Slaughter and May advised Whitbread Group on its £400m bond issue

Slaughter and May advised Whitbread Group plc (“Whitbread”) on the issue of £400m 5.500% notes due May 2032. The net proceeds of the notes will be used for the general corporate purposes of the Group, including the refinancing of existing debt. The notes are unsecured, contain no financial covenants and are rated BBB by Fitch Ratings Limited, in line with Whitbread’s current credit rating.

Whitbread is the UK’s largest hospitality group and, as at 29 August 2024, operated 855 hotels and 300 branded restaurants in the UK and Republic of Ireland, as well as operating hotels in Germany and the Middle East.

Banco Santander, S.A., BNP Paribas, Lloyds Bank Corporate Markets plc and NatWest Markets Plc acted as Joint Lead Managers for the issuance of the notes.