Record-breaking tunnel deal
Bond issue
February 17, 1999 at 07:03 PM
2 minute read
Herbert Smith advised London & Continental Railways (LCR) in the largest-ever non-gilt sterling bond issue, worth £1.6bn.
The government-guaranteed issue is part of the debt restructuring programme, started in June, to raise finance for the construction of the Channel tunnel rail link (CTRL). It has involved a consortium of investors advised by City firms, including Simmons & Simmons and Allen & Overy.
Andrew Preece and Charlie Shepherd led the Herbert Smith team. Clifford Chance's Jake Jackerman led a team advising Warburg Dillon Read and HSBC, the lead managers of the issue.
Cameron McKenna's Andrew Ivison and Robert Phillips acted for the Department of the Environment, Transport and the Regions (DETR). Ruth Finch assisted them on the bond issue.
Phillips said: "The CTRL deal required not only legal expertise, but a real understanding of the dynamics of negotiation. It was important to ensure that the guidelines set down by the DETR were adhered to, but at the same time, secure the key policy objectives defined by the Deputy Prime Minister. Given the complexity of the issues, it was essential that all advisers took a 'partnership approach'."
New York firm Debevoise & Plimpton advised LCR on the US section of the international offering.
The issue, reported to be heavily over-subscribed, consisted of £1.225bn of bonds maturing in 2028 and £425m maturing in 2038. Both have a coupon of 4.5%.
The first stage of the tunnel, to the Fawkham junction in Kent, is scheduled for completion by 2003.
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