Shearman And Sterling

News August 06, 2021

Stonegate Pub Company’s £165 Million Offering & Consent Solicitation and Senior TLB Exchange

Shearman & Sterling represented the initial purchasers in connection with Stonegate Pub Company Limited’s (Stonegate) £165 million additional aggregate principal amount of 8.25 percent senior secured notes due 2025 issued by Stonegate Pub Company Financing 2019 plc.

Concurrently with the offering of the notes, Shearman represented the consent solicitation agent in connection with Stonegate’s consent solicitation from the holders of its existing notes for certain proposed amendments to the indenture governing the notes so as to provide flexibility to raise additional indebtedness.

A separate Shearman team led by Gordon Houseman represented the lenders in connection with the exchange of their participations in Stonegate’s senior term facilities into senior secured floating rate notes due 2025, which were also issued by Stonegate Pub Company Financing 2019 plc.

Stonegate is the largest pub company in the United Kingdom, operating approximately 4,600 pubs, bars and other venues across the country.

The Team