Milbank Advises Punch Pubs on Its £640M High Yield Bond Offering and Revolving Credit Facility

Milbank LLP advised Punch Finance plc, a wholly owned finance subsidiary of Punch Pubs Group Limited (“Punch”), in connection with its offering of £640 million 7.875% senior secured notes due 2030 (the “Offering”) and the amendment, restatement and upsize of its super senior revolving facilities agreement to £85 million. Milbank also advised Punch in respect of its tender offer for its outstanding £600 million 6.125% senior secured notes due 2026.

The proceeds from the Offering will be used to refinance Punch’s 6.125% senior secured notes due 2026 and repay amounts outstanding under its revolving credit facility.

Punch is one of the leading pub companies in the United Kingdom, with a portfolio of 1,264 pubs across England, Scotland and Wales. Punch owns an extensive and well-distributed estate of predominantly freehold properties, a large proportion of which are in Southeast England and the Midlands.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Trevor Truman, and associates Chara Makrygianni and Panos Tsezos. The team also included European Leveraged Finance/Capital Markets partner Alexandra Grant, special counsel Peetra Anderson-Figueroa, associates Giulia Petragnani Gelosi and Obinna Mezu and trainee solicitor Michael Brown, as well as London Tax partner Alan Rafferty, associate Freddy Pilkington, New York Tax partner Andrew Walker, associate Blake Rocks, New York Alternative Investments Practice partner Catherine Leef Martin and special counsel Joel Cavanaugh.