Bellis Acquisition Company plc and Bellis Finco plc’s £2.75 Billion High‑Yield Notes Offerings Used to Finance the Acquisition of ASDA

Cravath represented the initial purchasers in connection with the £2.25 billion 144A/Reg. S high‑yield senior secured notes offering of Bellis Acquisition Company plc and the £500 million 144A/Reg. S high‑yield senior notes offering of Bellis Finco plc, entities indirectly beneficially owned by TDR Capital and Mohsin Issa CBE and Zuber Vali Issa CBE. Proceeds of the offering were used to repay amounts drawn under certain bridge facilities entered into to finance the acquisition of ASDA, the third‑largest grocery retailer in the United Kingdom. The notes are expected to be listed on The International Stock Exchange. The transaction closed on February 24, 2021.

The Cravath team included partner George A. Stephanakis, practice area attorney Roberto Bruno and associates Timothy J. Leung, Joanna Pak, Taryn A. Strohmeyer, Yanis Rahim and Hamza Sebti on capital markets matters, and partner Christopher K. Fargo and associate Kyle R. Jorstad on tax matters. Jessica E. Sandor and Maurice Temming also worked on capital markets matters.