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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).