Shepherd and Wedderburn’s banking and finance workforce has suggested purchasers on offers with a complete worth of greater than £40 billion in its final monetary yr.
The division of the authorized heavyweight noticed a “busy” 12 months to October 31, supporting purchasers – together with banks, funds, monetary establishments, various lenders, public our bodies, company debtors and sponsors – with a mixture of sturdy deal volumes and advisory work, regardless of the continuing challenges introduced by Covid-19.
The workforce highlighted accomplished notable offers within the yr, together with performing for Neart na Gaoithe Offshore Wind within the £2bn financing of the related offshore wind farm; and Financial institution of Scotland in reference to the availability of £26 million in UK government-backed debt help by way of the Coronavirus Giant Enterprise Interruption Mortgage Scheme (CLBILS) for the UK enterprise of retailer Charles Tyrwhitt.
The legislation agency’s unit additionally acted for Nord/LB in relation to the circa £19m funding of the availability of Clydebank Well being Care and Care Centre below the Scottish Authorities’s Hub initiative; and iconic Scottish model Hunter Boot relating to the Scottish points of its fairness and debt restructuring.
Fiona Buchanan, head of banking and finance at Shepherd and Wedderburn, stated the constructive deal quantity illustrates the unit’s skill to win new mandates from new and present purchasers, together with for quite a lot of high-value debt capital markets offers.
“We noticed an instantaneous shift through the preliminary lockdown in the direction of advising each lenders and company debtors in relation to government-backed schemes such because the Coronavirus Enterprise Interruption Mortgage Scheme (CBILS) [plus] the massive enterprise equal… and the Covid Company Financing Facility, in addition to typical restructuring of debt packages,” she stated.
“Past that, our purchasers have additionally remained lively within the clear vitality, healthcare, know-how, retail, actual property and monetary sectors, reflecting the power of the agency’s experience in these sectors of important significance to the economic system, significantly as we flip our consideration to rising from the Covid-19 pandemic.”
Trying forward, Ms Buchanan stated her workforce’s key goal is to assist purchasers navigate a shifting panorama as a result of financial impression of coronavirus and ongoing uncertainty round Brexit – with the division harnessing know-how.
She added: “Whereas we count on the prevalence of debt restructuring to proceed into the brand new yr, we’ve got additionally seen a gradual enhance in typical funding exercise for companies well-positioned to navigate a path via the pandemic. Improved market confidence over the summer time led to a rise in debt capital markets offers coming to market, which we additionally hope shall be a seamless development into 2021.
“In the long run… our expertise advising on among the UK’s largest clear vitality initiatives thus far sees us well-placed to help purchasers in the direction of a extra sustainable and resilient future.
“A post-Covid-19 setting is unlikely to contain any much less regulation and, in an more and more advanced monetary regulatory setting, we proceed to develop our monetary services advisory observe.”
Shepherd and Wedderburn was based in 1768 and says it’s now the biggest Scottish-headquartered UK legislation agency, with workplaces in Edinburgh, Glasgow, Aberdeen, London and Dublin.