Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in the debut 144A/Regulation S offering of US$525,000.000 million aggregate principal amount of 8.375% Senior Notes due 2029 and US$525,000,000 million aggregate principal amount of 8.750% Senior Notes due 2032 by AAG FH UK Limited and Global Auto Holdings Limited. The net proceeds from the offering were used to refinance certain outstanding indebtedness.
Global Auto Holdings Limited (“GAHL”), operating in North America through Alpha Auto Group, is the largest Canadian-based auto retail group. In October 2023, GAHL completed the acquisition of Lookers plc, one of the United Kingdom’s largest auto retailer groups with locations across England, Scotland, Ireland and Northern Ireland. On a combined basis, GAHL owns over 160 franchise dealerships on a global basis, representing over 35 of the world's top vehicle manufacturers.
The Simpson Thacher team included John C. Ericson, Ben Heriaud, Alex Michael and Kelly Johnson (Capital Markets); Clare Gaskell, James Watson, Deborah Harris, Laura Harris, Ilaria Olivero and Dasha Bechade (née Chirkov) (Corporate – London); Jon Cantor and Paul Jansch (Tax – New York); Caleb McConnell and Sefia Jivraj (Tax – London); Jeanne Annarumma and Charlie Pfeifer (Executive Compensation and Employee Benefits); Lori Lesser and Mark Natividad (Intellectual Property); and Jennie Getsin (Blue Sky).