Debevoise & Plimpton advised Wm Morrison Supermarkets in the successful amendment and extension of the group’s term loan facilities and its revolving credit facility. The principal outcomes of the debt amendment and extension exercise were to extend the Morrisons group’s term loan facilities from 2027 to 2030, to reduce the cost of the debt, to extend the revolving credit facility to 2030 and to reduce the overall level of debt.
Since the acquisition of the business by Clayton, Dubilier & Rice, Morrisons has now repaid a total of £2.4 billion of debt, bringing the current debt figure down by around 40% from £6.2 billion to £3.8 billion.
The Debevoise team was led by partner Alan Davies, and included international counsel Gregg Young, and associates Patrick Dixon, Henry Treble and Tiffany Chow.
