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Freshfields advises ad hoc group of noteholders in relation to €830m consensual restructuring of the Takko Fashion group
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised the ad hoc group of noteholders (the ‘AHG’) in relation to the consensual €830m restructuring of the Takko Fashion group's financial debt (including €510m New York law governed high yield notes and c. €320m private debt).
The Takko Fashion group is a leading European fashion quality discounter, with almost 2,000 stores across 17 European countries. Following the transaction, the group is ideally positioned to continue its growth trajectory, with a new long-term capital structure and the AHG as majority shareholders.
The transaction was implemented using a tender and exchange offer and consent solicitation to deliver a debt-for-equity swap and debt-for-debt swap that reduced leverage by more than €250m, and converted a portion of the group's notes into private debt instruments with maturities extended to 2026.
Alongside financial advisers Houlihan Lokey and Luxembourg counsel Arendt & Medernach, Freshfields led a cross-border, multi-jurisdictional and multi-practice group team to deliver a successful outcome for the firm’s clients and the Takko Fashion group.
The Freshfields team was led by partners Richard Tett and Lars Westpfahl, counsels Rachel Seeley and Jan-Philip Wilde, senior associate Adam Jones and associate Lynette Ebo. They were supported by a team including partners Simone Bono, Tobias Klose, Christian Ruoff, David Beutel and Claude Stansbury, counsels Richard Ho, Arne Krawinkel, Dennis Caracristi and Tim Elkerbout, senior associates Shruti Dusaj, Juliane Diekgraef, Thomas Richter, Hendrik Menzel and Sebastian Pritzkow, associates Kelsey Pepper, Emma O’Keeffe, Sakshi Soni, Marleen Franka Boehm, Kristin Kapral, Dominik Luczac, Christian Paterlini, Pavel Bend and Yunah Ko.
