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News Apr 15, 2014

Shearman & Sterling Advises Initial Purchasers on ₤400 Million Inaugural Bond Offering by Stonegate Pub Company Financing plc

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.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included Capital Markets partner Jacques McChesney, counsel Paul Clews, and associates David Plattner and Caitlin Ludwigsen. Finance partner Iain Goalen, counsel Jackson Lam, and associate Igor Stermsek advised on the English law-governed aspects of the transaction. Counsel Lucy Keeble advised on real estate law aspects of the transaction. Partner Kristen Garry and associate Melissa Henkel provided US tax advice, and the late partner Iain Scoon and associate Gabriel Ng provided UK tax advice.