ALLEN & OVERY ADVISES BANKS
ON PUBMASTER'S LARGEST SECURITISATION TO DATE
International law firm Allen & Overy advised
Lehman Brothers, WestLB and Barclays Capital as joint lead arrangers
and managers of a securitisation for Pubmaster. The issue proceeds
were used to refinance leveraged acquisition debt provided by Lehman
Brothers and WestLB in connection with the acquisition by Pubmaster
from Nomura of the Inn Partnership portfolio earlier this year.
Pubmaster is Britain's fourth largest pub group.
Pubmaster's securitised bond issue (which closed
on 28th November) is the third and largest issue undertaken by the
company and is rated by three rating agencies: Standard and Poor's,
Moody's and Fitch. Two classes of the new bonds were issued with
the benefit of a financial guarantee from MBIA, the first time that
the Pubmaster securitisation structure has included this feature.
Christian Lambie led the Allen & Overy team
and was assisted by associates Vanessa Hardman and Deemple Budhia.
Tax partner David Hughes provided tax advice, assisted by associate
Sanjay Mehta and real estate advice was provided by Daniel McKimm,
assisted by Andrew Johnson. Deutsche Trustee was advised by Allen
& Overy also (Paul Bedford).
Commenting on the transaction, securitisation partner
Christian Lambie said:
"We are very pleased to have been able to act
for the banks on this refinancing of the senior acquisition facility
made available to Pubmaster. We acted for the banks for the senior
debt facility and are delighted that we were able, with our clients,
to engineer a successful refinancing in the time available."
Clifford Chance (Andrew Forryan) represented Pubmaster
and Sidley Austin Brown & Wood (Marc Wassermann) represented
MBIA.
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