International law firm Clifford Chance has advised the mandated lead arrangers in relation to the amendment and extension of the senior secured debt facilities provided to Action (the 3i-owned leading European non-food discount retailer).
The transaction involved upsizing and extending the final maturities of a substantial portion of Action’s senior term debt and revolving credit facility (“RCF”). Action’s total senior debt facilities after the closing of the transaction are €3,625 million including a €500m undrawn multi-currency RCF. The transaction constitutes one of the largest euro-denominated term loan B financings in the European leveraged finance market in recent years.
Action is the fastest growing non-food discounter in Europe, operating 2,263 stores across 10 countries at the end of its 2022 financial year. It achieved net sales of €8.9bn and an operating EBITDA of €1,205m in its 2022 financial year, representing growth of 30% and 46% respectively compared to 2021.
The cross-border Clifford Chance team was led by Global Financial Markets partners Folko de Vries (Amsterdam), Matt Dunn and David Robson (London), with support from senior associates Emily James and Neil Cavanagh (both London), senior legal advisor Sylvia van der Heyden (Amsterdam) and associates Lewis Whyte and Lisa Ye (both Amsterdam). Lawyers from Clifford Chance’s offices in Brussels, Frankfurt, Paris and Warsaw are also advising on the cross-border guarantee and security package for the transaction.
