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Latham Advises on £120 Million Placing by Polypipe Group

May 14, 2020
London team represents bookrunners in cashbox placing for leading manufacturer of plastic piping systems.

Latham & Watkins advised Deutsche Bank and Numis as joint bookrunners on a £120 million cashbox placing by Polypipe Group plc (Polypipe), a leading provider of sustainable water and climate management solutions for the built environment.

The placing represented 13.4% of Polypipe’s issued share capital and was conducted through an accelerated book building process. The proceeds will be used to strengthen Polypipe’s balance sheet, reduce overall debt and lower leverage, enhancing the operating strength of the group and enabling continued organic investment.

This builds on Latham’s prominent equity capital markets activity in London since the start of the COVID-19 pandemic, following its work on placings for J D Wetherspoon, Hays and Assura, and the premium listing of Diversified Gas & Oil on the LSE.   

The team was led by London corporate partner Chris Horton, with associates Anna Ngo and Frederick Gardner. London partner Ryan Benedict and associate Sarah Youssefi advised on US securities law matters.