White & Case advises Metro Bank ad-hoc bondholder group on equity raise and debt refinancing

Global law firm White & Case LLP has advised an ad-hoc group of Metro Bank Holdings plc (Metro Bank) bondholders (Ad-hoc Group) on part of a £150 million equity raise, a £175 million notes issue and a £600 million debt refinancing package.

"This transaction was one of the most high profile 'challenger' recapitalisations in the UK banking market in 2023," said White & Case partner Christian Pilkington, who led the Firm's deal team. "It showcases the strength of our offering across debt capital markets, restructurings and M&A involving banks and other financial institutions."

The transaction completed on November 30, 2023. White & Case advised the Ad-hoc Group on a consent exercise to amend the terms and conditions of the £350 million Fixed Rate Reset Senior Non-Preferred Notes due 2025 issued by Metro Bank under its £3 billion Euro Medium Term Note Programme (Existing MREL Notes), which included their redemption being effected by way of delivery to the holders of the Existing MREL Notes of new £525 million 12% Fixed Rate Reset Callable Notes due 2029 issued by Metro Bank.

It also included a consent exercise to amend the terms and conditions of the £250 million Fixed Rate Subordinated Notes due 2028 and the issuance by Metro Bank of new £150 million 14% Fixed Rate Reset Callable Subordinated Notes due 2034.

The White & Case team in London that advised on the transaction was led by partner Christian Pilkington and included partners Neha Saran and Hyder Jumabhoy, counsel James Clarke and associates George Davie, Robbie Powell, Emily Thomson and Valerie Seah.

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