Shearman And Sterling

News June 29, 2015

Shearman & Sterling Advises on New Look’s £1,200 Million (equivalent) Notes Offering

Shearman & Sterling has advised the initial purchasers with regards to New Look’s debt refinancing, which optimizes its capital structure, reduces costs, extends maturities to 2022 and eliminates the company’s former Payment in Kind (PIK) loans.

Shearman & Sterling advised the initial purchasers represented by Goldman Sachs International, J.P. Morgan Securities plc and Nomura International plc, in connection with New Look Secured Issuer plc’s offering of £700 million 6.5% Senior Secured Notes due 2022 and €415 million Floating Rate Senior Secured Notes due 2022 and New Look Senior Issuer plc’s offering of £200 million Senior Notes due 2023. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on June 24, 2015.

The proceeds from the offering will be used to refinance New Look’s existing indebtedness.

New Look is a leading fast fashion multi-channel retailer operating in the value segment of the UK clothing and footwear market, with 569 New Look directly operated stores in the United Kingdom and with a strong and growing presence in targeted international markets, with 240 New Look branded stores in the rest of Europe, Asia, the Middle East and North Africa.

The Team