Garfunkelux Holdco 3 S.A. and Garfunkelux Holdco 2 S.A.’s High‑Yield Senior Secured and Senior Debt Offering

Cravath represented the initial purchasers, led by Goldman Sachs International, Citigroup, Credit Suisse, ING, J.P. Morgan Securities and HSBC, in connection with the £795 million 144A/Reg. S high‑yield senior secured and senior debt offering of Garfunkelux Holdco 3 S.A. and Garfunkelux Holdco 2 S.A. Proceeds of the offering were used to refinance bridge facilities that were used to finance the acquisition of Lowell Group, which created, together with GFKL Financial Services, one of the largest receivables management businesses in Europe by revenue. Garfunkelux Holdco 3 S.A. and Garfunkelux Holdco 2 S.A. are portfolio companies of private equity sponsors Permira Funds and Ontario Teachers’ Pension Plan Board. The notes will be listed on the Luxembourg Stock Exchange. The transaction closed on October 19, 2015.

The Cravath team included partner Alyssa K. Caples and associates Brendan M. Cottington, Virginie Marier and Yannick Adler. Marianne Madden also worked on this matter.