Shearman & Sterling advised Barclays Bank PLC, as sole bookrunner, on Stonegate Pub Company Financing plc's high yield "tap" offering of £80 million 5.75% Senior Secured Notes due 2019.
The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on October 7, 2015. The proceeds of the offering were primarily used to refinance a senior secured facility entered into to finance the acquisition of certain freehold properties and other assets from Tattershall Castle Group. Shearman & Sterling also advised Barclays Bank in connection with Stonegate Pub Company Limited’s senior secured facility and amended revolving credit facility.
Stonegate Pub Company is one of the largest managed pub companies in the United Kingdom, operating 612 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 and associates Yaw Asare and Andy Zwecker. Finance partner Iain Goalen and associates Chris White and Camilla Hunter advised on the English law-governed aspects of the transaction. London-based counsel Lucy Keeble and associate Rebecca Lee advised on real estate law aspects of the transaction. Partner Kristen Garry and associate Adam Sternberg provided US tax advice, and counsel Simon Letherman and associate Gabriel Ng provided UK tax advice. Capital Markets associates Randy Nahle and Rainer Adlhart also provided assistance on the transaction, supported by trainees Andrea Calla and Charles Elsom.