25 November 2020

Carey Olsen advises New Look on significant debt refinancing

Lawyers from Carey Olsen's corporate team in Jersey have advised global fashion retailer New Look on a recapitalisation of its finances that will provide the business with the financial strength, funding and flexibility to execute its ongoing strategy amid challenging retail market conditions.

The transaction has included a debt for equity swap on New Look's current debt to reduce senior debt from around £550 million to £100 million and a significant decrease in interest costs. It has also included an extension of primary working capital facilities and the injection of £40 million in new capital to support the retailer's business plan.

Working alongside lead legal advisers Latham & Watkins, the Carey Olsen team advising New Look was led by partner James Willmott and also comprised partner David Taylor, counsel David Allen and associates Steven Khan, Stephen Le Cornu, Tim McAlpine-Scott and Luke Steele.

James said: "We were pleased to be involved alongside Latham & Watkins in supporting New Look on this significant restructuring project which provides the group with enhanced financial strength and flexibility to deliver on its overarching strategy. The transaction is also the latest example in a number of recent deals that demonstrates Carey Olsen's expertise in restructuring work of this nature."