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published NOVEMBER 16, 2009

Freshfields advises on £375m rights issue by National Express

International law firm Freshfields Bruckhaus Deringer has advised the underwriters to National Express Group PLC's rights issue announced to the London Stock Exchange today. The deal will raise gross proceeds of approximately £375 million, which will be used to pay down debt and so ensure compliance with the company's banking covenants when they are next tested at 31 December 2009. Advising Merrill Lynch, Morgan Stanley, Barclays, RBS Hoare Govett, BBVA, BNP PARIBAS, Commerzbank and HSBC, the Freshfields team was composed of corporate partners Julian Makin, Sarah Murphy and Simon Witty, who were supported by associates Mark Austin, Dan Hirschovits, Bob Lehner and Nick Jones.