We advised on a high-yield notes offering, tender offer and credit facility refinancing

Davis Polk advised the underwriters and lenders in connection with Boparan Finance plc’s offering of £390 million aggregate principal amount of 9.375% senior secured notes due 2029 and the refinancing by Boparan Holdings Limited and certain of its subsidiaries of their existing super senior secured revolving credit facility with commitments in an aggregate principal amount of up to £80 million.

Davis Polk also advised the dealer managers in connection with an invitation to holders outside the United States of Boparan Finance plc’s outstanding £525 million 7.625% senior secured notes due 2025 to tender their securities for purchase in cash.

The net proceeds of the notes offering, together with cash on balance sheet, were used to fund the purchase consideration in the tender offer, the redemption of the existing notes that remained outstanding following the tender offer, and the repayment of certain other existing indebtedness of Boparan Holdings Limited and certain of its subsidiaries.

Boparan Holdings Limited is the parent company for 2 Sisters Food Group, with headquarters in Birmingham, United Kingdom. Boparan is a leading food manufacturer with strong market positions in poultry, meals and bakery categories.

The Davis Polk corporate and finance team included partners Luke McDougall and Reuven B. Young, counsel Maxim Van de moortel and associates Ludovico Giannotti, Annie Dulka and Amanda Cheng. Partner Dominic Foulkes, counsel Alon Gurfinkel and associates Kelli A. Rivers and Patrick O’Donovan provided tax advice. All members of the Davis Polk team are based in the London office.

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