Pinsents steers Halfords through £300m credit refinancing

Pinsent Masons has advised longstanding client Halfords on the refinancing of its £300m credit facility.

Pinsent Masons has advised longstanding client Halfords on the refinancing of its £300m credit facility.

London banking and finance partner Martin Bishop advised the automotive, leisure and cycling retailer, with assistance from senior associate ­Suggen Dosanjh. Investec provided debt advisory ­services to Halfords.

Financing was provided by a group of jointly ­mandated lead arrangers, including RBS, Handels, Barclays, Clydesdale and Bank of ­Ireland. They were advised by Eversheds partner David Boyd.

Bishop commented: “It was a fairly straightforward refinancing. And it was indicative of the market that corporate investment-grade work is pretty active, in stark contrast to leveraged buyout work. This refinancing is the latest in a string of £100m-plus transactions we’ve advised on in the investment-grade space in the course of the past 18 months.”

Pinsents picked up the deal through Halfords’ company secretary, after having acted for the company earlier this year on its acquisition of Nationwide Autocentres.

The purchase of 224 ­outlets across the UK for £73.2m helped Halfords move into the car repair and servicing sector. The Pinsents team was led by ­corporate partner Paul Harkin on that matter.

Headquartered in ­Redditch, Halfords has 469 stores across the UK and Ireland. It was advised by Clifford Chance on its ­original 2006 financing, which was provided by an RBS-led consortium.