Trusts Matters - edition 1

CORPORATE TRUSTS © Stephenson Harwood LLP 2018. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/ or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP. The fibre used to produce this paper is sourced from sustainable plantation wood and is elemental chlorine free. LONADMIN/8679511/9188175 Healthcare sector Advising the bond trustee and security trustee in relation to a restructuring of £1 billion debt securities programme issued by a major UK listed company active in the healthcare sector. Bluebonnet Finance plc Advising the trustee on rating downgrade and manifest error issues, consent solicitation processes and liquidity facility issues reacting to €1,340 million secured floating rate notes issued by Bluebonnet Finance plc. BoS Notes Advising the trustee on issues affecting US$250 million Undated Floating Rate Primary Capital Notes issued by The Governor and Company of the Bank of Scotland (now Bank of Scotland plc). Plantation Place Advising the trustee in relation to consents, waivers and enforcement issues on a £460 million single asset real estate securitisation. Foundation Park advising in the trustee in relation to a tender offer affecting £266 million secured floating rate notes issued by Real Estate Capital (Foundation) Limited and on transfer of property management and investment functions and related investor approvals. Real Estate sector Advising the trustee on the substitution of real estate assets secured in support of £100 million Mortgage Debenture Stock issued by a major commercial property investment and asset management company. SEGRO plc Advising the bond trustee in relation to a substitution of issuer on a £360 million bond issue. Coriolanus Advising on a delegation of rights and functions from Deutsche Trustee Company Limited, and issues arising, in relation to Coriolanus Limited's €10 billion secured note programme. British Energy Advising the existing bond trustee on the restructuring of the British Energy Group and the related Scheme of Arrangement and advising the new trustee in relation to a new issue of £700 million bonds issued by British Energy Holdings plc as part of the restructuring. Marconi Advising the trustee in relation to the restructuring of Marconi Corporation plc and its subsidiaries and the related Schemes of Arrangement. TXU Advising the note trustee on CVAs implemented in respect of TXU Europe Limited, the guarantor of £275 million notes and £301 million resettable securities issued by TXU Eastern Funding Company. Railtrack Advising the bond trustee in relation to Railtrack’s 7 bond issues on the transfer of Railtrack’s business to Network Rail. Barings Advising the bond trustee on the insolvency of Barings, including in relation to disputes between bondholder groups, dealings with hostile hedge funds and a scheme of arrangement. Graso Shipping Limited Advising a multi-national bank as new security trustee in relation to a circa US$56 million secured loan facility made available to a large shipping company. Videocon Advising a major bank in its capacity as escrow agent in relation to a high profile Indian M&A transaction. Global financial institution Advising a cash manager in relation to claims arising out of the expiry of a liquidity facility. White Pine / Whistlejacket Advising the security trustee on the merger of White Pine and Whistlejacket, two SIVs. TH Global Acting for the bond trustee on the restructuring of the TH Global group.

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