Europe awards: equity

Author: | Published: 18 Mar 2010

Equity deals of the year

L-R: Stephen Griffin of Linklaters, Donald Guiney of Freshfields, Yannis Manuelides of Allen & Overy, Elizabeth Fournier of IFLR

WINNER: Lloyds rights issue

While Lloyds’ contingent convertible bond made headlines, the rights issue portion of its offering was equally innovative. This was the first rights issue to include step-up underwriting, which led to the pricing of the offering after launch. It was also the first-ever underwritten liability management exercise, and first combined rights issue and liability management.

Holders of existing Lloyds securities were offered four different exchange options when they took part in the US exchange offer. The way these four options interacted was controlled through an innovative structure, using two 52-stage waterfalls.

Linklaters - Lloyds
Maclay Murray & Spens -Lloyds
Freshfields Bruckhaus Deringer -underwriters


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