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Herbert Smith has closed its first leveraged financing for Royal Bank of Scotland (RBS) after winning a coveted place on the £100m-plus deals panel last November.
The firm advised RBS on a successful funding package for Cygnet Healthcare, a provider of psychiatric treatment and care centres in the UK. The size of the deal has not been disclosed. The Cygnet deal represents the latest wave in a rising tide of leveraged finance mandates for Herbert Smith, coming less than a year after the firm celebrated its appointment to the RBS panel. It is understood that the firm has won a series of leveraged finance instructions on behalf of RBS this year, but the Cygnet deal is the first to close successfully.
Ashurst and Clifford Chance have long been considered the natural choices for RBS on leveraged finance transactions, although market commentators indicated that growing concerns with conflicts may have led the bank to diversify its group of legal advisers on leveraged transactions.
Herbert Smith associate Malcolm Hitching, who was seconded to the bank while at his former firm Norton Rose, led on the deal. Cygnet was advised by Lawrence Graham.