Slaughters, A&O score Cadbury bond issue

Allen & Overy (A&O) and Slaughter and May have won lead roles on Cadbury’s £300m bond issuance.

Allen & Overy (A&O) and Slaughter and May have won lead roles on Cadbury’s £300m bond issuance.

Slaughters partner Matthew Tobin led a team from the firm advising Cadbury Schweppes Finance on the issue, which has been launched under the company’s £5bn Euro Medium Term Programme.

A&O capital markets partner Philip Smith advised joint lead managers and joint bookrunners Bank of America/Merrill Lynch, BNP Paribas, HSBC and RBS.

As part of the deal the notes will be guaranteed by Cadbury Holdings and Cadbury Schweppes Investments.

Cadbury will use the proceeds of the bond issue, which has a five-year term, to reduce its short-term borrowings and for general corporate purposes.

Slaughters has been a longstanding adviser of Cadbury, which has a panel of firms that includes Denton Wilde Sapte. Slaughters has won a string of instructions on Cadbury’s corporate deals in recent years.

In 2005 partner Tim Boxell advised the group on the £1.27bn sale of its European drinks business to private equity groups Lyon Capital and Blackstone Group.

More recently, Boxell led a team advising Cadbury on the sale of its sugar confectionary and popcorn business Monkhill to Tangerine Confectionary for £58m in January last year.