DLA Piper has advised Sutton Coldfield-based funeral services firm Dignity Group on its exchange offer and further issue of secured notes.
The bond issue will be followed by a return of circa £64 million to shareholders, equating to £1.20 per ordinary share. Following the transaction the group's annual debt service costs are expected to reduce from £40 million to approximately £33 million.
The DLA Piper transaction team comprised corporate and debt capital markets specialists including John Campion, Martin Bartlam, Ceri Williams-Jones and Chris Godwin.
Noel Haywood, client relationship partner for Dignity, said: "Dignity is a longstanding and deeply valued client and we are delighted to have been able to assist the company on what was a complex transaction."
