Shearman & Sterling represented Barclays Bank PLC and Morgan Stanley & Co. International plc, as joint bookrunners, in connection with the inaugural High Yield notes offering by Stonegate Pub Company Limited, through its wholly owned subsidiary Stonegate Pub Company Financing plc, of ₤260 million in aggregate principal amount of 5.75% Senior Secured Notes due 2019 and ₤140 million in aggregate principal amount of Floating Rate Senior Secured Notes due 2019. The notes are guaranteed on a senior secured basis by Stonegate Pub Company Limited and all of its material subsidiaries. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on April 11, 2014.
The firm also advised Barclays Bank PLC in connection with Stonegate Pub Company Limited’s new revolving credit facility.
Stonegate Pub Company Limited is one of the largest managed pub companies in the United Kingdom, operating 623 pubs, bars and other venues across the United Kingdom.