Punch Taverns plc - Placing of new ordinary shares and purchase of convertible bonds

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Slaughter and May is advising Punch Taverns on a firm placing and a placing and open offer of new ordinary shares to raise approximately £375 million. Slaughter and May is also advising Punch Taverns on a proposed tender offer for its convertible bonds which will be funded from the proceeds of the firm placing and placing and open offer. The balance of the proceeds will be used for the group’s general corporate purposes, including selective repurchase of securitisation notes, which in turn will assist in providing covenant headroom under the group's securitisations.

Goldman Sachs International and Merrill Lynch International are acting as joint sponsors and joint bookrunners in respect of the firm placing and the placing and open offer.

Cravath, Swaine & Moore advised Punch Taverns on US law.

David Johnson (partner), David Watkins (partner), Marek Petecki (associate), Susannah Macknay (associate), Emma Walton (associate), Tetyana Nesterchuk (associate); Financing: Guy O'Keefe (partner), Richard Fletcher (associate), Aaron Rattew (associate); Tax: Graham Airs (partner), Abigail McGregor (associate)

Cravath, Swaine & Moore: Philip Boeckman (partner), Kurt Lebakken (senior attorney)