Herbert Smith is advising client Bradford & Bingley plc, the UK mortgage bank, on its proposed rights issue of £300 million to raise additional capital. The bank will primarily use the funds raised to strengthen its capital position.
The Herbert Smith team is being led by partners Michael Walter, Adam Levitt and Will Pearce. Derek Hill advised on tax matters, Paul Ellerman on employee incentives and Adam Wells on US securities law.
Michael Walter, head of corporate, Herbert Smith commented:
"We are delighted to have assisted our long-standing client, Bradford & Bingley plc, to achieve this important step in its ongoing funding strategy. We take great pride in the support we are able to provide to the firm's institutional and corporate clients as they look to strengthen their financial and competitive positions in an increasingly challenging economic environment."
The rights issue has been underwritten by Citi and UBS, both of whom have been advised by Freshfields Bruckhaus Deringer.
Notes to editors
- Herbert Smith LLP is an international legal practice with 1300 lawyers (including over 240 partners) and a network of offices in Europe and Asia. It has a formal alliance with leading German firm Gleiss Lutz and leading Dutch and Belgian firm Stibbe. On 1 April 2005 Herbert Smith became Herbert Smith LLP, a limited liability partnership. www.herbertsmith.com
- For further information please contact Will Pearce on 020 7466 2622, Adam Levitt on 020 7466 2999, or communications manager Tina Bennett on 020 7466 3917.