June 16, 2004 – LAWFUEL – Allen & Overy has advised Barclays Bank plc and The Royal Bank of Scotland plc in relation to the debt financing supporting the recommended cash
offer by Thorium plc for Yates Group plc.
Thorium plc, a bid vehicle used by Global Innovation Partners LLC (“GIP”),
made a cash offer of 140 pence per share for Yates which values Yates at
£93 million, making a total enterprise value of £149 million, including
debt. GIP is providing funding of £43.6 million in equity, preference
shares and loan notes, with Barclays Bank plc and The Royal Bank of
Scotland plc providing debt funding of a £107,500,000 senior debt facility
(including a loan note guarantee) and a £20,000,000 mezzanine debt
Leveraged finance partner Andrew Bamber led the Allen & Overy team,
assisted by associates Jon Richards, Stephen Massa and Daniel Finch.
CMS Cameron McKenna acted for GIP.