Morrison & Foerster represented BBC Commercial Holdings Limited in connection with its $216 million and £28 million cross-border private placement of senior unsecured notes into the United States. The offering was made in accordance with Section 4(a)(2), and the co-placement agents were Barclays Capital Inc. and Lloyds Securities Inc.
This deal marks the BBC’s first-ever direct bond issuance, which has a seven-year term set at 2.71% U.S. dollar interest rate. The proceeds from the issuance will be used to refinance existing debt within the BBC’s commercial business and for content development purposes.
Morrison & Foerster London Capital Markets/Debt Private Placements partner Brian Bates led the BBC deal team, with key assistance from London Capital Markets of counsel Jacob Mendoza.
MoFo’s representation of BBC Commercial Holdings in this first-ever deal was covered in Legal Week.