Hogan Lovells advises lenders on the £190m dividend recapitalisation of thetrainline.com
Hogan Lovells has advised the unitranche and super senior lenders on Exponent Private Equity’s £190m dividend recapitalisation of UK ticketing company thetrainline.com, which closed on 6 September.
The facilities consisted of a £140m unitranche facility backed by Ares Capital Management, Babson Capital, Bank of Ireland and Bluebay Asset Management; and a £50m super senior RCF backed by Barclays Bank and HSBC Bank.
The unitranche product is rapidly gaining prominence in mid-market leveraged financings in Europe and is essentially a ground-breaking single debt instrument that roughly equates in debt size to a combination of senior and subordinated debt, but with a blended margin, and is structured to avoid the need for senior/mezzanine intercreditor negotiations.
The Hogan Lovells team was led by London banking partner Stuart Brinkworth, assisted by senior associate Caroline Mortimer. Banking partner Matthew Cottis provided separate advice to Barclays and HSBC on the super senior intercreditor terms.
Exponent and thetrainline.com were advised by Ben Davis at Travers Smith.
News from Hogan Lovells
News from The Lawyer
Briefings from Hogan Lovells
The decision of the US Court of Appeals has raised questions about how issuers should present their disclosures on conflict minerals under Exchange Act Rule 13p-1 and Form SD.
An interesting judgment was delivered by the Honourable J Majiki on 19 November 2013 in the Eastern Cape High Court, Port Elizabeth.
Analysis from The Lawyer
As international firms question their future in these small, closely linked markets, local lawyers too are eyeing the business environment with caution
Beyond the headline infrastructure projects, UK construction work is still recovering from the clobbering it took during the slump