Temple Bright advises relating to £390m loan note issuance by Boparan Holdings
15/01/2025
Temple Bright’s London office has worked closely with Davis Polk in connection with the high yield notes offering and credit facility refinancing by Boparan Holdings in October 2024, with Temple Bright providing the specialist pensions advice for the refinancing.
Boparan Holdings is the parent of a food group which, alongside holdings in baked goods and bakery, includes the 2 Sisters Food Group, the country’s largest poultry producer. The issue of notes and refinancing at the end of October was followed in November 2024 by an improved credit rating from both Standard & Poor and Fitch for Boparan Holdings.
In relation to the bond issuance, a spokesman for Boparan Holdings said: “We are pleased to announce the successful pricing of our bond offering, which underlines the market’s confidence in our business and its belief in our on-going transformation strategy. The performance over the past 12 months has been very positive, and the proceeds of this deal will provide additional financial security and will help to deliver our growth plans. We would like to thank our bond investors for their support.”
Boparan Holdings were advised by King & Spalding, and the underwriters and lenders were advised by Davis Polk’s corporate and finance teams, led by Luke McDougall and Reuven B. Young. Because of the defined benefit pension scheme operated by the Boparan Holdings group, specialist pensions law expertise was required to ensure that regulatory requirements were met. In providing this advice, Rosalind Connor of Temple Bright’s London office worked closely with Davis Polk’s London office to provide this insight to the underwriters and lenders, and assure that the appropriate disclosures were clear and accurate.
