Two magic circle firms secured lead roles on Sainsbury’s £445m capital raising.
Linklaters corporate partner Mark Stamp advised the firm’s longstanding client Sainsbury’s on the deal, while Allen & Overy partners Mark Dighero and Jonathan Mellor advised the banks, UBS and Morgan Stanley.
The deal involved a convertible bond. Sainsbury’s intends to use the capital raised to expand the business by 15 per cent by March 2011.
The proceeds of the deal were used to refinance £1.7bn worth of unsecured bonds and to make a £350m contribution to the company’s pension fund.