A&O Shearman advises on high yield bond financing for TDR’s acquisition of Acqua & Sapone

The financing consisted of EUR400 million 6.5% senior secured notes due 2031 and EUR450m senior secured floating rate notes due 2031 issued by Bubbles Bidco S.p.A., as well as a EUR130m super senior revolving credit facility.

Acqua & Sapone is Italy’s leading non-food discount retail brand, selling a wide range of household and personal care products at value prices through a network of over 700 retail locations to more than eight million customers.

The A&O Shearman team was led by high yield partner John Kicken and leveraged finance partner Filippo Crosara, supported by counsel Alex Charles, senior associate Sampada Bannurmath and associates Connor Anear, Ryan Clarke, Paridhi Srivastava and Octavi Oliu. Cross-border advice was also provided by A&O Shearman’s finance and debt capital markets teams in Italy, led by partners Pietro Scarfone and Cristiano Tommasi, supported by counsel Alessandra Pala and associates Riccardo Ingrao, Alessia Cellucci, Edoardo Brugnoli and Valentina Calò. Counsel Elia Ferdinando Clarizia and senior associate Simona Simone advised on tax-related matters.

Paul, Weiss, Rifkind, Wharton & Garrison LLP advised TDR Capital LLP with a team led by high yield partners Matthew Merkle and Nicolò Ascione and leveraged finance partner Neel Sachdev, supported by associates Marco Bagnato, Brando Cremona, Nicholas Wendland and Amenda Tan.