Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

News Jul 08, 2019

Travelodge’s £440 Million Senior Secured Floating Rate Notes

Shearman & Sterling advised the initial purchasers―Goldman Sachs and Crédit Industriel et Commercial―in connection with Travelodge’s £440 million offering of its senior secured floating rate notes due 2025 issued by TVL Finance (the “Issuer”), an affiliate of Travelodge Hotels. The proceeds of the offering were used to redeem the Issuer’s existing senior secured floating rate notes and its existing senior secured fixed rate notes. The offering closed on July 5, 2019.  Shearman & Sterling also advised the arrangers in connection with the second amendment and restatement of Travelodge's super senior revolving credit facilities agreement.

Founded in 1985, Travelodge is the second-largest hotel brand in the United Kingdom based on the number of hotels and rooms operated.  Travelodge leases, franchises, manages and owns over 580 hotels and more than 44,200 rooms throughout the United Kingdom, Spain and Ireland. Travelodge is controlled by Golden Tree Asset Management, Avenue Capital and Goldman Sachs.

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