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Simpson Thacher is representing Nordstrom, Inc. (“Nordstrom”) in its announced strategic relationship with TD Bank Group (“TD”) through which TD will acquire Nordstrom’s existing U.S. Visa and private-label consumer credit card portfolio, which currently totals approximately $2.2 billion in receivables. TD will become the exclusive U.S. issuer of Nordstrom-branded Visa and private-label consumer credit cards to Nordstrom customers and fund the associated receivables. In addition, Nordstrom will retain all aspects of customer-facing activities, continue to perform account-servicing functions, and fund and manage the Nordstrom Rewards loyalty program, Nordstrom debit cards, and Nordstrom employee accounts. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of calendar 2015.

Nordstrom is a leading fashion specialty retailer based in the U.S. and serves its customers through 118 Nordstrom stores in the U.S. and Canada, 178 Nordstrom Rack stores, two Jeffrey boutiques, one clearance store, and online through Nordstrom.com, Nordstromrack.com and HauteLook.com. Nordstrom’s common stock is publicly traded on the NYSE under the symbol JWN.

The Simpson Thacher team includes Maripat Alpuche, Judy Huang and Dan Areshenko (M&A); Jonathan Goldstein and Andrew Purcell (Tax); and Lori Lesser and Genevieve Dorment (Intellectual Property). Laura Palma also advised on securitization matters.