Punch Finance’s Notes Offering and Super Senior Revolving Facilities Agreement

In UK Milbank LLP, advised on the matter.

Milbank LLP advised Punch Finance plc with a team including Miko Bradford (Finance), Apostolos Gkoutzinis (Picture – Debt Capital Markets), Russell Jacobs (Tax Finance), Catherine Leef Martin (Finance).

Punch Finance plc, a wholly owned finance subsidiary of Punch Pubs Group Limited (“Punch”), announced its debut offering of £600 million 6.125% senior secured notes due 2026 (the “Offering”) and related £70 million super senior revolving facilities agreement.

The proceeds of the offering were used to refinance all of Punch’s existing debt, including its long-standing whole business securitization notes. The complex transaction was the first European high yield bond refinancing of a whole business securitization structure in its entirety.

Concurrently with the issuance of the notes, Punch entered into a super senior revolving facilities agreement with Barclays Bank PLC and National Westminster Bank plc, which will provide for borrowings of up to £70.0 million.

Punch is one of the leading pub companies in the United Kingdom, with a portfolio of 1,235 pubs across England, Scotland and Wales. Punch owns an extensive and well-distributed estate of predominantly freehold properties, a large proportion of which are in Southeast England and the Midlands.

The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis (Picture), Suhrud Mehta and Miko Bradford, special counsel Trevor Truman, associates Dimos Papanikolaou, Chara Makrygianni, Byron Nicol and Abbey Dalgleish, trainee solicitor Valeria Vouterakou and paralegal Panos Tsezos. The team also included London Tax partner Russell Jacobs, associate Cosmos Fung, New York Tax partner Eschi Rahimi-Laridjani, associate David Hanno, New York Alternative Investments Practice partner Catherine Leef Martin and associate Megha Kalbag.

 

 

Involved fees earner: Miko Bradford – Milbank LLP; Abbey Dalgleish – Milbank LLP; Cosmos Fung – Milbank LLP; Apostolos Gkoutzinis – Milbank LLP; David Hanno – Milbank LLP; Russell Jacobs – Milbank LLP; Megha Kalbag – Milbank LLP; Catherine Leef Martin – Milbank LLP; Chara Makrygianni – Milbank LLP; Suhrud Mehta – Milbank LLP; Byron Nicol – Milbank LLP; Dimos Papanikolaou – Milbank LLP; Eschi Rahimi-Laridjani – Milbank LLP; Trevor Truman – Milbank LLP;

Law Firms: Milbank LLP;

Clients: Punch Finance plc;

Author: Giulia Di Palma