Shearman & Sterling represented The Royal Bank of Scotland, Lloyds Bank and Barclays as Joint Global Coordinators and Joint Bookrunners, on an offering of £225,000,000 5.25% Senior Notes due 2021 by Debenhams plc. The net proceeds from the issuance will be used to refinance Debenhams’ outstanding indebtedness under its existing senior credit facility. The offering, which was conducted pursuant to Regulation S under the Securities Act, closed on July 2, 2014.
Debenhams is a leading international, multi-channel retail brand and is the largest department store group in the UK by number of stores, operating from 159 stores in the UK, 11 in the Republic of Ireland and six in Denmark, as well as a broad network of franchise stores in 25 other countries.
The Shearman & Sterling team below also included partners Sarah Priestley and Ian Harvey-Samuel; and associates Dorothea Athanasiadou, Deborah Ngo Yogo, Eric Ho, Jack Prytherch and Thomas Evans.