Resolution - Debt financing for proposed acquisition of Axa UK Life Business

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Slaughter and May is advising Resolution on the debt financing for the proposed acquisition of Axa's UK life business, which was announced on 24 June 2010.

The debt financing consists of (i) a £400 million term loan bridge facility which was arranged by Barclays Capital and Royal Bank of Canada and (ii) the issue of £500 million deferred consideration notes, to be issued by Resolution to Axa on completion of the proposed acquisition.

Slaughter and May also advised Resolution in connection with the refinancing of Friends Provident's existing £300 million multi-currency revolving credit facility with a new up to £500 million multi-currency revolving credit facility entered into between, amongst others, Friends Provident  Holdings (UK) Limited and Barclays Capital, HSBC Bank plc, Royal Bank of Canada and the Royal Bank of Scotland plc as arrangers, for the general corporate purposes of the Friends Provident group.

Andrew McClean (partner), Miranda Leung (partner), Jo Syrett (associate), Caroline Sanderson (associate), Andrew Chaplin (associate); Tax: Graham Airs (partner), Abigail McGregor (associate), Holly Jones (associate)