Global law firm White & Case LLP has advised the underwriters on FTSE 100-listed SSE plc's £2 billion equity placing, the largest equity placing by a company listed on the London Stock Exchange in the past five years.
White & Case advised the underwriting banks led by Morgan Stanley & Co. International plc, UBS AG London Branch and Barclays Bank PLC as joint global co-ordinators and joint bookrunners, and also comprising BNP PARIBAS, J.P. Morgan Securities plc (which conducts its UK investment banking activities under the marketing name J.P. Morgan Cazenove) and Merrill Lynch International as joint bookrunners, and Banco Santander, S.A. and RBC Europe Limited as co-bookrunners.
The equity placing represented approximately 8.8 percent of SSE's issued share capital and comprised a £2 billion placing to institutional investors with a separate director subscription and retail offering made via the RetailBook platform. SSE intends to use the net proceeds to fund its £33 billion investment programme for the period 2026 to 2030.
FTSE 100-listed SSE is a leading generator of renewables and flexible energy in the Great Britan and Ireland markets and one of the world’s fastest-growing electricity networks companies.
White & Case has advised on a raft of recent equity raises by key UK energy and utility infrastructure businesses, including National Grid's £7 billion rights issue and Pennon's £490 million rights issue.
The White & Case team which advised on the transaction was led by partner Inigo Esteve (London) and included associate George Davie (London), partner Laura Sizemore (London) and counsel Bob Lehner (Chicago).
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