Stonegate Completes £595 Million Senior Secured Notes Offering
03.27.17
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Simpson Thacher represented Stonegate Pub Company Financing plc, a wholly owned subsidiary of Stonegate Pub Company Limited (“Stonegate”), a TDR portfolio company, in connection with a Rule 144A and Regulation S offering of £405 million in aggregate principal amount of its 4.875% Senior Secured Notes due 2022 and £190 million in aggregate principal amount of its Floating Rate Senior Secured Notes due 2022. The transaction closed on March 16, 2017. Stonegate used the net proceeds from this offering primarily to redeem in full its existing senior secured notes due 2019, to return certain capital invested in Stonegate by its parent company and to make a distribution to its parent company.
Stonegate is one of the largest managed pub companies in the United Kingdom.
The Simpson Thacher team included Nick Shaw, Uma Sud, Spencer Patton, Pelin Demirdere and Chrystel Marincich (Capital Markets); Stephen Short and Alexander Volsky (Credit); and Jodi Schneider and Deborah Plum (Tax).