"Dentons Advises CPI Property Group on £300 Million Sterling Hybrid Notes Issuance and US Private Placement Notes Repurchase"

"Dentons, the world's largest global law firm, has advised CPI Property Group (CPIPG) on the issuance of £300 million in subordinated notes and the repurchase of US$272 million in private placement notes. This marks CPIPG's first Type A hybrid transaction in sterling and reflects strong investor demand. The proceeds will be used for general corporate purposes, including repurchasing a minority stake in a group company. Dentons' team, led by partners Nick Hayday and Neil Dixon, emphasized the value of hybrid notes for issuers, providing flexibility and equity credit."

On October 15, 2025, Dentons, the world's largest global law firm, participated in a transaction advising CPI Property Group (CPIPG) on the issuance of £300 million in subordinated notes and the repurchase of US private placement notes. The transaction involved CPIPG issuing £300 million of 8.875% Fixed Rate Resettable Undated Type A Subordinated Notes under its Euro Medium Term Note (EMTN) Programme, marking its first Type A hybrid transaction denominated in sterling. Additionally, CPIPG repurchased US$272 million of private placement notes maturing between 2027 and 2029. The issuance, which closed on October 7, 2025, attracted strong investor demand and was heavily oversubscribed, with the net proceeds intended for general corporate purposes. The Dentons team included partners Nick Hayday and Neil Dixon, who led the Debt Capital Markets team, supported by senior lawyer David Ferris and associate Tom Day. Cameron Half, a partner in capital markets and US securities, led the advice on the note repurchase, with support from associate Kristin Da Costa and trainee Alexandra Edwards.

"Dentons Advises CPI Property Group on £300 Million Sterling Hybrid Notes Issuance and US Private Placement Notes Repurchase"

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