Milbank Advises an Ad Hoc Group of Senior Lenders on the Sale of Farfetch

Milbank LLP has advised an ad hoc group of senior lenders to Farfetch on the successful completion of the sale of the Farfetch business to a vehicle owned by Coupang Inc. and funds managed and/or advised by Greenoaks Capital Partners LLC. The transaction provides $500M of new capital to the Farfetch business through a combination of bridge financing, equity and equity commitments, and was implemented by way of an English pre-pack administration.

Milbank advised the ad hoc group on all aspects of the transaction, including entry into a transaction support agreement and introduction of the bridge facility, as well as certain other documentary amendments to the credit agreement. The term loans will remain outstanding under Farfetch’s new ownership following the partial repurchase of c. 10% of the outstanding term loans upon completion of the sale.

Farfetch is a global online luxury fashion marketplace. Coupang is a leading global retailer and a listed Fortune 200 company on the New York Stock Exchange.

The Milbank team was led by Financial Restructuring partners Yushan Ng, Kate Colman and Evan Fleck, Alternative Investments partner Al Pisa and Tax partner Alan Rafferty, and included special counsel Mary Santanello and associates Ollie Winters, James Eland, Jimmy Santos and Jade Du Berry.