Wragge & Co’s Banking and Finance team has advised engineering group Dyson on raising £350 million to fund its expansion.
Partner Chris Brierley and associate Angela Boughton advised Dyson on a £270 million revolving credit facility from a syndicate of lenders comprising HSBC, Barclays, ANZ and Clydesdale. Simultaneously, director Edward Sunderland and associate Jonathan Segal advised the client on a £76 million secured private placement with US investors. Solicitor Paul Harrington advised on tax issues.
Dyson will use the funds to expand its engineering base in Malmesbury, develop new technologies and help drive expansion plans in South America, India and China.
Chris Brierley said: “Running and completing these two complex finance deals simultaneously and coordinating international advisers in five jurisdictions demanded first-class project management skills. Our vast experience of acting for large corporates on syndicated loans, coupled with our specialist expertise of private placements ensured a successful completion.”
Martin Bowen, Dyson’s group legal director, added: “Dyson was delighted with the work undertaken by Wragge & Co on this demanding, cross-jurisdictional project. This adds to the record of quality, commercial advice that Dyson has received from the firm in the recent past.”
Sir James Dyson’s privately-owned engineering group has an annual turnover of £770 million. Wragge & Co has advised Dyson on issues ranging from IP to banking since 2000.
In this latest deal, the team worked closely with Martyn Smith and John Shipsey. HSBC acted as the RCF lenders’ agent. Clifford Chance advised the revolving credit facility (RCF) lenders and Bingham McCutchen acted for the bond holders. Nishimura & Asahi advised Dyson in Japan; Blake, Cassels & Graydon in Canada; Zaid Ibrahim in Malaysia; Drinker Biddle in United States; and Blake Dawson in Australia.
Wragge & Co’s Banking & Finance team provides a partner-led service and top-quality legal advice. Bringing a commercial and pragmatic approach to deals, the team advises banks, corporates, private equity companies and public bodies on a full range of domestic and cross-border instructions.
Experience includes advising Sanctuary Group on a £120 million secured bond issue (a tap issue to the £200 million secured bond issue the housing provider launched in March 2009, on which Wragge & Co also advised). Highlights also include acting for HSBC Bank plc on its £70 million term and revolving credit facility to undersea power cable manufacturer JDR Cable Systems.
