E+H, working with Simpson Thacher & Bartlett, Gleiss Lutz, Loyens Loeff, and Linklaters, has advised the Takko Fashion group on its financial restructuring and refinancing transactions that saw its bondholders acquiring a majority stake in the group. Freshfields Bruckhaus Deringer, working with Arendt & Medernach, advised the ad hoc group of noteholders.
According to Freshfields, the deal involved the consensual EUR 830 million restructuring of the Takko Fashion group's financial debt, including EUR 510 million New York law-governed high-yield notes and approximately EUR 320 million in private debt.
Takko Fashion is a European fashion discount chain with almost 2,000 stores in 17 countries.
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 EUR 250 million, and converted a portion of the group's notes into private debt instruments with maturities extended to 2026, Freshfields reported.
The E+H team was led by Partner Dominik Juster and included Partner Laurenz Liedermann and Associate Bernhard Walter.
The Freshfields team was led by London-based Partner Richard Tett and Hamburg-based Partner Lars Westpfahl.