A&O in for HBOS on £4bn rights issue
Allen & Overy (A&O) has landed a plum role advising HBOS on a £4bn rights issue. The bank announced the plans to raise the capital today (29 April) as UK lenders continue to wrestle with turbulent market conditions. The team from A&O is led by London-based corporate partner David Broadley alongside HBOS relationship partner Alistair Asher. They are being assisted by senior associates Ben Jacobs and Nick O'Donnell.
April 29, 2008 at 07:29 AM
2 minute read
Allen & Overy (A&O) has landed a plum role advising HBOS on a £4bn rights issue. The bank announced the plans to raise the capital today (29 April) as UK lenders continue to wrestle with turbulent market conditions.
The team from A&O is led by London-based corporate partner David Broadley alongside HBOS relationship partner Alistair Asher. They are being assisted by senior associates Ben Jacobs and Nick O'Donnell.
US advice was provided by London-based capital markets partner Chris Bernard in the US-law group and senior associate Bon Joyce.
City rival Freshfields Bruckhaus Deringer, led by corporate partner Simon Witty, advised Morgan Stanley and Dresdner Kleinwort as joint financial advisors and brokers on the deal.
Commenting on the move, HBOS chief executive Andy Hornby said: "The actions we have announced today achieve a step-change in our capital strength and [allow] us to consolidate our competitive position in our core markets.
"We are planning for a more challenging environment ahead and the proceeds of the rights issue should ensure that we benefit from strong ratios even if the macroeconomic environment deteriorates further. In the long term we remain optimistic about the fundamental prospects for our core businesses."
The news comes after rival UK lender Royal Bank of Scotland last week (22 April) announced its own record-breaking £12bn cash-call, with magic circle giant Linklaters bagging lead advisory duties and Freshfields advising the underwriters, Goldman Sachs, Merrill Lynch and UBS.
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