BLP advises Hadrian’s Wall Secured Investments Limited on £80m Main Market Initial Public Offering
International law firm Berwin Leighton Paisner (BLP) has advised Hadrian’s Wall Secured Investments Limited (HWSIL) on its successful initial public offering (IPO) and admission to trading on the premium segment of the London Stock Exchange. Trading in HWSIL’s shares became effective today, Monday 20 June 2016. HWSIL raised £80m as part of the IPO and has also established a placing programme which will enable it to issue up to 250m shares over the next 12 months.
HWSIL is a Guernsey-incorporated closed-ended fund which will invest primarily in UK commercial loans to small-to-medium enterprises secured against a range of assets. The investment adviser to HWSIL is Hadrian’s Wall Capital Limited, a London-based specialist adviser in debt origination and portfolio management.
The multi-disciplinary BLP team was led by Corporate Finance Partner Richard Werner, assisted by Corporate Finance Associate Patrick Lilly. The team also included Regulatory Partner Matthew Baker, Tax Partner Michael Wistow and Tax Senior Associate Kunal Vyas and Partner Jayne Black and Associate Lei Shao from BLP’s structured finance team.
Richard Werner commented: “We are delighted to have advised Hadrian’s Wall on its successful launch. The IPO was completed shortly before the Brexit referendum, against the backdrop of very challenging equities markets and is the first Main Market IPO of a listed fund in 2016. That this was achieved is testament to the very strong and differentiated proposition of HWSIL.”
Winterflood Investment Trusts acted as sole financial adviser, bookrunner and sponsor to HWSIL.