Linklaters and A&O lead on £445m Sainsbury's capital raising
Linklaters and Allen & Overy (A&O) have landed roles on Sainsbury's £445m capital raising. The retail giant said today (17 June) that it intends to raise the money to fund its growth plans, with £255m expected to come through a placement of new shares and £190m though a convertible bond offering.
June 17, 2009 at 08:47 AM
2 minute read
Linklaters and Allen & Overy (A&O) have landed roles on Sainsbury's £445m capital raising.
The retail giant said today (17 June) that it intends to raise the money to fund its growth plans, with £255m expected to come through a placement of new shares and £190m though a convertible bond offering.
Linklaters is advising longstanding client Sainsbury's, with corporate partner Mark Stamp leading the team alongside capital markets partner Carson Welsh.
A&O is advising underwriters UBS and Morgan Stanley, with corporate partner Mark Dighero and capital markets partner Jonathan Mellor heading the team.
Proceeds from the fundraising are to be used to help the retailer grow, with Sainsbury hoping to expand its selling space by 15% during the next two years.
The deal is the latest in a long line of work Linklaters has done for Sainsbury's. Past transactions include an aborted £12bn buyout of the supermarket chain in 2007 – a deal which saw Stamp working alongside Linklaters corporate chief David Barnes.
Welsh said of the deal: "This transaction was somewhat more complicated than a standalone convertible bond issuance or a standalone placing, as the two elements needed to be co-ordinated. The convertible market is very hot right now and we are seeing a real return to the convertible market as there has been a lot of pent-up demand from convertible investors."
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