Norton Rose leads on investment trust's £140m capital raising
Norton Rose has taken a lead role on investment trust Ecofin Water & Power's £140m capital raising. The firm advised longstanding client Ecofin on the placing, which saw an offering of £80m in convertible unsecured loan stock (CULS) and the placing of £60m in zero dividend preference shares.
July 22, 2009 at 10:17 AM
2 minute read
Norton Rose has taken a lead role on investment trust Ecofin Water & Power's £140m capital raising.
The firm advised longstanding client Ecofin on the placing, which saw an offering of £80m in convertible unsecured loan stock (CULS) and the placing of £60m in zero dividend preference shares.
London corporate partner Simon Sackman took the lead on the deal, with tax partner John Challoner assisting.
The deal also saw Winterflood Securities subscribe to the CULS, with £20m subject to clawback.
The Law Debenture Trust, which acted as trustee to the CULS, was advised by Allen & Overy (A&O).
Corporate trustee partner Simon Hill headed up the A&O team, with assistance from London associate Tim Beech.
The deal is the latest in a long line of work Norton Rose has carried out for Ecofin, including launching the company in 2002. The UK top 20 firm also advised Ecofin on two other capital raisings.
Commenting on the deal, Sackman said: "We put a lot of effort into getting the transaction structure and the terms of the securities being issued right, and this has produced an excellent result for the client. Over the next 20 years vast amounts of money will have to be invested in the utilities and energy sectors, which will generate many opportunities for companies like Ecofin as well as legal work."
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