Countrywide plc’s £140 million Capital Refinancing Plan

Slaughter and May is advising Countrywide plc on its capital refinancing plan.

The 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.

Slaughter and May is advising Countrywide on the deal with a Corporate team led by Richard Smith (partner, in picture), assisted by Yvonne Lee (senior counsel), Richard Hilton (associate), Harry Hecht (associate), Heather Fleming (associate), Meredith Lee (associate), Chris Marlor (associate), Charlotte Eynon (trainee), Oliver Koo (trainee), Hannah Monteith (trainee), Venetia Speke (trainee), Camilla Turner (trainee), Owen Vanstone-Hallam (trainee) and Nicholas White (trainee). On Financing aspects are advising Ed Fife (partner), Tom Vickers (partner), Andrew Baker (associate) and Edward Cottell (trainee); on Tax law are advising Gareth Miles (partner) and Victoria Hine (associate); on Financial Regulation matters is acting Ben Kingsley (partner); and on Pensions and Employment matters are advising Jonathan Fenn (partner) and Rosemary Nelson (associate).

Involved fees earner: Yasmeen Rouben – Paul Weiss Rifkind Wharton & Garrison; Mark Bergman – Paul Weiss Rifkind Wharton & Garrison; Richard Smith – Slaughter and May; Yvonne Lee – Slaughter and May; Richard Hilton – Slaughter and May; Harry Hecht – Slaughter and May; Heather Fleming – Slaughter and May; Meredith Lee – Slaughter and May; Chris Marlor – Slaughter and May; Ed Fife – Slaughter and May; Tom Vickers – Slaughter and May; Andrew Baker – Slaughter and May; Edward Cottell – Slaughter and May; Ben Kingsley – Slaughter and May; Gareth Miles – Slaughter and May; Victoria Hine – Slaughter and May; Jonathan Fenn – Slaughter and May; Rosemary Nelson – Slaughter and May;

Law Firms: Paul Weiss Rifkind Wharton & Garrison; Slaughter and May;

Clients: Countrywide;