Shearman & Sterling advised the private placement agent, Goldman Sachs, on Travelodge’s private placement of an additional £30 million of its senior secured floating rate notes due 2023 issued by TVL Finance, an affiliate of Travelodge Hotels, pursuant to an indenture dated April 28, 2017. The proceeds of the private placement of the notes, together with cash on hand, were used to redeem certain existing indebtedness and pay transaction-related fees and expenses.
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.
The Shearman & Sterling team was led by partner Trevor Ingram and associates Randy Nahlé and Oscar Lopez (all London-Capital Markets).