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Pinsent Masons Advises UCL on GBP 300 Million Sustainability Bond

Sustainability is a broad policy and ethical concept that is commonly considered to have three dimensions: the environmental, economic and social dimension. It stresses intergenerational equity. The concept can be used to guide decisions at all scales: at the global, national and individual consumer level scale.

Pinsent Masons LLP has advised University College London on its debut issue of £300m 1.625% sustainability bonds due 2061 – the first publicly listed sustainability bonds in the higher education sector.

The bonds are rated Aa3 by Moody’s and were priced at a spread of 0.50% over the relevant reference gilt.

Pinsent Masons is an international law firm which specialises in the energy, infrastructure, financial services, real estate and advanced manufacturing and technology sectors. The firm ranks among the top hundred law firms in the world by turnover.

UCL will allocate an amount equivalent to the net proceeds of the bonds to the acquisition, financing, or refinancing of new or existing eligible sustainable projects in accordance with its sustainability finance framework.

The team at Pinsent Masons was led by debt capital markets and sustainability bond finance expert Alexis Hayworth, with governance advice from partner and higher education expert Gayle Ditchburn and assistance from higher education finance solicitor Katy McBride.

Commenting on this, Alexis Hayworth said: “We are delighted to have advised on UCL’s debut sustainability bond, which showcases the strength and depth of Pinsent Masons’ higher education finance practice.

It is great that we are seeing higher education providers positively embrace sustainability products and we anticipate this trend continuing within the sector given the focus on the environment across campuses and the momentum of ESG as an asset class in the market this year.”

Commenting on the issue, Dr Michael Spence, UCL President & Provost, said: “We are delighted by the success of this issue, and by the strong support shown by investors in UCL’s history and future. I am particularly proud that this is the sector’s first Sustainability Bond.

It demonstrates our deep commitment to sustainability as an organisation and to addressing the global impact of climate change through our world-leading research.”

Pinsent Masons Advises KATEK SE on Latest IPO

An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges.

Pinsent Masons advised KATEK SE and Hauck & Aufhäuser Privatbankiers AG on KATEK SE’s initial public offering on the regulated market of the Frankfurt Stock Exchange.

Led by corporate partner at Pinsent Masons Dr. Alexander Thomas, the firm prepared the IPO prospectus and assisted in the prospectus approval process. Hauck & Aufhäuser acted as Sole Global Coordinator and together with M.M.Warburg & CO as Joint Bookrunners for the IPO.

Commenting on the listing, Dr. Alexander Thomas, said: “We are delighted to have joined the Joint Bookrunners in the successful IPO of KATEK SE. KATEK is a very dynamic and high-growth company that addresses global trends such as the rise of electric vehicles and the need for e-mobility charging stations, the increasing demand for solar energy and innovative healthcare solutions.

By going public, KATEK is taking the next step in its growth story.”

KATEK SE is the parent company of the KATEK Group, a leading European electronics company offering hardware and software development, prototyping and manufacturing, and related services.

The range of services covers the entire life cycle of electronic assembly projects and devices.

All 3,948,042 shares were placed at a price of EUR 23.00 per share. The offering comprised 3,433,080 newly issued shares from a cash capital increase and 514,962 shares from the holdings of existing shareholders as part of an over-allotment in line with market conditions.

KATEK SE plans to use the circa EUR80 million proceeds of the IPO to advance its growth strategy.

The team at Pinsent Masons included capital markets partner Dr. Susanne Lenz, capital markets senior associate Dušan Stojković and associate Sara Šepac.

Pinsent Masons Named Top 50 Employer for Women

Pinsent Masons has been recognised for its commitment to achieving gender equality, being named in The Times Top 50 Employers for Women report for the fifth consecutive year.

The Times Top 50 Employers for Women annual listing identifies companies which embed gender equality into their business strategy. Businesses are assessed on a range of areas, including their approach to recruitment, family friendly policies and how they have championed gender equality in the context of the pandemic.

The Times is a British daily national newspaper based in London. It began in 1785 under the title The Daily Universal Register, adopting its current name on 1 January 1788.

Pinsent Masons has enhanced its commitment to inclusion and belonging in recent years to further support its people and promote equality across its business. Earlier this year, the firm brought forward the launch its Global Carers Policy to support families and individuals with caring responsibilities affording additional annual leave and launched several new network groups including its Fertility Support Group and Fan Club, its menopause awareness group.

Gender Equality Director at Business in the Community, Charlotte Woodworth, said: “COVID-19 has shone a light on how far we have to go on gender equality: by having to pick up things like the bulk of extra caring responsibilities, women have been disproportionately affected by lockdown.

We congratulate the many employers who have maintained their efforts towards gender equality at this time, often introducing innovative policies to support their workforce during this period. This year’s application process for The Times Top 50 Employers for Women was the most competitive one we have seen in five years. Employers like Pinsent Masons haven’t forgotten women at work and they are committed to making gender inequality a thing of the past.”

Pinsent Masons is an international law firm which specialises in the energy, infrastructure, financial services, real estate and advanced manufacturing.

Pinsent Masons Provides Breakthrough Legal Advice

Pinsent Masons has provided the legal advice in a set of new reports recommending the latest innovation in the burgeoning technology of data trusts.

The reports, ‘Food Data Trusts: a framework for sharing information’, produced by the Internet of Food Things team at the University of Lincoln and Food Data Trust – Legal, Structuring and Governance, written by Pinsent Masons, both commissioned by the Food Standards Agency propose a breakthrough technology to resolve longstanding issues of consumer confidence in food labelling, origins and authenticity and the legal framework to support this.

The proposal is for a data trust framework under which businesses at all points in the food supply chain, from growers and manufacturers to retailers, can safely share selective in-house data. This could significantly improve supply chain processes while boosting consumer confidence about where foods come from, how sustainably they’re sourced and their authenticity.

The legal report, written by a team of data experts from Pinsent Masons including Andrew McMillan, Sarah Cameron, Michele Voznick, Lauro Fava, Chris Martin, Angelique Bret and Brendan Ryan, sets out the necessary collaboration agreements underpinning a data trust framework.

Professor Simon Pearson, Professor of Agri-Food Technology at the University of Lincoln, said: “It’s easy to understand why businesses are reluctant to share such commercially sensitive information. No one wants to reveal their advantages to their competitors. But, in the data age, this reluctance is holding up much-needed advances.

Sharing data in a secure and limited way can help to expose and tackle problems from incorrect labelling and widespread food fraud to tracing contaminated food, as well as speeding up product recalls.”

Importantly, the framework is not a data trust itself: it is a mechanism to manage data trusts, which might be decentralised, diverse data collections.

It is designed to control the way that data may be exchanged across data trusts that are linked temporarily, to ensure that information can be shared securely for example between regulators and other government departments that need to exchange secure and trustworthy data.

It also provides great potential to connect with AI services in order to provide access to dynamic and fresh data in return for immediate AI-derived information that could benefit the interconnected participants in the supply chain.

The report follows Pinsent Masons’ work on the Open Data Institute’s and Government Office for AI’s ground-breaking data-trust pilots, looking at how data trusts can be used to tackle major global challenges.

Pinsent Masons Hires New Partner in Johannesburg

Pinsent Masons law firm has boosted its corporate capabilities by recruiting Johannesburg-based partner Chris Green.

Chris advises domestic and multinational clients in various sectors, including infrastructure and energy, on matters in Sub-Saharan Africa with a particular focus on domestic and cross-border mergers and acquisitions transactions.

Head of Pinsent Masons Johannesburg, Apicksha Patel, said “Chris brings invaluable transactional experience across Sub-Saharan Africa and his skillset is well aligned to our sector focus. Chris’ appointment compliments our commitment to growing our transactional practice in South Africa, providing invaluable support to investors, funders and developers alike across the continent.”

Chris has advised a number of high-profile clients during his career including AB InBev, Coca-Cola Beverages Africa, CDC Group Plc, BASF Group, Rand Merchant Investment Holdings and Brambles Limited. Recently, Chris has advised BASF Group in relation to various corporate and competition aspects of the separation and sale of its Construction Chemicals business to Lone Star Funds.

Chris has also recently advised Coca-Cola Beverages Africa in relation to its acquisition of a majority interest in Kenyan Coca-Cola bottler, Almasi Beverages Limited.

Commenting on this move Chris said, “I’m extremely pleased to join the team at Pinsent Masons and look forward to working alongside a global team advising on high profile matters including significant global energy and infrastructure projects.”

Chris joins from African firm Bowmans, where he had been a partner since 2014.

Multinational Law Firm Advises Teva Pharmaceuticals

Pinsent Masons law firm has advised Teva Pharmaceuticals’ subsidiary, Actavis Group PTC, on the successful €84m sale of a suite of consumer healthcare products to Karo Pharma AB.

A sale is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money. In some cases, other assets are paid to a seller.

Teva Pharmaceutical Industries Ltd. is an Israeli multinational pharmaceutical company with headquarters in Petah Tikva, Israel.

It specialises primarily in generic drugs, but other business interests include active pharmaceutical ingredients and, to a lesser extent, proprietary pharmaceuticals.

The transaction transfers ownership of the brand portfolio, comprised of Flux®, Decubal®, Lactocare®, Apobase®, Dailycare® and Fludent® from Teva to Karo. The transaction is is expected to close on April 1.

Actavis Generics is a global pharmaceutical company focused on acquiring, developing, manufacturing and marketing branded pharmaceuticals, generic and over-the-counter medicines, and biologic products.

Actavis has a commercial presence across approximately 100 countries.

The Pinsent Masons team was jointly led by partners Allistair Booth and Thilo Schneider and included senior associate Ciaran Wilkinson.

Pinsent Masons is an international law firm which specialises in the energy, infrastructure, financial services, real estate and advanced manufacturing and technology sectors.

The law firm ranks among the top hundred law firms in the world by turnover.