Linklaters advised a number of bondholders as Punch Taverns, Britain’s second largest pub group, completed all remaining conditions to restructuring proposals. The deal saw the restructuring of Punch’s £2.3 billion structured debt and £83 million of listed equity.

The restructuring will give certain bondholders more rights, including purchase rights for bondholders and exclusive right to credit bid for certain bondholder classes, should Punch be in financial distress in the future.

Tony Bugg, Global Head of Restructuring & Insolvency, at Linklaters said: “This was an extremely complex restructuring involving a consensual deal between multiple stakeholders – the end result means it will be transformational for Punch as a company and for the bondholders.”

In connection with the restructuring proposals, Punch has issued a total of 3,771,151,200 new ordinary shares as contemplated by the Prospectus. Admission of these new ordinary shares to the Premium Listing segment of the Official List of the UK Listing Authority.

The Linklaters team was led by Restructuring partners Tony Bugg and Nick Le Masurier and Capital Markets partner Mark Nuttall.