International law firm Clifford Chance has advised the mandated lead arrangers in relation to the US$1,500,000,000 term loan for Action (the 3i-owned leading European non-food discount retailer).
The transaction marks Action’s debut US dollar term loan issuance and follows on from Clifford Chance advising the mandated lead arrangers on its €3.625 billion amend and extend financing earlier this year which has been nominated for the “Leveraged Loan of the Year” award at the GlobalCapital Syndicated Loan Awards 2023.
Action is the fastest growing non-food discounter in Europe, operating 2,263 stores across 10 countries at the end of its 2022 financial year. It achieved net sales of €8.9 billion and an operating EBITDA of €1,205 million in its 2022 financial year, representing growth of 30% and 46% respectively compared to 2021.
The transaction involved a cross-border team of lawyers from around the Clifford Chance network in both Europe and the United States and demonstrates Clifford Chance’s strong transatlantic leveraged finance capabilities. The European cross-border Clifford Chance team was led by Global Financial Markets partners Folko de Vries (Amsterdam), Matt Dunn and David Robson (London), with support from senior associate William Goulbourne (London), senior legal advisor Sylvia van der Heyden (Amsterdam) and associate Lewis Whyte (Amsterdam). The US team was led by Global Financial Markets partners Andrew Young and Thomas Critchley (New York), with support from associates Heba Hazzaa (New York) and Xiaowen Zou (Washington). Lawyers from Clifford Chance’s offices in Amsterdam, Brussels, Frankfurt, Paris and Warsaw are also advising on the cross-border guarantee and security package for the transaction.