A&O Shearman represents gategroup on CHF1.675 billion repricing and upsize

Strong investor demand supported a tighter than anticipated reduction in the margin, with both the euro and U.S. dollar term loan margins being reduced by 75 basis points to 350 basis points. The transaction included a fully fungible add-on of EUR215 million and USD75m to gategroup’s euro and U.S. dollar-denominated tranches of Term Loan B (respectively).

Following completion, gategroup maintains a well-balanced capital structure and strong liquidity position, enhancing financial flexibility to support long-term growth and providing increased optionality to efficiently address and refinance upcoming debt maturities. The transaction further aligns gategroup’s capital structure with its strategy focused on growth, innovation, and customer excellence across its global network.

Adam Zecharia, debt finance partner at A&O Shearman said: “Investor engagement was exceptionally strong, reflecting confidence in gategroup’s performance and outlook. The upsize and meaningful margin tightening underscore the quality of the credit and will deliver enhanced flexibility to support the company’s strategic objectives.”

The A&O Shearman team was led by debt finance partner Adam Zecharia alongside senior associate Harry Rouse and associate Jack Mellett.

A&O Shearman advised gategroup on all aspects of the financing, working closely with the company and its banking partners to structure and implement the upsize and repricing across multiple currencies and jurisdictions.

gategroup is headquartered in Zurich, Switzerland, and operates over 200 units in more than 60 countries, delivering culinary and retail excellence to passengers across all continents.