In Brief – July/Aug 2015

 IN BRIEF

•  Milbank Tweed Hadley & McCloy, Paul Hastings and Weil Gotshal & Manges have all advised on the two and half-year long restructuring of the General Healthcare Group (GHG). GHG owns BMI Healthcare, which is one of the UK’s largest private hospital groups. Capita Asset Services acted as the servicer in the transaction, responsible for negotiating the position of senior lenders in the £1.5 billion restructuring. Other firms involved in the deal include Clifford Chance, who represented the swap counterparties in the deal. Sidley Austin acted for Commerzbank when it agreed to convert the debt into a swap term loan, while Simmons & Simmons represented the executive board of GHG.
•  Freshfields Bruckhaus Deringer has retained its role for the Government on the future of Royal Mail, advising as the Department for Business, Innovation and Skills (BIS) sells its remaining 30 per cent stake in the company valued at around £1.5 billion. Freshfields London partners Mark Austin and Julian Makin are representing BIS as it sets about selling the remaining holding of shares. The sale will complete the privatisation of the Royal Mail that began with an initial public offering of shares in October 2013. The remaining 70 per cent of Royal Mail is held by a combination of employees and private investors.
•  Ashurst, Mason Hayes & Curran and Pinsent Masons have all won top roles on the planned London IPO of Irish homebuilder Cairn Homes, as it intends to raise proceeds of around Euro350 million to Euro400 million. Pinsent Masons advised the company with a team led by partner Andrew Black. He was joined by international development partner Gareth Edwards, corporate partner Louise Wolfson and senior associate Chrissy Findlay. Ashurst partner and head of its equity capital markets practice Nicholas Holmes represented joint global coordinators Credit Suisse and Goodbody from his London base alongside US securities partner Jennifer Schneck.