Shearman & Sterling advised Barclays Bank PLC, as sole bookrunner, on Stonegate Pub Company Financing plc’s (the “Company”) high yield notes offering of £405 million, 4.875% senior secured notes due 2022 and £190 million floating-rate senior notes due 2022. The notes are guaranteed on a senior secured basis by Stonegate Pub Company Limited (the “Parent”) and all of its material subsidiaries. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on March 16, 2017.

The proceeds from this offering were or will be used primarily to redeem the Company’s existing notes and to pay the associated redemption premium and accrued and unpaid interest, as well as to return capital invested by the Parent in the Company and to make a distribution to the Parent. The firm also advised Barclays Bank PLC in connection with Stonegate Pub Company Limited’s new revolving credit facility.

Stonegate Pub Company Limited is one of the largest managed pub companies in the United Kingdom, operating 689 pubs, bars and other venues across the country.

The Shearman & Sterling team included partners Jacques McChesney (London-Capital Markets), Iain Goalen (London-Finance), Kristen Garry (Washington, DC-Tax) and Simon Letherman(London-Tax); counsel Mark Adams (London-Real Estate) and Mehran Massih (London-Environmental); and associates Randy Nahlé, Minkyu Park (both London-Capital Markets), Camilla Hunter, Warren Stapley (both London-Finance), Adam Sternberg (New York-Tax), Devon Yamauchi (Washington, DC-Tax), Elizabeth Emerson and Lois Howarth (both London-Tax).