Law firm Bond Pearce has advised Chemring Group plc, the major defence organisation, on raising $280 million from the US private placement market to finance completion of the acquisition of Hi Shear Technology Corporation and to support further growth and expansion plans.
The facility was jointly arranged by Lloyds Banking Group and Bank of America and sits alongside Chemring’s existing bank facilities.
Graham Jeffries, Banking Partner at Bond Pearce, commented: "We have a long standing relationship with Chemring and as always enjoyed working with them. The long-term finance now in place will allow Chemring to continue its impressive growth and we were delighted to support the in-house team, their US lawyers and UK financiers to make this happen."
Paul Rayner, finance director of Chemring, commented: “We are delighted with the response from both existing and new investors in the US. The strengthening of our balance sheet following the issue of the new loan notes will give us greater flexibility as we continue to pursue our growth strategy. Bond Pearce were an integral part of the team working to complete this deal for us.”
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