Latham Advises ASDA on Its €700 Million Senior Secured Notes Offering

Latham & Watkins has advised ASDA (Bellis Finco plc) on its offering of an aggregate principal amount of €700 million 8.00% senior secured notes due 2031. ASDA, a portfolio company of TDR Capital, is the third-largest player in the UK grocery retail market.

The proceeds from the offering were used to redeem Bellis Finco plc’s £500 million aggregate principal amount of existing 4.00% senior notes, alongside £262 million in aggregate principal amount of existing 3.25% senior secured notes, and £40 million in aggregate principal amount of existing 4.50% senior secured notes, as well as for general corporate purposes.

The Latham team was led by London corporate partner Francesco Lione and Munich counsel Rainer Adlhart, with London associates Sarah Youssefi, Valera Bamgbala, Rebecca Reeve, and Blade Angel. Advice on finance matters was provided by London counsel Julia Stapelfeld, with associate Liam Feng; on US tax matters by Chicago partner Rene de Vera, with New York associate Sam Yang; and on UK tax matters by London partner Sean Finn, with associate Sam Duncan.