Shearman & Sterling represented Credit Suisse, Société Générale, BNP Paribas, Crédit Agricole, ING, UniCredit and CaixaBank as initial purchasers on Masaria Investments’ €600 million high yield bond offering. The bond consisted of €275 million 5% senior secured fixed rate notes due 2024 and €325 million senior secured floating rate notes due 2024.
Shearman & Sterling also advised Credit Suisse, Société Générale, BNP Paribas, Crédit Agricole, ING and Unicredit as lenders in connection with Cortefiel’s €200 million super senior revolving credit facility.
Following closing, Masaria Investments will acquire MEP Retail España, the parent company of Grupo Cortefiel. The net proceeds of the offering will be used, together with cash on hand and a €400 million equity contribution from shareholders CVC and PAI Partners, to repay in full the debt outstanding under the group’s existing senior facilities and pay related fees and expenses.
Grupo Cortefiel is one of the top three vertical apparel retailers in Spain and one of the top 30 vertical apparel retailers in Europe, with a presence in more than 80 countries globally. Grupo Cortefiel distributes its products through over 1,960 directly operated stores and corners, branded franchise stores and through its e-commerce business.
The Shearman & Sterling team included associates Carla Russo and Oscar Lopez (both London-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction were partners Peter Hayes (London-Finance) and Kristen Garry (Washington, D.C.-Tax); counsel Jackson Lam (London-Finance); associates Adam Sternberg (Washington, D.C.-Tax), Addison Pierce (London-Finance), Arthur Ravignon, Elena Dzhurova, Evangelia Andronikou (all London-Capital Markets), Thomas Ayres (São Paulo-Capital Markets), Carolina Zanolo (New York-M&A), Aleksandra Petkovic (New York-Antitrust), Zana Operta (New York-Corporate Group) and Brian Kwok (Hong Kong-Capital Markets).