Slaughter and May advised Hays plc (Hays) on its cashbox placing to raise gross proceeds of £200m (the Placing).
The Placing, which represented c.14.3% of Hays’ existing issued ordinary share capital, was announced on 2 April 2020. It was conducted by an accelerated book-building process, with BofA Securities, Jefferies International Limited, and UBS AG London Branch acting as joint global co-ordinators and joint bookrunners.
The purpose of the Placing is to leave Hays with a stronger balance sheet, working capital and liquidity position during this period of unprecedented disruption caused by the Covid-19 pandemic and to allow Hays to pursue organic growth opportunities with new and existing clients when markets stabilise.
Slaughter and May worked with Paul, Weiss, Rifkind, Wharton & Garrison LLP, who advised Hays on the US law aspects of the Placing, and Mourant, who advised on matters of Jersey law.