Mills & Reeve advises university on public bond issue

In collaboration with Clifford Chance, Mills & Reeve has advised the University of Manchester on the launch of a £300m 4.25 per cent public bond issue due in 2053, the first public capital markets fundraising undertaken by the Russell Group university.

The successful bond issue is the second such project that Mills & Reeve has collaborated on with Clifford Chance following the launch of a £350m public bond issue by the University of Cambridge in October 2012, the first capital markets fundraising undertaken by the university in its 800-year history. The two firms worked alongside the University’s General Counsel Chris Petty and in-house solicitor Iram Kiani.

The net proceeds from the latest public bond issue will be used by the University of Manchester for general corporate purposes, including the continuation of its £1bn estates master plan.