London – Allen & Overy has advised the syndicate of revolving credit facility (RCF) lenders on the recently completed recapitalization transaction for New Look Retail Holdings Limited (New Look).
New Look is a leading fashion retailer with almost 500 stores and employs more than 12,000 people in the UK and the Republic of Ireland. New Look’s recapitalization includes an extension of existing working capital facilities, an injection of GBP40 million of new capital, a debt for equity swap on the company’s existing GBP440 million bond debt, and a re-basing of the company’s lease portfolio and switches to turnover based rents through an English law company voluntary arrangement.
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An A&O banking and restructuring team advised the syndicate of RCF lenders on the extension of New Look’s debt facilities, which was a condition to the successful implementation of the recapitalization, with a team from the firm’s trade finance practice also advising New Look’s trade finance lender.
Jane Glancy, an Allen & Overy banking partner, said:
“This was a complex and transformative transaction that will put New Look on a stable financial footing. We are particularly pleased to have assisted the lenders and ultimately helped the company focus on delivering its strategic priorities during these challenging times for the retail sector.”
The team advising the RCF lenders was led by London-based banking partner Jane Glancy with associates Lily Liu and Luke Gillin. Restructuring partner Hannah Valintine and senior associate Niamh Murphy provided specialist restructuring advice. Trade finance partner Catherine Lang-Anderson, also based in London, led the team advising New Look’s trade finance lender with Peerpoint consultant Niamh Dennehy-Maher and associate Eva Maryskova. New Look was advised by Latham & Watkins.