24 05 2016

Travelodge’s £390 Million High-Yield Bond Offering

Shearman & Sterling advised Goldman Sachs, Barclays and Mizuho Securities on Travelodge’s inaugural £390 million high yield bond offering.


The offering comprised £290 million 8.50% senior secured fixed rate notes due 2023 and £100 million senior secured floating rate notes due 2023 issued by TVL Finance plc, an affiliate of Travelodge Hotels Limited. The proceeds of the offering will be used to refinance existing indebtedness of the Travelodge group and make a distribution to its shareholders. Shearman & Sterling also advised Goldman Sachs and Barclays, as arrangers and lenders, in connection with Travelodge's new senior facilities. 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 525 hotels and more than 39,000 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 of lawyers from the firm’s London and Washington, DC offices included capital markets partner Trevor Ingram (Picture); associates Randy Nahlé, Oscar Lopez and Angeliki Cheimona; finance partners Peter Hayes and Korey Fevzi; associate Anna Shelton and trainee Omar Alkaffas; and tax partners Kristen Garry and Simon Letherman, associates Azeka Lobo, Lois Howarth and Gabriel Ng; and trainee Alice Graham. Counsel Mehran Massih advised on environmental aspects of the transaction and Mark Adams and Rebecca Lee advised on real estate aspects. Ogier assisted Shearman & Sterling LLP with advising Goldman Sachs, Barclays and Mizuho Securities with a team including Bruce MacNeil with assistance from senior associate Chula O’Donoghue and associate Tara O’Driscoll. Involved fees earner: Trevor Ingram - Shearman & Sterling; Randy Nahlé - Shearman & Sterling; Oscar Lopez - Shearman & Sterling; Angeliki Cheimona - Shearman & Sterling; Peter Hayes - Shearman & Sterling; Korey Fevzi - Shearman & Sterling; Anna Shelton - Shearman & Sterling; Kristen Garry - Shearman & Sterling; Simon Letherman - Shearman & Sterling; Lois Howarth - Shearman & Sterling; Gabriel Ng - Shearman & Sterling; Mehran Massih - Shearman & Sterling; Mark Adams - Shearman & Sterling; Rebecca Lee - Shearman & Sterling; Bruce MacNeil - Ogier LLP; Chula O’Donoghue - Ogier LLP; Tara O’Driscoll - Ogier LLP;

IAIR TV

see all videos

LATEST ISSUE
Powered by Share Trading

Everlasting
POPULAR ARTICLES
Le Fonti IAIR Awards Take Hong Kong By Storm

21/03/2017

Hong Kong has become a city of bright expansion, culture, and futuristic innovation. Fr

Will Brexit break London's place as FinTech Capital?

17/11/2016

Fintech, it’s described as the disruption in financial services pushed by consume

Le Fonti IAIR Awards 2016 celebrates excellences in London.

17/10/2016

On October 14th, 2016, the world’s leading corporate stars aligned for a momentou

IAIR AWARDS 2016 IN NEW YORK: EMONEY ADVISOR, C.A.S.H., CREDIT SUISSE AND CHEETAH MOBILE AMONG THE WINNERS

15/04/2016

More than 19 Excellences in the global economy at the VI Annual Edition of IAIR AWARDS&

IAIR AWARDS & CEO SUMMIT 2015 IN DUBAI

20/11/2015

It took place on 19 November 2015 at Palace Downtown in Dubai the 19th edition of the I