Clifford Chance (CC) and Allen & Overy (A&O) have won leading advisory roles on the refinancing of fashion retailer New Look.

The clothing chain earlier this month closed an agreement with senior lenders to extend its senior and mezzanine credit facilities from 2013 to 2015. New Look has total net debt of £1.1bn.

Magic circle firm CC advised New Look with a team including banking and finance partner John Dawson, corporate finance partner Jonny Myers and senior associates Martin Forbes and Martin Kolmar.

The deal was executed with a 'hollow tranche' structure, which allows supportive lenders to extend the debt while others can exit at the point of original maturity.

The deal was seen as crucial to the future of the retailer, which has 1,100 branches across 16 countries.

CC's Dawson commented: "The extension of New Look's credit facilities is another example of the use of the innovative 'hollow tranche' structure. We are expecting to see this structure being used in other similar situations."

The banks, led by agent bank HSBC, were advised on terms of the extension by A&O, with a team headed up by finance partner Simon Roberts.

CC previously assisted on New Look's planned £650m initial public offering (IPO) in February 2010, advising the IPO's joint sponsors and book-runners Credit Suisse, Deutsche Bank and JP Morgan Cazenove, though the deal was later abandoned.

The business is owned by founder Tom Phillips and buyout houses Apax and Permira.