Shearman And Sterling

News July 28, 2021

Constellation Automotive’s Senior Credit Facilities, Second Lien Facility and Inaugural Bond Financing

Shearman & Sterling represented the initial purchasers and the mandated lead arrangers in connection with Constellation Automotive’s underwritten financing arrangements, including its £695 million offering of 4.875 percent senior secured notes due 2027, its approximately £750 million (equivalent) senior secured term facility, its £250 million revolving credit facility and its £325 million second lien facility. Shearman & Sterling also advised on the company’s intercreditor agreement.

The financings closed on July 28, 2021. The net proceeds of the financings were used to, among other things, refinance existing debt and make a distribution to Constellation Automotive’s direct parent company.

Constellation Automotive operates, through its brands British Car Auctions and WeBuyAnyCar, among others, leading digital used vehicle marketplaces (both business to business ("B2B") and consumer to business ("C2B") in the UK and B2B marketplaces in continental Europe and are a leading provider of associated automotive services, including vehicle movement, logistics, storage, pre-delivery inspections, fleet management, de-fleeting services and refurbishment in the UK. Constellation Automotive has physical presence in 10 countries across the UK and continental Europe and distinguishes itself from its competitors with unmatched sourcing, data, technology and logistics capabilities.

The Team