Addleshaws acts for banks on £450m deal
Addleshaw Goddard's Manchester banking team has advised opposite Travers Smith on the £450m refinancing of Peel Holdings' land and property investment divisions. The national law firm advised the banks on the two related refinancing deals, with Travers acting for Peel. The first deal saw Addleshaws act for lead arranger Lloyds TSB and a syndicate of five banks - Lloyds, HSBC, HBOS, Barclays and Royal Bank of Scotland N on a £250m refinancing package for Peel Land Holdings.The second transaction saw the firm advise Bank of Scotland as sole lender in connection with facilities of £202m for Peel Land and Property.
September 03, 2008 at 10:36 PM
2 minute read
Addleshaw Goddard's Manchester banking team has advised opposite Travers Smith on the £450m refinancing of Peel Holdings' land and property investment divisions.
The national law firm advised the banks on the two related refinancing deals, with Travers acting for Peel.
The first deal saw Addleshaws act for lead arranger Lloyds TSB and a syndicate of five banks – Lloyds, HSBC, HBOS, Barclays and Royal Bank of Scotland N on a £250m refinancing package for Peel Land Holdings.
The second transaction saw the firm advise Bank of Scotland as sole lender in connection with facilities of £202m for Peel Land and Property.
Both refinancing deals were led by Addleshaws' Manchester banking partner, Helen Corner, assisted by managing associate Tim McNamara, while property partner Jenny Cromack advised on real estate matters.
Travers acted in relation to both the refinancing and the reorganisation of Peel's land and investment property divisions, fielding a team including corporate partner Richard Skelton, finance partner Paul Lyons and tax partner Richard Stratton.
Corner commented: "We were pleased with the size of the deal in the current market.
"The complexity of making sure that the timings were absolutely perfect, as both deals had to happen at the same time, was challenging."
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