Lovells

Lovells has advised Babcock & Brown Public Partnerships Limited (BBPP), a global public infrastructure fund listed on the main market of the London Stock Exchange, on a successful issue of C Shares in BBPP by way of an offer for subscription and placing.  The results of the offer and placing were announced on 17 April.  

The issue, which saw demand from both institutional and private investors, provides BBPP with additional equity capital to complete the previously announced acquisition of a further portfolio of UK, European and Australian public infrastructure assets as well as additional funding for its projected investment pipeline.  These assets will be accounted for and managed as a separate pool of assets attributable to the C Shares until the C Shares are converted into Ordinary Shares using a conversion ratio reflecting the respective net asset values of the C Share and Ordinary Share asset pools.  The C Share structure allows BBPP to broaden its shareholder base without a dilutive impact on the existing ordinary shareholders.  

An application has been made for the C Shares to be admitted to the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange.  

The Lovells team advising BBPP was led by infrastructure partner Steven Bryan with assistance from funds senior associate Erik Jamieson, project finance partner Philip Brown and senior associate Mhairi Weir and corporate associates Ben Sulaiman and Christian Santo.  BBPP was advised by UBS as sponsor, global coordinator and bookrunner, and by UBS and Macquarie as joint lead managers.  

Lovells also advised on the initial listing of BBPP in November 2006 which raised £300 million by way of an offer for subscription and placing.