Herbert Smith, Freshfields scoop roles on £300m Bradford & Bingley rights issue

Herbert Smith and Freshfields Bruckhaus & Deringer have scooped lead roles advising on mortgage bank Bradford & Bingley’s £300m rights issue.

Herbert Smith corporate head Michael Walter led the team advising Bradford & Bingley on the deal, while Freshfields partner Will Lawes led the Freshfields team advising underwriting banks Citi and UBS.

Walter said: “We are delighted to have assisted our longstanding client to achieve this important step in its ongoing funding strategy.

“Clients are increasingly looking to strengthen their financial and competitive positions in an increasingly challenging economic environment.”

As reported last month, Lawes, together with corporate partners Simon Witty and Sarah Murphy advised underwriting banks Goldman Sachs, Merrill Lynch and UBS on the £12bn RBS rights issue. (The Lawyer, 23 April)

Witty also advised underwriters Dresdner Klienwort and Morgan Stanley on the HBOS £4bn rights issue later that month (The Lawyer, 29 April).