Latham & Watkins advised Belron UK Finance, a subsidiary of Belron Group SCA, a leading global player in vehicle glass repair, replacement, and recalibration, on its €8.1 billion (equivalent) refinancing and dividend recapitalization, which, according to PitchBook LCD, is the largest dividend recapitalization on record.
The financing included the offering of €850 million 4.625% senior secured notes due 2029 and US$1.115 billion 5.75% senior secured notes due 2029, along with €6.25 billion (equivalent) in aggregate principal amount of indebtedness under new euro and US dollar denominated incremental term loan facilities.
The Latham team was led by London corporate partner Jennifer Engelhardt and finance partner Hayden Teo, with associates Alex Despotovic, Kaitlyn Wallace, Yao Lin, and Caroline Koller.
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