Shearman And Sterling

News November 11, 2016

Shearman & Sterling Advises Merrill Lynch International, Barclays Bank, Jefferies International and Morgan Stanley on $300 Million and €500 Million High Yield Bond Offering

Shearman & Sterling represented Merrill Lynch International, Barclays Bank PLC, Jefferies International Limited and Morgan Stanley & Co. International plc as initial purchasers in a high yield bond offering of US$300 million senior secured notes due 2021 and €500 million senior secured notes due 2021 issued by Codere Finance 2 (Luxembourg) S.A. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on November 8, 2016. The firm also represented the lenders in connection with Codere Newco S.A.U.’s super senior revolving credit facility. The notes and the revolving credit facility are guaranteed on a super senior basis by the parent company Codere, S.A. and certain of its operating subsidiaries, and will be secured by pledges over the shares of certain subsidiaries. 

The issuer of the notes and the borrower under the super senior revolving credit facility are wholly owned subsidiaries of Codere, S.A., a leading gaming company engaged in the management of gaming machines, gaming halls, racetracks and betting locations in Latin America, Spain and Italy.

The Team