Slaughter and May advised Technicolor S.A. on its refinancing transaction completed on 12 July 2013, which effectively enabled the Technicolor group to borrow new funds at a lower interest rate, extend its debt maturity profile and benefit from significantly greater covenant flexibility.

The transaction involved the purchase by Tech Finance & Co S.C.A., an independent, stand-alone vehicle ('Tech Finance SCA') of EUR905 million in aggregate principal amount of Technicolor S.A.'s outstanding senior debt, corresponding to almost all of its outstanding private placement notes and 61% of the debt under its credit agreement. The purchase price was funded mainly through a new EUR838 million term loan raised by Tech Finance SCA.

In connection with the refinancing transaction, Technicolor S.A. obtained various consents from the holders of its existing senior debt in order to make certain modifications to the terms of its private placement notes and credit agreement and to implement the transaction.

Slaughter and May worked closely with Davis Polk & Wardwell LLP, the U.S. and French legal advisers to Technicolor S.A.

Financing: Miranda Leung (partner), Andrew McClean (partner), Sarah Paterson (partner), Mike Loan (associate), Marc Glancy (associate), Audrey Ah-Kan (associate); Financial Regulation: Jan Putnis (partner), Benjamin Hammond (associate)