Slaughter and May advised BT Pension Scheme in connection with the subscription for £2bn of long dated Sterling denominated bonds issued by its sponsor, BT

Slaughter and May advised BT Pension Scheme (“BTPS”) in connection with the subscription for £2bn of long dated Sterling denominated bonds issued by its sponsor, British Telecommunications plc (“BT”), under BT’s €20,000,000,000 Euro Medium Term Note Programme. The bonds are issued in six tranches, and £1bn of the bonds are fixed notes due between 2033 and 2042, and £1bn are CPI-linked notes due between 2033 and 2042. BT will use the proceeds from the issuance of these bonds to make pension deficit contributions under the recovery plan agreed between BT and BTPS at the 2017 valuation.