Clifford Chance, A&O Advise on £1B Capital Raise By COVID-19 Ravaged Business
The capital raising is the largest by a company listed on the London Stock Exchange in the last year, according to the firms.
April 22, 2020 at 04:04 AM
2 minute read
The coronavirus pandemic has had major implications on events companies.
Clifford Chance and Allen & Overy have won mandates on a £1 billion capital raising by an events giant hit by the torrid market conditions caused by COVID-19.
CC is advising FTSE 100 events and intelligence company Informa, a longstanding client, on its secondary share issuance, which has raised around £1 billion to strengthen the company's balance sheet in the midst of the COVID-19 pandemic. According to a statement by CC, the raising is the largest on the London Stock Exchange in the past year.
London corporate partner Steven Fox and ECM partner Simon Thomas are leading for CC on the mandate.
A&O, meanwhile, is taking a role for the banks on the capital raising, with a London team headed up by capital markets partners James Roe and Adam Wells with assistance from tax partner Lydia Challen.
CC said in a statement that it had also recently advised Informa as it sought to access the U.K. government's COVID-19 Corporate Financing Facility (CFF) scheme, on which the government turned to Freshfields Bruckhaus Deringer and Slaughter and May for legal advice.
Last week, a Pinsent Masons team was drafted in to advise on a multi-million pound capital raising for fellow coronavirus-impacted events company, Arena Events.
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