Slaughter and May advised ASOS plc (ASOS) on its cashbox placing to raise gross proceeds of approximately £247m (the Placing).
The results of the Placing, which represented c.18.8% of the existing issued ordinary share capital of ASOS, were announced on 8 April 2020. It was conducted by an accelerated book-building process, with J.P. Morgan Securities plc and Numis Securities Limited acting as joint global coordinators and Barclays Bank PLC, BNP Paribas and HSBC Bank plc acting as joint bookrunners.
The net proceeds from the Placing will be used to provide sufficient liquidity and flexibility to manage ASOS through and beyond the period of expected and continuing disruption caused by the ongoing COVID-19 pandemic.
Slaughter and May advised ASOS as a combined team with Cravath, Swaine & Moore LLP, who advised on matters of US law, and Mourant Ozannes, who advised on matters of Jersey law.