Latham & Watkins Advises on McLaren’s US$620 Million Refinancing and £550 Million Equity Investment

Latham & Watkins advised Goldman Sachs International and HSBC as initial purchasers of senior secured notes, placement agents, and revolving credit facility (RCF) banks, on McLaren Group Limited (McLaren) raising US$620 million of Senior Secured Notes from institutional investors, £400 million of capital in the form of Preference Shares and Warrants from the Private Equity and Credit Groups of Ares Management Corporation and Public Investment Fund of Saudi Arabia, an additional £150 million of capital in the form of Convertible Preference Shares from existing shareholders and a limited number of new private investors, and a new RCF from a group of international banks.

The cross-practice Latham team advising the banks as initial purchasers of senior secured notes was led by London partner Brett Cassidy with associates Patrick Kwak and Kelsey Glover; as placement agents of senior preference shares & warrants and of convertible preference shares by London partners Sanjev Warna-kula-suriya and Chris Horton, with associates Chris Armstrong and Koushik Prasad; and as the arrangers and lenders in relation to the revolving credit facility by London partner Mo Nurmohamed with associates Robert Davidson, Philipp Hagenbuch, and Alexander Law. Regulatory advice was provided by London financial regulation partners Rob Moulton and Nicola Higgs.