Pinsents, Simmons and MoFo line up for £340m placing as SIG moves to cut debt
Pinsent Masons, Simmons & Simmons and Morrison & Foerster have won lead roles on a £341.3m fundraising as building materials company SIG moves to cut its debt burden. Sheffield-based SIG is raising money in order to pay off creditors and avoid breaching loan agreements, making additional shares available to existing shareholders as well as on open offer.
April 01, 2009 at 11:16 PM
2 minute read
Pinsent Masons, Simmons & Simmons and Morrison & Foerster have won lead roles on a £341.3m fundraising as building materials company SIG moves to cut its debt burden.
Sheffield-based SIG is raising money in order to pay off creditors and avoid breaching loan agreements, making additional shares available
to existing shareholders as well as on open offer.
Pinsents advised the company on the share issue, fielding a team under European head of corporate Martin Shaw and corporate partner Philip Goldsborough. MoFo's London-based corporate partner Kristian Wiggert advised the company on US aspects.
Simmons meanwhile advised the joint banks and sponsors, JP Morgan and Panmure Gordon, with London-based team led by corporate partner Chris Horton. US securities partner Daniel Winterfeldt advised on US law while tax partner Nick Cronkshaw handled tax issues.
The deal comes as a wave of companies have this year moved to tap investors via rights issues as a means of cutting debt burdens – a trend that has generated a stream of work for legal advisers. Companies to pursue such a course this year have included major banks such as HSBC and property companies including British Land.
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