British Telecommunications plc’s £2bn long dated Sterling notes offering

Slaughter and May advised BT Pension Scheme (“BTPS”) in connection with the subscription for £2bn of long dated Sterling denominated bonds issued by its sponsor, British Telecommunications plc (“BT”), under BT’s €20,000,000,000 Euro Medium Term Note Programme.

The bonds are issued in six tranches, and £1bn of the bonds are fixed notes due between 2033 and 2042, and £1bn are CPI-linked notes due between 2033 and 2042.

BT will use the proceeds from the issuance of these bonds to make pension deficit contributions under the recovery plan agreed between BT and BTPS at the 2017 valuation.

Slaughter and May advised BT Pension Scheme on the deal with a Financing team led by Matthew Tobin (partner, in picture), assisted by Ivo Stourton (associate), Chris Armstrong (associate), Evelyn Fleming (trainee) and Mark Spiller (trainee); on Pensions law acted Sandeep Maudgil (partner); on Tax matters provided assistance Dominic Robertson (partner) and Orlaith Kane (associate); on Financial Regulation law acted Nick Bonsall (partner) and Chris Hurn (associate); and on Corporate law acted Paul Dickson (partner).


Involved fees earner: Chris Armstrong – Slaughter and May; Ivo Stourton – Slaughter and May; Matthew Tobin – Slaughter and May; Evelyn Fleming – Slaughter and May; Mark Spiller – Slaughter and May; Sandeep Maudgil – Slaughter and May; Dominic Robertson – Slaughter and May; Orlaith Kane – Slaughter and May; Nick Bonsall – Slaughter and May; Chris Hurn – Slaughter and May; Paul Dickson – Slaughter and May;

Law Firms: Slaughter and May;

Clients: BT Pension Scheme (BTPS);