Carlsberg rights issue continues A&O hot streak
Allen & Overy (A&O) has bagged its latest lead role on a major European rights issue, acting for a clutch of banks on the DKK30.5bn (£3.2bn) issue by drinks giant Carlsberg. A&O advised BNP Paribas, Danske Markets, Lehman Brothers and Nordea Bank Denmark as underwriters on the rights issue, which launched last week.
May 23, 2008 at 09:30 AM
2 minute read
Allen & Overy (A&O) has bagged its latest lead role on a major European rights issue, acting for a clutch of banks on the DKK30.5bn (£3.2bn) issue by drinks giant Carlsberg.
A&O advised BNP Paribas, Danske Markets, Lehman Brothers and Nordea Bank Denmark as underwriters on the rights issue, which launched last week.
The issue, the largest of its kind in Denmark to date, will repay a portion of the £7.8bn debt facilities used to fund the company's January acquisition of Scottish & Newcastle.
Global corporate chief Richard Cranfield and London corporate partner Christopher Bernard led the team for A&O, with senior associates Nicholas Stuart, James Roe (both corporate) and Adam Farlow (capital markets) assisting.
Norton Rose advised Carslberg, a long-term client of the firm, with US corporate finance chief Tom Vita leading the team for the top 10 City outfit. He was assisted by equity capital markets partner Chris Pearson and M&A partner Andrew Phillips.
The deal continues a run of leading roles on major rights issues for A&O in recent weeks, with the magic circle firm taking a front seat on Imperial Tobacco's £4.9bn rights issue earlier this month. London corporate partners Jeremy Parr and Chris Thornes, along with US capital markets partner Bart Capeci, advised the tobacco giant.
The firm last month advised lending giant HBOS on its own £4bn programme, when corporate partner David Broadley advised alongside relationship partner Alistair Asher.
Commenting on the Carlsberg deal, Bernard said: "This is the biggest Danish rights issue in terms of deal size. The Scottish & Newcastle acquisition was huge for Carlsberg and the rights issue will pay off a large part of the debt."
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