Ashurst advises Barclays and Jefferies on £140 million firm placing and placing and open offer by Countrywide plc

Ashurst advised Barclays Bank PLC and Jefferies International Limited as joint global co-ordinators and joint bookrunners (and Jefferies as sponsor) in relation to a £140 million firm placing and placing and open offer by Countrywide plc announced on 2 August 2018.

Countrywide is the largest integrated, full service residential estate agency and property services provider in the UK measured by market share of all new listings on Rightmove (based on data for August 2017 through to 23 July 2018). The equity fundraise was one of the inter-conditional steps of Countrywide's extensive Capital Refinancing Plan, which seeks to strengthen its balance sheet, reduce leverage and enable Countrywide's turnaround. The Capital Refinancing Plan also included an amended Revolving Credit Facility, which will provide Countrywide with additional financial flexibility to execute its strategy and turnaround plan.

The transaction was approved by shareholders at a general meeting held on 28 August 2018. Admission of the new ordinary shares to the London Stock Exchange occurred on 30 August 2018.

The Ashurst team was led by partner Simon Bullock, assisted by associate Maria McAlister and solicitor Louise Johnson. Eric Stuart led the US Securities team, assisted by senior associate Jeffrey Johnson and associate Robert Thurlow. Corporate counsel Caroline Chambers and consultant Jeff Sultoon also advised on the transaction.