Ashurst and Freshfields lead on £360m National Express rights issue

Ashurst is advising longstanding client National Express as it pushes ahead with plans for a £360m rights issue. London corporate partner Steven Fox is leading the firm's team assisted by senior associate Tom Mercer and US corporate partner Daniel Bushner. Ashurst is working opposite Freshfields Bruckhaus Deringer, for which corporate partners Julian Makin, Simon Witty, Sarah Murphy and senior associate Mark Austin are advising a consortium of banks underwriting the issue. The banks include Merrill Lynch and Morgan Stanley. National Express initially considered raising the cash to help pay off its £1bn debt pile some nine months ago, but since then has been the subject of two failed merger bids. The company abandoned merger talks with Stagecoach last month, while the group's largest shareholder, the Cosmen family, and private equity firm CVC Capital Partners also walked away after expressing an interest.

Ashurst and Freshfields lead on £360m National Express rights issue legalweek.com Thu, Nov 12, 2009