Shearman And Sterling

News June 18, 2021

David Lloyd's Inaugural Bond Financing

Shearman & Sterling represented Barclays Bank PLC as the Sole Global Coordinator and Bookrunner in connection with David Lloyd's €300 million offering of floating rate senior secured notes and £645 million 5.50% senior secured notes due 2027 by Deuce FinCo plc. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on June 18, 2021. Shearman & Sterling also advised Barclays Bank PLC in connection with the company's new revolving facility agreement and intercreditor agreement. In addition, Shearman and Sterling advised the investors in connection with a £250 million pay-in-kind term loan to Deuce Holdco Limited.

David Lloyd is a leading premium lifestyle club operator in Europe. The company provides high-quality destinations suitable for the whole family and all age ranges with an emphasis on the quality of their offering and expert delivery of multiple products and services, including state-of-the-art gyms, heated indoor and outdoor pools, top-class racquets facilities, well-equipped group exercise studios and luxurious spas. David Lloyd distinguishes itself from its competitors by blending distinguished social offerings with market-leading sports and leisure facilities and fitness offerings.

The Shearman & Sterling team below included Iain Sneddon (London-Finance).

The Team