This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.
Nabarro's Corporate team is advising on a trio of fundraisings on the Main Market and AIM, with Main Market listed clients John Laing Infrastructure Fund and LondonMetric Property raising £120m and £95m respectively (before expenses). The team is also advising Allenby Capital and Dowgate Capital Stockbrokers on AIM-listed Franchise Brands' £28m reverse takeover of Metro Rod and associated £20m placing.
John Laing Infrastructure Fund, the FTSE 250 international PPP infrastructure investment company, will use the proceeds of its placing to repay the majority of its outstanding revolving credit facility, creating flexibility for the company to finance future acquisitions.
FTSE 250 listed REIT, LondonMetric Property invests in retailer-led distribution and logistics, out of town and convenience retail and intends to use the proceeds of the issue to fund the acquisition of predominantly "last mile" distribution assets and to finance newly committed distribution developments. The LondonMetric Property placing was conducted as an accelerated book-build.
AIM-listed Franchise Brands is a group of international multi-brand franchisors with a combined network of over 400 franchisees in 12 countries, but predominantly in the UK. Its principal brands are ChipsAway, Ovenclean and Barking Mad. Metro Rod is a leading provider of drain clearance and maintenance services serving national business customers across multiple sectors including facilities management, retail, water utilities, social housing, hospitality and insurance, as well as local businesses and other customers in the private and public sectors.
Corporate partner, Kristy Duane, led the Nabarro teams advising John Laing Infrastructure Fund and LondonMetric Property, assisted by US Counsel David Rivera, senior associate Gordon Anton, associate Ross Hockley and trainee Sam Newsome. Corporate partner, Alasdair Steele, assisted by senior associate Jack Shepherd and associate Emmanuelle Ronez are advising on the Franchise Brands deal.
Commenting on these fundraisings, Corporate partner Kristy Duane said:"These successful fundraisings demonstrate that the London markets remain open with investors willing to continue to fund growing companies, despite the political and economic uncertainties. Nabarro's market leading ECM team, soon to be combined with CMS and Olswang, continues to be active, supporting our capital markets clients across the full range of equity issuances."