Leading global law firm Baker McKenzie has advised Biffa plc, the UK's leading sustainable waste management company, on its successful cashbox placing of ordinary shares representing approximately 19.99% of existing issued share capital.
HSBC Bank plc and Numis Securities Limited acted as joint global coordinators and joint bookrunners in connection with the placing. N.M. Rothschild & Sons Limited acted as the sole financial adviser to Biffa.
The transaction, which also included a retail offer via the PrimaryBid platform and a direct subscription by members of Biffa' senior management team, raised gross proceeds of approximately £100 million. The funds raised will be used to ensure that Biffa emerges from the COVID-19 pandemic with a strong balance sheet and has the financial agility to take advantages of the opportunities expected to arise from the crisis.
The Baker McKenzie team was led by London Corporate Finance Partners Helen Bradley and James Thompson, supported by Partner Megan Schellinger (in relation to US securities law issues), Associate Paul Anderson and Trainee Solicitor Harriet Jupp.
Commenting on the transaction, Helen Bradley said: "It has been great to support Biffa on this fund raise and deepen our relationship by helping the Board build upon its decisive response to the COVID-19 crisis and deliver its compelling growth strategy."Baker McKenzie is a transactional powerhouse with over 2,500 deal lawyers and expertise in over 46 countries. We do more cross-border transactions than any other law firm in the world, and are ranked #1 in cross-border deals over the past decade. We are global and local, combining money market sophistication with local excellence. The Firm assists clients through all stages of a transaction, from preparing the business for sale or performing due diligence, to negotiating the purchase agreement, coordinating the closing across multiple jurisdictions, and integrating the operations of the resulting business.