UK duo act on London IPO of BlackRock subsidiary
LG and Stephenson Harwood have advised on BlackRock North American Income Trust's £65m listing on the London Stock Exchange, which has seen the equity income trust fall short of its £100m target.
October 25, 2012 at 07:03 PM
2 minute read
LG and Stephenson Harwood have advised on BlackRock North American Income Trust's £65m listing on the London Stock Exchange, which has seen the equity income trust fall short of its £100m target.
LG acted for the trust on the initial public offering (IPO) with a team led by City corporate partner Oliver Riley.
Stephenson Harwood took the lead role for Cenkos Securities, the sponsor and broker on the listing, fielding a team led by funds and financial services head William Saunders.
BlackRock North American Income Trust is a new company trust managed by US investment manager BlackRock.
Riley said: "The strength of the asset class and the manager's track record has ensured a successful IPO in what remains a difficult market."
The company said it was a "tremendous achievement to raise the fund and bring the company to market set against current low-equity volumes and the uncertainty around the looming US election".
The news comes after Stephenson Harwood last month advised on the largest flotation (by finances raised) of an oil and gas company on the London Stock Exchange in the last five years.
The complex deal saw Eland Oil and Gas raise £118m on its Alternative Investment Market listing. Stephenson Harwood advised Eland with Mayer Brown acting for the broker, Canaccord Genuity.
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