Slaughter and May advised The Restaurant Group plc (TRG) on its cashbox placing to raise gross proceeds of approximately £57m (the Placing).
The results of the Placing, which represented c.19.9% of the existing issued ordinary share capital of TRG, were announced on 9 April 2020. It was conducted by an accelerated book-building process, with J.P. Morgan Securities plc acting as sole global coordinator and bookrunner.
The net proceeds from the Placing will be used to provide sufficient liquidity for the Company to deal with the ongoing COVID-19 pandemic, enabling it to continue operating where possible whilst ensuring it is well positioned for the eventual normalisation.
Slaughter and May advised TRG as a combined team with Cravath, Swaine & Moore LLP, who advised on matters of US law, Mourant Ozannes, who advised on matters of Jersey law and Shepherd and Wedderburn LLP, who advised on matters of Scottish law.