Bedell Cristin has provided Jersey legal advice to the initial purchasers and the mandated lead arrangers in connection with Constellation Automotive’s underwritten financing arrangements.
It included an £695m offering of 4.875% senior secured notes due 2027, an approximately £750m (equivalent) senior secured term facility, a £250m revolving credit facility and a £325m second lien facility.
The financings closed on 28 July. The net proceeds were used, among other things, to refinance existing debt and make a distribution to Constellation Automotive’s direct parent company.
Constellation Automotive operates, through brands including British Car Auctions and WeBuyAnyCar, digital used vehicle marketplaces in the UK and B2B marketplaces in continental Europe.
It provides associated automotive services, including vehicle movement, logistics, storage, pre-delivery inspections, fleet management, de-fleeting services and refurbishment in the UK.
The Bedell Cristin team was led by Jersey Partner Alasdair Hunter and included Senior Associate Malcolm Ellis, Associate Louise Ridgway and Legal Assistant Donna Watts. Shearman & Sterling London acted as lead legal advisers on the deal.