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Freshfields Advises Cazoo on $630m Convertible Notes Offering
Freshfields advised Cazoo Group Ltd (“Cazoo”) on its offering of $630 million aggregate principal amount of 2.00% Convertible Senior Notes due 2027 (the “Notes”). The Notes will be convertible into Cazoo Class A Ordinary Shares at an initial conversion price of $5.00. Goldman Sachs International served as exclusive placement agent to Cazoo in connection with the offering. Freshfields previously represented Cazoo last year in its business combination with a US SPAC and NYSE listing.
Cazoo’s mission is to transform the car buying and selling experience across the UK and Europe by providing better selection, value, transparency, convenience and peace of mind. Cazoo’s aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell, finance or subscribe to a car entirely online for delivery or collection in as little as 72 hours.
More details about the transaction can be found here.
The Freshfields capital markets team consisted of partner and global co-head of capital markets Valerie Ford Jacob, partner Michael Levitt, counsel Jeremy Barr, senior associate Tracy Zhang and law clerk Amy Fisher. Tax advice was provided by partners Robert Scarborough and Peter Clements, senior associate David Mitchell and associate Yuen Yuen Tan.
The Freshfields team worked closely with Cazoo General Counsel Ned Staple on this transaction.
ENDS
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