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London teams from US firms Kaye Scholer, Paul Hastings, Reed Smith and Sidley Austin have won roles advising on the fresh refinancing of toy retail giant Toys“R”Us.
The specialist toy retailer, which withdrew its proposed IPO at the end of March, has confirmed a £263m fixed rate loan, issued by a special purpose vehicle, with two existing CMBS noteholders. Toys“R”Us is expected to use this fund to refinance existing loans.
Paul Hastings advised the borrower, Toys“R”Us Properties (UK). The team was led by London finance partner Charles Roberts, with other partners on the deal including litigator Stephen Parker and tax partner Arun Birla, both based in London.
Sidley Austin’s co-head of global finance, Graham Penn, advised the noteholders - reported to be PIMCO and Marathon Asset Management - alongside finance partner Jason Richardson.
Kaye Scholer London partner Stuart Axford, who recently joined the firm from Freshfields Bruckhaus Deringer becoming the US firm’s first City lawyer in structured finance (23 November 2013), is understood to have advised the issuing vehicle.