Shearman and Simpson Thacher advise on £1.2bn New Look refinancing
UK fashion retailer extends its credit facilities including the maturity of many of its loans to 2022 to reduce costs
July 01, 2015 at 02:43 AM
2 minute read
Shearman & Sterling and Simpson Thacher & Bartlett have won key roles on New Look's £1.2bn refinancing package.
The fashion retailer completed the restructuring of its credit to reduce its costs and extend the maturity of many of its loans to 2022 last Friday.
Simpson Thacher advised New Look with a team led by London-based capital markets partner Nick Shaw and credit partner Ian Barratt.
Shearman acted for the initial purchasers of the retailer's loan notes, including Goldman Sachs, JP Morgan Securities and Nomura International.
The firm's team was led by City-based capital market partner Apostolos Gkoutzinis, who was assisted by counsel Rebecca Marques.
The team also included Washington DC partner Kristen Garry, who advised on tax matters.
New Look recently underwent a change in ownership. South African investment house Brait purchased a controlling stake in the company in May.
Clifford Chance (CC) and Linklaters secured roles advising on that deal. CC acted for both New Look and its private equity group owners, Apax and Permira, with a team led by corporate partner Amy Mahon, while Linklaters advised Brait with a team headed by equity partners Alex Woodward and Stuart Boyd.
In New Look's previous debt refinancing in 2012, the retailer turned to CC for advice on extending its credit facilities to 2015. On that occasion Allen & Overy acted for the banks with a team led by finance partner Simon Roberts.
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