WH Smith’s £327 Million Bond Offering

Ogier has advised well-known high street retailer WH Smith on a bond offering that will allow the retailer to finance the opening of 100 new stores in North America and to partially pay down existing term loans.
Allen & Overy acted for the joint global coordinators and bookrunners and Herbert Smith Freehills LLP acted for WH Smith.

WH Smith announced  the pricing of its £327 million offering of sterling-denominated convertible bonds. This bond offering will also help provide balance sheet capacity and flexibility.

Barclays PLC, JP Morgan Cazenove, BNP Paribas SA and HSBC Holdings PLC are acting as joint global coordinators and joint bookrunners for the offering, while Santander is acting as joint bookrunner.

The offering was carried out through an accelerated bookbuild process using a cash box structure, using a Jersey subsidiary established by Ogier working alongside Ogier Global, who provided corporate administration services.

The Ogier team was led by partner Raulin Amy (Picture) and supported by managing associate Alexander Curry and paralegal Lara Morand.
Involved fees earner: Raulin Amy – Ogier LLP; Alexander Curry – Ogier LLP; Law Firms: Ogier LLP; Clients: WH Smith PLC;