Slaughter and May is advising Rolls-Royce Holdings plc on its proposed recapitalisation package, which is designed to improve liquidity headroom, reduce balance sheet leverage and support disciplined execution and investment.
The package includes the launch of a fully underwritten rights issue to raise gross proceeds of approximately £2bn and the announcement of an intention to commence a bond offering to raise gross proceeds of at least £1bn. Rolls-Royce has also agreed commitments for a new two year term loan facility of £1bn and has received an indication of support in principle from UK Export Finance for an extension of its 80% guarantee of Rolls Royce’s existing £2bn five year term loan to support a potential increase in the loan amount of up to £1bn.
Slaughter and May is working very closely with the Rolls-Royce team, including Pamela Coles, Mark Gregory, Nicola Carroll, Ben Horsley, James Harvey and Jeff Pasternack, and is advising Rolls-Royce as a combined team with Davis Polk & Wardwell London (who are advising on matters of US law).
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