Leading international law firm Freshfields Bruckhaus Deringer is advising Barclays Bank plc as global co-ordinator, Credit Suisse as sponsor, Credit Suisse, Deutsche Bank, Citigroup and Bank of America Merrill Lynch as joint bookrunners and underwriters on Barclays plc’s proposed rights issue to raise approximately £5.95 billion.
The rights issue is expected to be launched in September following the approval of a prospectus by the UKLA and the filing of a US prospectus with the SEC. Barclays intends to use the rights issue proceeds, together with a number of other leverage exposure and capital management actions, to meet the bank’s required PRA Leverage Ratio target of 3%.
The Freshfields team is being led by senior partner Will Lawes, alongside corporate partners Julian Makin, Sarah Murphy and Mark Austin. UK tax advice is being provided by partner Richard Ballard.
