LAWFUEL – Law News Network – Corporate and commercial law firm SJ Berwin LLP was one of the firms which advised The British Land Company PLC on the real estate aspects of a market leading, multi-tranche £1 billion restructuring of its debentures. The restructuring creates the largest individual UK debenture security pool valued at £1.8 billion, and given the overall enlarged size, is expected to improve the liquidity of the debentures, improve common covenants and enhance transparency.
Shareholders will benefit from re-couponing to give a lower average interest cost on the new debentures and British Land will enjoy increased dividend cover and distribution flexibility. The property company also benefits from the creation of a simplified, uniform secured debt structure for the non-securitised part of the group.
SJ Berwin was involved in 11 of the new properties coming into the debenture. The SJ Berwin team was led by real estate partner Lewis Myers with partner Helen Willett, assisted by associate Robert Kilgour.
The British Land Company plc is a long established client of SJ Berwin.List your legal jobs on the LawFuel Network