Shearman & Sterling represented The Royal Bank of Scotland, Lloyds Bank and Barclays as Joint Global Coordinators and Joint Bookrunners, on an offering of £225,000,000 5.25% Senior Notes due 2021 by Debenhams plc. The net proceeds from the issuance will be used to refinance Debenhams’ outstanding indebtedness under its existing senior credit facility. The offering, which was conducted pursuant to Regulation S under the Securities Act, closed on July 2, 2014.
Debenhams is a leading international, multi-channel retail brand and is the largest department store group in the UK by number of stores, operating from 159 stores in the UK, 11 in the Republic of Ireland and six in Denmark, as well as a broad network of franchise stores in 25 other countries.
The Shearman & Sterling team of lawyers was led by Capital Markets partner Jacques McChesney and included associates Dorothea Athanasiadou and Deborah Ngo Yogo; Finance partner Mei Lian and associates Leona McManus and Eric Ho; Tax partner Sarah Priestley, counsel Simon Letherman and associate Jack Prytherch; and legal assistant Francesca Minoretti. Finance partner Ian Harvey-Samuel and associate Thomas Evans advised the trustee.