Slaughter and May, working as a team with Cravath, Swaine & Moore LLP and Bredin Prat, advised Darty plc on a comprehensive debt refinancing.
The refinancing comprises a new five year multicurrency revolving credit facility with available commitments of up to EUR 250 million, together with an offering of EUR 250 million senior unsecured notes due 2021. The net proceeds of the refinancing will be used to repay all outstanding amounts and to cancel all outstanding commitments under Darty’s existing EUR 455 million revolving credit facility, and otherwise for general corporate purposes. The refinancing is expected to close on 28 February 2014.
Darty is a leading multi-channel, service led electrical retailer which operates over 400 stores in six European countries, and which generated annual revenue of over EUR 3.5 billion in the 2012/13 financial year. Darty’s ordinary shares are listed with the UK Listing Authority and trade on the London Stock Exchange.