Mourant Ozannes advises FirstGroup on rights issue

Mourant Ozannes has advised FirstGroup on its rights issue to raise approximately £615m.

Partner James Ruane, with senior associate Jon Woolrich and associate Suzanne Borrowman of Mourant Ozannes’ Jersey office advised FirstGroup on the placing, which was announced on 20 May 2013 and involved a Jersey cash box structure. 

The proceeds of the rights issue will be used for continued investment in the business and to reduce FirstGroup’s net indebtedness by paying down borrowings under the group’s bank facilities.