously head of Bank of America Merrill Lynch’s leveraged capital markets in London, New York-based North Sea Partners said today in an e-mailed statement.

“There’s a huge wall of debt maturing in the next five years from European LBOs, on top of increased capital requirements for banks and continued weak economies throughout Europe,” Mickey Brennan, co-chief executive officer of North Sea Partners, said in an e-mailed me message. “That is a pretty serious situation for many corporates who will need help with their balance sheets and will need access to capital other than from the banks.”

Before coming to London, Paras was with Merrill Lynch & Co. in New York for 14 years, most recently as head of U.S. leveraged loan capital markets.

North Sea Partners has a “compelling opportunity to not only expand the European footprint but also the firm’s global footprint through cross-border financing activity,” Paras said in the statement.

North Sea Partners has advised on more than $35 billion of deals for clients including Blackstone Group LP (BX), Ineos Group Holdings Ltd., and Independent News and Media Ltd., according to the statement.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Chapin Wright at cwright4@bloomberg.net

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