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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.
Herbert Smith has advised Credit Suisse and UBS as joint sponsors, joint bookrunners and placing agents on Barratt Development’s £720m rights issue, which was announced today.
A team led by partners Will Pearce and Alex Bafi advised the banks, which are long-standing clients of the firm.
Barratt was advised by Slaughter and May partner Kathryn Davis and Davis Polk & Wardwell partner Paul Kumleben.
The rights issue will be used by the housebuilder to pay off debt and for general corporate purposes and is fully underwritten by Credit Suisse, UBS, Barclays Capital, HSBC, LloydsTSB Corporate Markets and RBS Hoare Govett.
This follows capital raisings from a number of housebuilders including Taylor Wimpey, Berkeley, Bellway, Galliford Try, Bovis and Redrow, but Bafi thought that the number of cash calls in this sector was quietening down.
“There have been a number already. We’re probably in the tail end, although perhaps it’s a fat tail,” he commented.