TSL Express Daily News
The Secured Lender
SFNet's 80th Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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Selecting a Technology Vendor: 3 Questions to Ask
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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November 19, 2024
Source: Debevoise & Plimpton LLP
Debevoise & Plimpton LLP has advised Wm Morrison Supermarkets Limited (“Morrisons”) in the successful amendment and extension of the group’s term loan facilities and its revolving credit facility. The principal outcomes of the debt amendment and extension exercise were to extend the Morrisons group’s term loan facilities from 2027 to 2030; to reduce the cost of the debt; to extend the revolving credit facility to 2030 and to reduce the overall level of debt.
Since the acquisition of the business by Clayton, Dubilier & Rice, Morrisons has now repaid a total of £2.4 billion of debt, bringing the current debt figure down by around 40% from £6.2 billion to £3.8 billion.
The Debevoise team was led by partner Alan Davies, and included international counsel Gregg Young, and associates Patrick Dixon, Henry Treble and Tiffany Chow.