Virgin Active secures multinational refinancing deal
The health club chain has closed a refinancing deal with a multinational banking syndicate.
Firms: Hogan Lovells (banking syndicate); Allen & Overy (Virgin Active group)
Deal: The Virgin Active group reached a refinancing deal with an international banking syndicate.
Area: Banking and finance
Key players: The deal involved lawyers in Hogan Lovells’ Sydney, Johannesburg, London, Madrid, Milan and Singapore offices. Richard Hayes (pictured), Hogan Lovells partner and head of acquisition and leveraged finance in Australia, led the Australian team advising the banking syndicate. He was assisted by senior associate Francis Booth, associate Sherry Khalili and graduate Eric Van Winssen.
Deal significance: The Virgin Active group is a multinational chain of health clubs, originally part of Sir Richard Branson’s Virgin Group. It was acquired by South African investment company Brait SE in 2015.
Virgin Active now comprises over 245 clubs in 10 countries, and has an enterprise value of $2.6 billion, according to a statement from Hogan Lovells.
The health club group has secured a refinancing deal from an international banking syndicate, involving negotiations with banks in several jurisdictions, as noted above.
Hogan Lovells advised the international banking syndicate on the structuring, documenting, negotiating and closing of the refinancing deal.
“We were delighted to assist our global banking clients on this landmark transaction, which demonstrates Hogan Lovells’ strength and ability to work together seamlessly across various jurisdictions on large cross-border deals,” said Hogan Lovells partner Richard Hayes, who led the team advising on the Australian aspects of the deal.