Simpson Thacher Represents New Look in Connection with its £808 Million (Equivalent) Senior Secured Notes Offering, Revolving Credit Facility and PIK Exchange Transaction
05.20.13
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The Firm represented New Look Bondco I plc in connection with its offering of £500 million aggregate principal amount of 8.75% Fixed Rate Senior Secured Notes due 2018, $250 million aggregate principal amount of 8.375% Fixed Rate Senior Secured Notes due 2018 and €175 million aggregate principal amount of Floating Rate Senior Secured Notes due 2018 (together, the “Notes”). In addition, the Firm represented New Look in connection with its entry into a new Revolving Credit Facility and an exchange offer to lenders under its existing PIK Facility to exchange loans under such facility for cash and loans under a new PIK Facility. The Notes offerings and other refinancing transactions closed on May 14, 2013.
New Look was founded in 1969 and is an established value fashion retail leader positioned in the growing value segment of the UK clothing and footwear market. As of December 22, 2012, the New Look group had 1,141 stores globally and an e-commerce platform serving customers in 121 countries.
The Simpson Thacher team included Nick Shaw, Mark Brod, Carol Daniel, Sven Frode Frølund, Rohan Kaul and Chris Jackson (Capital Markets); Shahpur Kabraji and Henry Ryder (Credit); Sean FitzGerald and Chang Won Choi (Tax); and Derek Baird and Bim Afolami (Corporate).