Slaughter and May, Clifford Chance (CC) and Hogan Lovells have won advisory roles on pubs giant Punch Taverns' £2.3bn debt refinancing.

Punch, which began talks on its restructuring nearly two years ago, received the approval needed for its restructuring proposals from the Royal Bank of Scotland (RBS) and Lloyds Bank last week.

The deal, which has reduced net debt by £600m to £1.5bn, included a debt-for-equity swap that has given bondholders 85% of the company's equity.

Slaughters corporate partner David Johnson, who is also the client relationship partner, led the team advising Punch Taverns on the deal alongside financing partner Guy O'Keefe, restructuring partner Ian Johnson and financing partner Ed Fife.

Johnson said: "It marks one of the most complex financial restructurings the market has seen in recent years. It was a complicated capital structure to work on – we have been trying to reach a consensual agreement for the past two years, as there were a large number of parts to it."

City-based Cravath Swaine & Moore corporate partner Philip Boeckman represented Punch on US matters.

CC represented RBS, with a team comprising partner John MacLennan, who advised on restructuring aspects, and structured finance partner Jessica Littlewood, who provided counsel on securitisation.

Lloyds turned to Hogan Lovells London restructuring and insolvency partner Stephen Foster for advice.

Punch has been involved in protracted negotiations with senior lenders, represented by an Association of British Insurers (ABI) committee, on the proposals.

Latham & Watkins London structured finance partner Mark Nicolaides advised the ABI committee. Meanwhile Linklaters capital markets partner Mark Nuttall advised junior creditors on securitisation.

Slaughters is a longstanding adviser to Punch, and has acted on several deals in recent years including its demerger with pub company Spirit in 2011.