![Milbank LLP [Panos Tsezos]](https://www.milbank.com/a/web/oLhqmdzBhKfC71eQyK1D4W/8MnZdz/tsezos-panos-lon-web-4867-3502-0692-v1.jpg "Milbank LLP [Panos Tsezos]")
Milbank LLP advised Pick n Pay Stores Limited on its successful ZAR4 billion rights offering. The proceeds from the rights offering will be primarily used to settle Pick n Pay’s outstanding debt as well as for considered reinvestment to execute its turnaround strategy.
The Pick n Pay Group, which is headquartered in Cape Town, is one of South Africa’s leading multi-format and omni-channel retailers, operating on an owned and franchise basis with a flexible and diverse portfolio of stores and online platforms, providing a broad food, grocery, liquor, general merchandise, clothing and value-added services offer across eight countries in Africa. The Pick n Pay Group has a portfolio of 1,484 Company-owned stores and 722 franchise stores, operating through multiple formats under two main trading banners, Pick n Pay and Boxer.
The Milbank team was led by Corporate Finance and Securities partner David Dixter, and associates Kristian Sutt and Panos Tsezos.
