The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
DLA Piper Rudnick Gray Cary has acted for longstanding client Barclays Leveraged Fina-nce on a £138m refinancing for Tragus Holdings that is set to return £27m to its investors.
Banking and finance partner John Cutler led the advisory team on the new funding package after its work for the bank on the original deal in 2005.
Last year Tragus completed a secondary buyout from the owners of a restaurant chain, including Café Rouge, Bella Italia and Mama Amalfi, financed through a £75m package that included senior, mezzanine and working capital facilities. Legal & General Ventures (LGV) provided private equity funding.
The £138m recapitalisation replaces the original deal and again includes senior, mezzanine and working capital tranches. Strong profit and the low cost of debt have been cited as reasons for the company's ability to refinance so quickly. LGV should receive around £27m.
LGV's regular adviser Ashurst acted for the private equity group, led by partner Bruce Hanton.