Slaughter and May advised Essentra plc (Essentra) on its cashbox placing to raise gross proceeds of approximately £100m (the Placing).
The results of the Placing, which represented c.14% of the existing issued ordinary share capital of Essentra, were announced on 18 September 2020. It was conducted by an accelerated book-building process, with Jefferies International Limited and Peel Hunt LLP acting as joint global coordinators and bookrunners.
Approximately £50m of the net proceeds from the Placing will be used to fund the acquisition by Essentra of 3C! Packaging Inc., with the remaining c.£50m to be used to strengthen Essentra’s balance sheet.
Slaughter and May advised Essentra as a combined team with Paul, Weiss, Rifkind, Wharton & Garrison LLP who advised on matters of US law and Mourant Ozannes, who advised on matters of Jersey law.