Shearman & Sterling advised the Initial Purchasers on Punch Finance plc’s inaugural high yield notes offering of £600 million 6.125 percent senior secured notes due 2026. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on June 24, 2021. Shearman & Sterling also advised the arrangers in connection with Punch’s super senior revolving facilities agreement and intercreditor agreement.

The proceeds from the offering will be used to redeem and repay certain existing debt and pay estimated fees and expenses incurred in connection with the offering.

Punch is one of the leading pub companies in the United Kingdom, with 1,235 pubs across England, Scotland and Wales and an extensive estate of predominantly freehold properties.

The Shearman & Sterling team below was supported by Olivia Roxborough.

The Team