Milbank Advises Punch Pubs on Its Private Placement of Senior Secured Notes

Milbank LLP advised Punch Finance plc, a wholly owned finance subsidiary of Punch Pubs Group Limited (“Punch”), in connection with its private placement of £50 million 7.875% senior secured notes due 2030 (the “Private Placement”).

The proceeds from the Private Placement will be used to repay amounts outstanding under Punch’s revolving credit facility and for general corporate purposes, which may include the funding of certain acquisitions. 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, associate Manel Mostefaoui and law clerk Capucine Cusin. The team also included European Leveraged Finance/Capital Markets partner Alexandra Grant, associates Giulia Petragnani Gelosi and Obinna Mezu, as well as London Tax partner Alan Rafferty and associate Liam Markham, and New York Tax partner Andrew Walker and associate Blake Rocks.