Allen & Overy Advises Action and its Sponsor 3i on Action’s EUR3.625bn Amend and Extend Financing
Allen & Overy has advised Action and its sponsor 3i in connection with the amendment and extension of Action’s debt facilities. The transaction was well received by the market and strong investor demand allowed Action to upsize and raise a new EUR2.5bn TLB (September 2028 maturity) priced at the tight end of price talk.
Proceeds will be used to refinance in full its existing EUR2.285bn 2025 TLB, with the surplus credited to cash. A new EUR500m RCF (June 2028 maturity) was also secured to replace Action’s existing EUR125m 2024 RCF. Alongside Action’s existing EUR625m 2027 TLB, Action’s total senior debt facilities will increase to EUR3.625bn.
With an aggregate of EUR3.125bn of TLB facilities, Action is one of the largest euro denominated TLB issuers in the European leveraged finance market.
Action is the fastest growing non-food discounter in Europe, operating 2,263 stores across 10 countries at the end of its 2022 financial year. It achieved net sales of EUR8.9bn and an operating EBITDA of EUR1.205m in its 2022 financial year, representing growth of 30% and 46% respectively compared to 2021.
The A&O team in London was led by Leveraged Finance Partner Neil Sinha, with support from senior associate Alex Charles, associates Fraser Jackson, Daniel McCarron, and trainee Sidhant Jadeja. The Amsterdam team was led by finance Partner Andrew Thomas and senior associate Luke Whibley, with support from associate Bibi van Gijzel and paralegal Leon Zebeda.