December 13, 2023
Weil advised a Steering Committee of convertible noteholders of Cazoo Group Ltd, an independent online car retailer in the United Kingdom, in connection with a series of restructuring transactions, including an exchange offer of $630 million of the Company’s 2.00% Convertible Senior Notes due 2027 for $200 million of 4.00%/2.00% cash/payment-in-kind toggle senior secured notes due 2027 and Class A ordinary shares of the Company which represent 92% of the outstanding Class A ordinary shares of the Company. The transactions were completed on December 6, 2023. The restructuring transactions were pursuant to a transaction support agreement signed on September 20, 2023, and consisted of, among other actions, 1) the Exchange Offer, 2) the implementation of new governance rights (in replacement of previously-existing rights) which provide for, generally, the members of the former Steering Committee to appoint 6 of the 7 directors of the board of Cazoo, 3) the implementation of a 100:1 reverse stock split, and 4) three tranches of warrants issued solely to the holders of equity immediately prior to completion of the Exchange Offer.
The Weil team was comprised of a Restructuring team led by Restructuring Co-Chair Matt Barr, London Restructuring Co-Head Neil Devaney, counsel Nick Fortune and associate Alex Cohen; a Capital Markets team led by partners Frank Adams and Ashley Butler and associate Stefan Tsourovakas; a Banking & Finance team led by partners Gilles Teerlinck and Reena Gogna and counsel Inci Aydogdu; Public Company Advisory Group partner Adé Heyliger; a Mergers & Acquisitions team led by partner Raymond Gietz and counsel Christina De Vuono; and an International Tax team led by International Tax Head Devon Bodoh and associates Carlos Parra and Renan Rodriguez.