Slaughter and May is advising Countrywide plc on its capital refinancing plan
Slaughter and May is advising Countrywide plc (Countrywide) on its capital refinancing plan (Capital Refinancing Plan) comprising:
- the raising of gross proceeds of £140 million by way of a firm placing and placing and open offer; and
- the amendment of covenant levels by way of, and the reduction of overall indebtedness under, an amendment and extension of its revolving credit facility.
Countrywide is a leading full service residential estate agency and property services provider in the UK.
The Capital Refinancing Plan is subject to the approval of shareholders at a general meeting of Countrywide to be held on 28 August 2018. Jefferies is sole sponsor and both Jefferies and Barclays are acting as joint global coordinators and bookrunners to Countrywide.
Slaughter and May is supporting Countrywide’s in-house legal team led by Gareth Williams (General Counsel) with Katherine Stockwell (Senior Counsel) and is working as an integrated team with Paul, Weiss, Rifkind, Wharton & Garrison LLP (advising on US law) led by Mark Bergman and Yasmeen Rouben.