Slaughter and May is advising Songbird Estates plc on an underwritten placing to raise approximately £430 million; an underwritten compensatory open offer to raise approximately £190 million; an issue of preference shares to raise approximately £275 million; and a new credit facility of £135 million; to raise total gross proceeds of £1.03 billion.
Slaughter and May is also advising Songbird Estates plc on its proposal to use the gross proceeds of its fundraising to purchase its £880 million Citi senior loan facilities and to purchase an 8.45 per cent. stake in Canary Wharf Group from Commerzbank AG for £112.5 million (excluding expenses).
Songbird Estates announced these fundraising initiatives on 24 September 2009.
Weil Gotshal & Manges (London office) also advised Songbird Estates on certain English and US matters.
Corporate: Roland Turnill (partner), Gavin Brown (partner), Rebecca Cousin (partner), Adam Eastell (associate), Alana Lam (associate), Chris Bulger (associate), Charlotte Saunders (associate), Tom MacAulay (associate); Financing: Philip Snell (partner), Laurence Rickard (associate), Kyla French (associate), Emily Coates (associate)
Weil Gotshal & Manges (London): Peter King (partner), Ian Hamilton (partner), Lauren Blair (associate)