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Latham Advises on Goldstory’s €850 Million Senior Secured Notes Refinancing

February 14, 2024
Paris and Milan team advises the banks in the innovative sustainability-linked transaction.

Latham & Watkins has advised the joint bookrunners and mandated lead arrangers on Goldstory’s refinancing of its existing indebtedness through the issue of €500 million aggregate principal amount of 6.75% sustainability-linked senior secured notes due 2030 and €350 million aggregate principal amount of floating rate sustainability-linked senior secured notes due 2030.

Goldstory is the holding company for the jewelry retailer operating stores under the Histoire d’Or, Marc Orian, TrésOr, Stroili, OROVIVO, Franco Gioielli, and Agatha banners, and a leader in the accessible jewelry sector in Europe. In accordance with Goldstory’s sustainability-linked financing framework, the interest rate on the senior secured notes will increase by a certain step-up if Goldstory does not achieve, by the end of fiscal year 2027, both a 16% reduction in scope 1, 2, and 3 greenhouse gas emissions and responsible sourcing certification or audits of 85% of products and gold purchased by non-branded suppliers.

Latham advised the joint bookrunners in connection with notes offering and the mandated lead arrangers in connection with the new €120 million revolving credit facility. The Latham team was led by Paris partners Thomas Margenet-Baudry and Roberto Reyes Gaskin, with associate Jacqueline Yonover on capital markets and ESG matters; Paris partner Lionel Dechmann, with associates Aurélien Lorenzi, Matthieu Herviaux, and Léa Demulder on banking matters; Paris partner Olivia Rauch-Ravisé, with associate Alexis Caminel on French tax matters; and Milan counsel Erika Brini Raimondi, with associate Maria Cristina Grechi on Italian law matters.