Global law firm Clifford Chance has advised Lloyds and NatWest, as joint global coordinators and joint physical bookrunners, on the £350,000,000 sustainability senior notes issuance by Co-operative Group Limited, the largest consumer co-operative in the United Kingdom. The proceeds of the issuance will be used to refinance certain of Co-op’s existing indebtedness and an amount equivalent to the net proceeds will be allocated in accordance with Co-op’s sustainable bond framework to finance or refinance eligible sustainable projects.
Clifford Chance’s team advising the banks was led by partner Drew Rundus, with associate Trey Oxendine and law clerk Rory Farquharson. Partner Bruce Kahl and senior associate Andy Whelan separately advised the trustee on the transaction.
