Simpson Thacher Represents Lead Arrangers in Refinancing of Formula 1 First Lien Term Loan B and Revolving Credit Facility and Incurrence of New First Lien Term Loan A
11.28.22
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Simpson Thacher represented J.P. Morgan Chase Bank, N.A. and Goldman Sachs Bank USA, as lead arrangers, in connection with the refinancing of the first lien Term Loan B and first lien revolving credit facility and the incurrence of a new Term Loan A by Formula 1, the iconic global motorsports business.
Delta Topco Limited and its subsidiaries (“Formula 1”) replaced the previous $500 million first lien revolving credit facility with a new $500 million revolving credit facility with an extended maturity and replaced the previous $2.902 billion first lien Term Loan B with a new first lien Term Loan A of $725 million and a refinanced Term Loan B of $1.7 billion.
Formula 1 is a group of companies responsible for the promotion of the Formula One World Championship, the highest class of single-seat auto racing that is sanctioned by the Fédération Internationale de l’Automobile (FIA).
The Simpson Thacher team included Patrick Ryan, Jackie Song, Austin Vance and Darby Tingle (Banking and Credit); Antti Pesonen, Li Lin and Toni Prskalo (Banking and Credit – London); and Michael Mann and Ruoxi Zhang (Tax).