Top UK duo lead on £323m Debenhams share issue
Herbert Smith and Freshfields Bruckhaus Deringer have taken lead roles on a £323m capital raising by UK retailer Debenhams. The share issue is intended to cut the company's debt and improve its ability to refinance in the future.
June 05, 2009 at 05:44 AM
2 minute read
Herbert Smith and Freshfields Bruckhaus Deringer have taken lead roles on a £323m capital raising by UK retailer Debenhams.
The share issue is intended to cut the company's debt and improve its ability to refinance in the future.
Debenhams has turned to regular adviser Freshfields, with corporate partner Chris Mort – who advised on the retailer's initial public offering in 2006 – taking the lead.
Herbert Smith, meanwhile, advised Citi and Merrill Lynch as joint sponsors and book runners on the fundraising, with the City firm fielding a team led by corporate partner Charles Howarth.
Private equity shareholders TPG and CVC Capital both gave their support to the issue but did not take part – leading to a dilution in their 12.8% and 8.4% respective stakes in the company.
CVC subsequently announced it was selling roughly 60% of its shares in the company.
Clifford Chance advised longstanding client CVC with London corporate partner Kem Ihenacho heading up the magic circle firm's team, alongside fellow corporate partners Lee Coney and Adrian Cartwright.
TPG turned to regular adviser Cleary for advice with City corporate partner Michael McDonald at the helm.
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