David Lloyd Completes Refinancing Transactions
Simpson Thacher represented David Lloyd, a portfolio company of TDR Capital and a leading premium lifestyle club operator in Europe, in its refinancing transactions, comprising of 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 and an amendment and upsize of its 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 discharge in full its PIK facility.
The Simpson Thacher team included Carol Daniel, Antti Pesonen, Iakovos Anagnostopoulos, Ziang Zhou, Rachel Roberts, Yun Kei Chow, Lampros Anastasopoulos and Stefan Luginbuehl (Finance and Capital Markets).