Shearman & Sterling advised the initial purchasers Goldman Sachs and Barclays
, in connection with Travelodge’s £165 million offering of its senior secured floating-rate notes due 2023 issued by TVL Finance (the “Issuer”), an affiliate of Travelodge Hotels. The proceeds of the offering were used to fund the full redemption of the Issuer’s existing senior secured floating-rate notes and 10% of its existing senior secured fixed-rate notes, to make certain payments of up to £35 million to Travelodge’s shareholders and to pay fees and expenses related to the offering. The offering closed on April 28, 2017.
Travelodge, the second-largest hotel brand in the United Kingdom based on the number of hotels and rooms operated, leases, franchises, manages and owns over 540 hotels and more than 40,000 rooms throughout the United Kingdom, Spain and Ireland. Travelodge is controlled by Golden Tree Asset Management, Avenue Capital and Goldman Sachs.