Saughter and May advised Rolls-Royce on the re-establishment of its EMTN programme and inaugural issuance

Saughter and May advised Rolls-Royce Holdings plc (“Rolls-Royce”) on the re-establishment of its £5bn Guaranteed Euro Medium Term Note programme (the “Programme”). The issuer under the Programme is Rolls-Royce Holdings plc and notes issued under the Programme are guaranteed by Rolls-Royce plc and admitted to trading on the International Securities Market of the London Stock Exchange.

Following the establishment of the Programme, Saughter and May advised Rolls-Royce on its debut issuance of EUR 500mn 3.375% Notes due 20 May 2031 and EUR 500mn 3.875% Notes due 20 May 2036 (the “Notes”) under the Programme. The Notes have been assigned a rating of A- by Fitch and A3 by Moody’s.

BNP PARIBAS acted as the dealer on the Programme alongside Banco Santander, S.A., Credit Agricole Corporate and Investment Bank, Goldman Sachs International, Lloyds Bank Corporate Markets plc, Société Générale, Skandinaviska Enskilda Banken AB (PUBL) and SMBC Bank International plc as joint lead managers for the issuance of the Notes.