David Lloyd Completes £825 million and €530 million Refinancing and Revolving Credit Upsize

"Simpson Thacher advised David Lloyd, a portfolio company of TDR Capital, on a refinancing comprising a 144A/Reg S offering of £825m 7.000% senior secured notes due 2031 and €530m senior secured floating-rate notes due 2032, plus an amendment and upsizing of its revolving credit facility. The sterling tranche was the largest sterling high-yield bond in Europe in 2025. Offering closed 20 Nov 2025."

Simpson Thacher represented David Lloyd, a portfolio company of TDR Capital and a leading premium lifestyle club operator in Europe, in its refinancing transactions. The transaction comprised a 144A and Regulation S offering of £825 million aggregate principal amount of 7.000% senior secured notes due 2031 and €530 million aggregate principal amount of senior secured floating rate notes due 2032, together with an amendment and upsize of David Lloyd’s revolving credit facility. The sterling tranche of the offering represents the largest sterling-denominated bond issuance in the European high-yield market to date in 2025. The offering closed on November 20, 2025. The proceeds of the offering were used to redeem David Lloyd’s existing notes and to discharge in full its PIK facility. Simpson Thacher represented David Lloyd (a portfolio company of TDR Capital) with a team composed by: Carol Daniel, Antti Pesonen, Iakovos Anagnostopoulos, Ziang Zhou, Rachel Roberts, Yun Kei Chow, Lampros Anastasopoulos and Stefan Luginbuehl (Finance and Capital Markets).

David Lloyd Completes £825 million and €530 million Refinancing and Revolving Credit Upsize

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