Travers Smith has advised aviation, energy and civil engineering group, Stobart Group Limited, on its offering of £53.075 million of secured guaranteed exchangeable bonds.
The bonds, which have a five year maturity, are exchangeable into shares in Eddie Stobart Logistics plc, in which Stobart Group has an 11.8% stake. The net proceeds of the bonds will be used to support Stobart Group's growth plans for aviation and energy. Travers Smith also advised on the connected stock lending arrangements available to bondholders for hedging purposes.
The Bonds were offered via an accelerated book building process through a private placement.
The Travers Smith team was led by Derivatives & Structured Products Partner Sebastian Reger and Corporate Finance Partner Anthony Foster, and included Finance Associate Nick Baines and Corporate Senior Associate Mark Anderson.
Simmons & Simmons advised Stifel Nicolaus Europe Limited, the sole bookrunner