Milbank LLP advised the initial purchasers in connection with two concurrent private securities offerings by Nuveen, LLC to fund a portion of the £9.9 billion ($13.4 billion) purchase price for Nuveen’s acquisition of UK-based Schroders plc. The combination of Nuveen and Schroders created the tenth-largest investment manager globally by AUM, responsible for $2.6 trillion in assets under management and a presence across more than 40 markets.
The two separate offerings, which were executed concurrently across the U.S. and U.K. markets, comprised an offering of sterling-denominated senior notes, Nuveen’s debut sterling-denominated offering, and a multi-tranche offering of U.S. dollar-denominated senior notes.
“Nuveen’s acquisition of Schroders is a landmark transaction, creating a global powerhouse in asset management” said Jonathon Jackson, partner and practice group leader of Milbank’s Corporate Finance and Securities group, “Milbank was proud to advise the banks on the successful execution of the financing, which involved the synchronized, same-day pricing of offerings in the U.S. and U.K. markets. Navigating the complexities of a cross-border offering of this scale required close coordination, and enabled Nuveen to optimize the financing costs for the acquisition in a volatile macroeconomic environment.”
The Milbank deal team was led by Corporate Finance and Securities partners Jonathon Jackson and Brett Nadritch with associates Isobel Smith, Mackenzie Martin, Christopher Puglisi, Rowan Pierson, and law clerk Shireen Faisal.
