TDR Capital and Italy’s Bubbles Issue High Yield Notes, Launch Revolving Credit Facility Supporting TDR’s Acqua & Sapone Acquisition

Paul, Weiss advised leading European private equity firm TDR Capital LLP and Bubbles Bidco S.p.A. on the U.S. and English law aspects of its debut issuance of €400 million senior secured fixed rate and €450 million senior secured floating rate notes due 2031, as well as its entry into a new €130 million revolving credit facility. Both instruments were issued in connection with TDR's pending acquisition of Acqua & Sapone, Italy's leading non-food discount retail brand selling a wide range of household and cosmetic products. The notes were issued pursuant to Rule 144A and Regulation S under the U.S. Securities Act and listed on the Luxembourg Stock Exchange's Euro MTF market. Proceeds from the notes offering were deposited into escrow pending completion of the acquisition, which is expected by the end of October 2024.

The Paul, Weiss team was led by corporate partners Matthew Merkle, Nicolò Ascione, Deirdre Jones and Neel Sachdev, and included tax counsel Samir Kurani and Patrick Karsnitz.