ongbird Estates – Proposed placing and compensatory open offer, preference share issue and new credit facility

24 September 2009 – Newswire Service – Slaughter and May is advising Songbird Estates plc on an underwritten placing to raise approximately £430 million; an underwritten compensatory open offer to raise approximately £190 million; an issue of preference shares to raise approximately £275 million; and a new credit facility of £135 million; to raise total gross proceeds of £1.03 billion.

Slaughter and May is also advising Songbird Estates plc on its proposal to use the gross proceeds of its fundraising to purchase its £880 million Citi senior loan facilities and to purchase an 8.45 per cent. stake in Canary Wharf Group from Commerzbank AG for £112.5 million (excluding expenses).

Songbird Estates announced these fundraising initiatives on 24 September 2009.

Weil Gotshal & Manges (London office) also advised Songbird Estates on certain English and US matters.

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