Shearman & Sterling is advising private equity firm Advent International on the financing of the acquisition of The Priory Group from The Royal Bank of Scotland plc. The financing comprised a high yield bond offering of £425 million of Senior Secured Notes due 2018 and £175 million of Senior Notes due 2019 for the acquisition and the provision of £70 million super senior revolving credit facilities for general corporate purposes.

The Priory Group is the largest independent provider of mental health, specialist care and specialist education services in the United Kingdom and has 66 facilities located throughout the United Kingdom and a large property portfolio. Completion of the acquisition is subject to regulatory approvals.

The Shearman & Sterling team of lawyers in the firm’s London office advising on the high yield bond offering is led by capital markets partner Jacques McChesney, assisted by associates Trevor Ingram, David Plattner, Rob Beard, Mike Kung, and Richard Porter and trainees Michelle Gilmore and Karen McCormack. Finance partner Caroline Leeds Ruby led the team advising on the revolving credit facility, together with partner Anthony Ward assisted by counsel Miko Bradford, associates Korey Fevzi, and Eric Ho and trainee Kate Kimpton. Partner Clare Breeze, associate Lucy Keeble and trainee Richard Cameron advised on the property-related aspects of the transaction. Partner Iain Scoon and associates Shiu-Kay Hung and James Leslie advised on tax aspects of the transaction.