DLA Piper has advised Dignity Group (“Dignity”) on its exchange offer and further issue of secured notes which was completed on 17 October 2014.
The bond issue will be followed by a return of circa £64 million to shareholders, equating to £1.20 per ordinary share. Following the transaction the group’s annual debt service costs are expected to reduce from £40 million to approximately £33 million.
The DLA Piper transaction team comprised corporate and debt capital markets specialists including John Campion, Martin Bartlam, Ceri-Williams-Jones and Chris Godwin.
Mike McCollum, Chief Executive of Dignity commented: “I am delighted that our bondholders supported the proposals. This is an excellent transaction for them and for our shareholders. The Group is now locked in to the current low interest environment for the longer term, with a structure that will protect it from increasing interest rates and refinancing risk.”
Noel Haywood, client relationship partner for Dignity, commented: “Dignity is a longstanding and deeply valued client and we are delighted to have been able to assist the company on what was a complex transaction”.
Source: news.dlapiper.com
