Barratt Developments - Complete debt refinancing

List of all recent work 

Slaughter and May has advised Barratt Developments PLC, one of the largest house building groups in the UK, on the agreement of a complete debt refinancing package announced on 11 May 2011.

The refinancing comprises amendments to Barratt's existing bank finance arrangements, which will mature in April 2012; new £770 million committed bank revolving credit facilities available for drawing from April 2012, reducing to £680 million in October 2013 and maturing in May 2015; amendments to Barratt's existing private placement notes (currently amounting to approximately £162 million equivalent) which will remain invested until their original maturity dates of between April 2013 and April 2020; new US$80 million private placement notes due in August 2017; and a new £100 million term loan from The Prudential/M&G UK Companies Financing Fund.

Financing: Stephen Powell (partner), Caroline Sanderson (associate), Svjetlana Lugonjic (associate), Jemil Visram (associate); Corporate and Commercial: Kathryn Davis (partner); Tax: Sara Luder (partner), John Meehan (associate), Holly Jones (associate), Sarah Ring (associate)