Skip to main content

Clifford Chance

Clifford Chance

News and awards

Clifford Chance and Mills & Reeve advise University of Cambridge on £350 million public bond issue

10 October 2012

Clifford Chance and Mills & Reeve advise University of Cambridge on £350 million public bond issue

Clifford Chance and Mills & Reeve have advised the University of Cambridge on the launch of a £350 million public bond issue, the first capital markets fundraising undertaken by the University in its 800 year history.

The successful bond issue is the largest of its kind by any UK-based university and the net proceeds will be used by the University for general corporate purposes, including investment in research facilities, accommodation and other assets.

Clifford Chance’s leading debt capital markets team, working together with the University's longstanding legal advisers Mills & Reeve, adapted a traditional corporate bond offering to work effectively for the University.

David Bickerton, Clifford Chance London and Middle East regional managing partner, commented: "We were very pleased to be able to act for the University alongside Mills & Reeve on this important transaction. We are fortunate to receive applications for traineeship from some of the University's  best graduates, which helps build the future of our firm, so it was good to help the University finance an important part of its future."

Stephen Hamilton, Corporate Finance Partner and capital markets specialist at Mills & Reeve added:

“We are delighted to have advised the University of Cambridge on what is an historic step for the University and a ground breaking transaction for the sector. We were able to use our market leading knowledge of the higher education sector together with our significant capital markets expertise to coordinate and assist the University through the process.”

Clifford Chance London and Middle East regional managing partner David Bickerton and fellow capital markets partner Simon Sinclair led for the university alongside associates Patrick Dougherty and Claire Bernard.

The Mills & Reeve team was led by capital markets partner Stephen Hamilton and banking partner Sarah Seed with additional support from partners Andrew Wood and Gary Attle on charity and governance matters, banking associate Matthew Howling and corporate finance senior solicitor Jonathan Greenwood. Mills & Reeve acts for over 120 universities, colleges and education bodies.