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;

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