LAWFUEL – Press Release Service – Allen & Overy leveraged finance partner, Andrew Bamber, is advising Goldman Sachs on a £350 million PIK facility for New Look. This follows the acquisition of New Look two years ago by Apax and Permira.
Other transactions on which Andrew has advised which have incorporated PIK notes as part of the debt structure include the acquisition of the Peacock Retail Group (advising Och Ziff and Perry Capital) and the buy-out of Manchester United (advising the Glazer family.)
Andrew was assisted on all three transactions by associate, Jon Richards.
Commenting on the transaction, Andrew Bamber said: “We are delighted to have been able to advise Goldman Sachs on this transaction. PIK notes are being used increasingly in the leveraged market as an additional layer in the capital structure. The current liquidity of the leveraged market supports this type of debt and PIKs are becoming popular because of the flexibility they offer the issuer, the higher levels of return for lenders and they are particularly useful in the context of leveraged recapitalisations.”
For further information, please contact Campbell McIlroy (campbell.mcilroy@allenovery.com) on +44 (0) 20 7330 2783 or on 07717 342 082.
