Travelex’ €360 Million Senior Secured Notes Offering and New Revolving Credit Facility

Simpson Thacher represented Travelex in connection with a Rule 144A and Regulation S offering by a finance subsidiary of €360 million aggregate principal amount of 8% Senior Secured Notes due 2022, as well as a new £90 million Revolving Credit Facility.

The offering closed and the Revolving Credit Facility became available for drawing on May 5, 2017. Travelex used the net proceeds from the offering, as well as cash on balance sheet, to refinance outstanding indebtedness.

Travelex was founded in 1976 and is a market leading independent foreign exchange business. Its business operates across 30 countries and covers the entire value chain of the retail foreign exchange industry. As of December 31, 2016, Travelex operated stores in 12 of the world’s top 20 international airports by international passenger numbers and in major transport hubs, premium shopping malls, high street locations, supermarkets and city centers.

The Simpson Thacher team included Gil Strauss (Picture), Uma Sud, Adam Wollstein, Luiz Arthur (Tuca) Bihari and Anna Pollak (Capital Markets); Kate Sinclair and Ambarish Dash (Credit); and Joseph Tootle (Tax).

Involved fees earner: Gil Strauss – Simpson Thacher & Bartlett; Uma Sud – Simpson Thacher & Bartlett; Adam Wollstein – Simpson Thacher & Bartlett; Luiz Arthur Bihari – Simpson Thacher & Bartlett; Anna Pollak – Simpson Thacher & Bartlett; Kate Sinclair – Simpson Thacher & Bartlett; Ambarish Dash – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Travelex;