The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
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.
Slaughter and May has advised longstanding client Punch Taverns on a £350m rights issue, the second of its kind in the pub industry.
Partners David Johnson and David Watkins advised Punch on the placement, made last Monday (15 June).
London-based finance partner Philip Boeckman at Cravath Swaine & Moore advised Punch on US matters. Punch will use the funds to repay a convertible bond issue to the value of £200m. Thereafter it is understood the company will make selected purchases of securitised debt, “to remove an unhelpful overhang on the stock price”, according to a source.
Freshfields Bruckhaus Deringer corporate partner Simon Witty, together with corporate partners Jennifer Bethlehem and Sarah Murphy, advised joint bookrunners and sponsors Merrill Lynch and Goldman Sachs.
Witty said: “It’s an interesting structure that has been used before by Liberty International and Debenhams. It’s another example of the book-built approach to placing an open offer.”
Slaughters recently advised Punch on its £30m sale of 11 managed pubs to Birketts’ client Greene King (The Lawyer, 15 June).
Greene King used the proceeds of its own discounted £207m cash call - a first for the pub sector - to finance that acquisition (The Lawyer, 4 May).