Haden Henderson

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is representing AutoScout24, the leading pan-European online automotive market place, on the financing of its announced acquisition of TRADER Corporation (“TRADER Canada”) from Thoma Bravo. In conjunction with this acquisition, funds affiliated with existing majority shareholder Hellman & Friedman (“H&F”) will make a meaningful incremental equity investment in AutoScout24. The transaction is expected to close in the fourth quarter of 2024. TRADER Canada operates Canada's leading online automotive marketplaces, English-language AutoTrader.ca and French-language AutoHebdo.net, with 26 million monthly visits, more than 450,000 vehicle listings, and 5,000 dealer partners. Founded in 1975 and headquartered in Toronto, the company also provides several automotive dealer software solutions under the AutoSync brand and operates Dealertrack, the leading Canadian portal connecting automotive dealers and lenders, as well as Collateral Management Solutions, the primary provider of lien and registration services, recovery services, and insolvency management solutions to Canadian lenders. AutoScout24 is the largest pan-European online car market, with over 2 million vehicle listings, around 30 million users per month and more than 43,000 dealer partners. As a comprehensive marketplace for mobility, AutoScout24 is making targeted investments in the growth areas of leasing, car subscriptions, electromobility and online car purchases. With this acquisition, AutoScout24 extends its presence outside of Europe and strengthens its position as a leading global online automotive marketplace. The cross-border Freshfields team was led by leveraged finance and capital markets partners Alex Mitchell, Aled Batey and Haden Henderson and senior associate Terrence Ayres. Advice on the equity investment and shareholder arrangements is being provided by partners Tim Wilmot, Mark Brewer and Arend Von Riegen, together with principal associate, Anna Dominke and senior associate, Alex Ryan. Partners Uta Itzen and Ermelinda Spinelli are advising on antitrust matters.  Counsel Greg Khan is advising on the hedging aspects of the transaction. This latest acquisition carries on Freshfields’ long-standing relationship with AutoScout24 and H&F, having advised H&F on its original acquisition of AutoScout24 in 2020 and more recently advising H&F on their sale of certain minority stakes in TeamSystem.

Aug 23

2 min

Global law firm Freshfields has represented a syndicate of initial purchasers on an upsized $1 billion Rule 144A and Regulation S issuance of Senior Secured Notes due 2032 by Sable International Finance Limited, a subsidiary of Cable & Wireless Communications Limited. The proceeds of the offering were used to refinance the Cable & Wireless group’s outstanding Senior Secured Notes due 2027 in full, and a portion of its outstanding Senior Notes due 2027. In connection with the offering, the Cable & Wireless group also entered into certain maturity extension amendments to the group’s revolving credit facilities. Together, these transactions address a significant portion of the Cable & Wireless group’s near-term debt maturities and pave the way for the group to opportunistically manage its maturity profile in the future. The Freshfields team was led by leveraged finance and capital markets partner Haden Henderson alongside senior associate, Shruti Dusaj, and associates Ahmed Yacout, Ariane Choupo and Mitchell Howell. The team was also supported on English law matters led by leveraged finance partner Toby Bingley alongside associate Marco Hughes. The transaction represents another example of a market leading cross-border transaction by Freshfields’ high yield team, which has an established reputation for providing strategic, commercial and practical guidance on the most challenging and complex high yield bond offerings worldwide.

Oct 10

1 min

Global law firm Freshfields advised Fressnapf Holding SE on its successful bank and bond financing transaction, in connection with Fressnapf’s acquisition of Agrifarma SpA (trading as Arcaplanet) from Cinven and Cinven’s minority investment in Fressnapf. The Financing consists of €800m senior notes due 2031 and an €300m revolving credit facility (RCF). The Fressnapf Group is the European market leader for pet supplies and opened the first ’Fressnapf’ specialist store in 1990 in Erkelenz (NRW). The company is headquartered in Krefeld, with additional offices in Venlo (NL) and in the national companies. It operates in key European markets. Today, approximately 2.000 Fressnapf and Maxi Zoo stores with employees from over 50 nations belong to the group of companies. In Germany, the majority of the stores are operated by independent franchise partners, in other European countries as own stores. Freshfields advised Fressnapf on all legal aspects, including English, German and New York law elements. Freshfields also advised Cinven on its investment in Fressnapf. The Freshfields team also worked closely with Fressnapf’s treasury team around Katja Bruns and Holger Winterfeld as well as its legal team around Frank Hartmann. The Freshfields team included the following: Bond Financing: Partners Simone Bono (London), Christoph L. Gleske (Frankfurt), Haden Henderson (London), Principal Associate Daniel von Bülow (Frankfurt), Senior Associate Shruti Dusaj (London), Associates Ahmed Yacout Saleh, Enzo Paganetti and Angela Chen (all London). Additional support was provided by Principal Associate Birgit Schulz (Frankfurt), Associates John Sichelschmidt and Linus Cathomas (both Frankfurt). Bank Financing: Partners Mario Hüther, Michael Josenhans (both Frankfurt), Toby Bingley, Christopher Davis (both London), Associates Lucas Lengersdorf (New York/Frankfurt), Kelsey Pepper (London), Alexander Bräuer (Frankfurt) and Peter Benson (London) Tax: Partner Martin Schiessl, Principal Associates Christian Schmidt and Sebastian Jung (all Frankfurt)

Nov 8

1 min

Global law firm Freshfields has represented a syndicate of initial purchasers on an upsized €325 million Rule 144A and Regulation S issuance of Green Senior Secured Notes due 2030 by Neinor Homes, S.A., a leading listed residential property developer in Spain. The transaction also included entry into a new €40 million super senior revolving credit facility. The Freshfields team was led by leveraged finance and capital markets partner Haden Henderson alongside, counsel Ethan Magid, senior associate, Shruti Dusaj, and associates Stephanie Belenkov, Ahmed Yacout, Lea Mansouri and Angela Chen. Spanish law matters were led by Ana López alongside counsel Joe Amann and associates Inés Colás, Javier González and trainees Raquel Cuesta and Natalia González-Alegre. English law matters where led by leveraged finance partner Carol Van der Vorst alongside associate Marco Hughes. The transaction represents another example of a market leading transaction by Freshfields’ cross-border leveraged finance and capital markets team, which has an established reputation for providing strategic, commercial and practical guidance on the most challenging and complex high yield bond offerings worldwide.

Nov 13

1 min

Global law firm Freshfields is representing the private equity consortium buyer, led by Mubadala Capital and TWG Global, on the $6.2 billion, leveraged take-private of NYSE-listed Clear Channel Outdoor announced this morning. Details can be found here. The Freshfields team is led by partners Ethan Klingsberg and Oliver Board, counsel Zizi Petkova and associates Amy Zhan and Charlie Carroll. Partner Andrea Basham and senior associate Arash Ardalan advised on mezzanine financing and consortium arrangements; partners Allison Liff, Michael Levitt and Haden Henderson, counsel Kelsey Avery, senior associate Elio Gaarthuis and associates Cates Saleeby, Nick Singer and Dax Zhang leveraged finance/capital markets matters; partner Nicole Foster, senior associate Jeff Anand and associate Emily Shaw advised on executive compensation & employee benefits matters; partner Joe Soltis and associate Ryan Sweeney advised on tax matters; partner Brock Dahl, senior associate Christine Chong and associate Ian Allen advised data privacy/security matters; partner Mena Kaplan, senior associate Danny Spencer and associate Rhea Khakria advised on IP/commercial matters; partners Justin Stewart-Teitelbaum and Marin Boney, senior associate Sam Fulliton and associate Sandra Makeen advised on antitrust matters; counsel Jeremiah Nelson and associates Matt Parsons and Kate Koudouna advised on real estate matters and partner John Rousakis advised on environmental matters.

Feb 9

1 min