Debevoise & Plimpton LLP advised Wm Morrison Supermarkets Limited (“Morrisons”) in the successful debt reduction exercise of its Group. This included a term loan solicitation process involving the purchases of participations in facilities under the Group’s senior facility agreement in aggregate principal amounts of €774,752,590 and £115,605,917, respectively, as well as a cash tender offer for five series of the Group’s notes, pursuant to which the Group purchased notes in an aggregate principal amount of £324,700,000.

With this exercise, the Group’s debt has been reduced by approximately 35% to approximately £4.0 billion from its peak of approximately £6.2 billion.

For full details, see the official release here.

The Debevoise team advising Morrisons was led by partner Alan Davies and Steve Slutzky, and included international counsel Vera Losonci and Gregg Young, and associates Patrick Dixon, Yiran Ji, Evgenii Lebedev, and Micah Rubin.