CC, Links land roles on Travis Perkins rights issue

Clifford Chance and Linklaters have scored lead roles on Travis Perkins’ £300m rights issue.

Linklaters advised builders merchant Travis Perkins on the deal, with London partners Nicola Mayo and Richard Godden leading the team from the magic circle firm.

Clifford Chance partners Simon Thomas and John Connolly advised the underwriters on the deal.

Clifford Chance has won roles on a number of recent rights issues. Partners Lee Coney and Chris Walton advised on Taylor Wimpey’s £510m capital raising earlier this year, while Connolly and partner Adrian Cartwright advised on private equity house 3i’s £700m deal, which was announced last week.

Thomas said: “What’s interesting is that market practices are evolving. The market was very bad last year. There’s been a reassessment of risk allocation between the issuers and the underwriters. These changes are just filtering through now.”