Norton Rose advises on three fund-raisings in one day

25 Feb, 2013

 Leading international legal practice Norton Rose’s London funds team underlined their market-leading position in the listed funds market last week as prospectuses published by three funds on Tuesday (19 February) all involved Norton Rose.


The three funds are Greencoat UK Wind plc, TwentyFour Income Fund Ltd and NB Global Floating Rate Income Fund Ltd.


Head of Funds and Norton Rose partner, Ian Fox, said: “The current level of activity in the marketplace underlines the growing appetite for funds which are able to provide attractive income yields in the current low interest environment. Our team is perfectly placed to advise on listings of this nature.”


Greencoat Wind UK, which is looking to raise £205-£260 million, aims to operate UK wind farms and is seeking a listing on the premium segment of the official list. It will be fully invested at launch and has signed agreements to acquire a seed portfolio from two major utilities, RWE and SSE. It represents the first opportunity to invest into a listed infrastructure fund, fully invested in operating UK wind farms. The Department for Business, Innovation & Skills and SSE are providing cornerstone funding of up to £93 million. The balance of the funds is to be raised pursuant to a placing and offer for subscription.


RBC Capital Markets is acting as sole global co-ordinator, sponsor and joint bookrunner, Barclays is joint bookrunner and Winterflood Securities co-lead manager. Funds partners, Michael Newell and Cathy Pitt led the fund establishment team, assisted by associates Nick Harmes and Laura Dillon. Corporate partner Stephen Rigby led the team advising on the seed acquisitions, assisted by Fay Stavrou and Keith Law.

Energy Projects partners Andrew Hedges and Nick Pincott, assisted by Kathryn Emmett, Aditi Mehra, Jessica Bethell-Jones and Preeti Capildeo managed project diligence and the negotiation of a suite of project level documentation relating to the seed acquisition. Partners Andrew Hedges and Nick Pincott assisted by Kathryn Emmett, Jessica Bethell-Jones and Inga Aryanova also advised on construction, maintenance, regulatory and other project matters.


TwentyFour Income Fund is seeking to raise up to £250 million on its IPO, through a placing and offer for subscription accompanied by a 12 month placing programme under which up to a further £250 million could be raised. The Norton Rose team, comprising Head of Funds, Ian Fox and senior associate Margaret Simcock, are acting for Numis Securities Limited as sponsor, broker and financial adviser.


NB Global Floating Rate Income Fund is seeking to raise in excess of £100 million through an issue of Sterling C shares. It is a non cellular Guernsey company listed on the premium segment of the official list and whose investment policy is to invest mainly in floating rate senior secured loans issued in U.S. Dollars, Sterling and Euros. The Norton Rose team, again led by Ian Fox, assisted by Margaret Simcock, advised Oriel Securities as sole sponsor and Oriel and Dexion Capital’s joint financial adviser and book runners.

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