Ashurst has advised Issuer and Borrower subsidiaries of Punch Taverns Plc's A and B securitisations on the restructuring of the £2.2 billion securitisations.

The agreed restructuring involves a £50 million firm placing of new equity into Punch, the exchange of existing junior notes for a combination of cash, new notes and equity, the redesignation or repayment of existing senior notes, a £7 million subscription for new notes in Punch B, crystallisation and reprofiling of existing swap liabilities and amendments to the existing liquidity facilities.

Punch is Britain's second largest pub group with a portfolio of 3,835 pubs nationwide and also holds a 50% shareholding in Matthew Clark, a leading UK drinks wholesaler and distributor. Is listed on the London Stock Exchange and is finance via two separate securitisation structures (Punch A and Punch B).

The Ashurst team was led by restructuring partners Dan Hamilton and Simon Baskerville, assisted by associate Jonathan Firmston.