Simpson Thacher represented J.P. Morgan Chase Bank, N.A. and Goldman Sachs Bank USA, as lead arrangers, in connection with the refinancing of the first lien Term Loan B and first lien revolving credit facility and the incurrence of a new Term Loan A by Formula 1, the iconic global motorsports business.
Delta Topco Limited and its subsidiaries (“Formula 1”) replaced the previous $500 million first lien revolving credit facility with a new $500 million revolving credit facility with an extended maturity and replaced the previous $2.902 billion first lien Term Loan B with a new first lien Term Loan A of $725 million and a refinanced Term Loan B of $1.7 billion.
Formula 1 is a group of companies responsible for the promotion of the Formula One World Championship, the highest class of single-seat auto racing that is sanctioned by the Fédération Internationale de l’Automobile (FIA).
The Simpson Thacher team included Patrick Ryan, Ismael Duran, Jackie Song, Austin Vance and Darby Tingle (Banking and Credit); Antti Pesonen, Li Lin and Toni Prskalo (Banking and Credit – London); and Michael Mann and Ruoxi Zhang (Tax).