Belron in $4.69 Billion and €2.05 Billion Incremental Amendment to Existing Credit Agreement

Cleary Gottlieb is representing the Belron group in a $4.69 billion and €2.05 billion incremental amendment to refinance its existing credit agreement, dated as of November 7, 2017.

In addition to the incremental amendment, Belron is also making an offering of $1.115 billion and €850 million of new senior secured notes due 2029. The incremental amendment and indenture governing the Belron’s new senior secured notes will, among other things, align the covenants governing the respective facilities.

The notes offering launched on September 30, 2024, and priced on October 2, 2024. The incremental term loans and senior secured notes are expected to close concurrently later this month.

The proceeds of the incremental term loans and the senior secured notes will be used for general corporate purposes and to fund a €4.359 distribution to shareholders. The distribution is the largest reported debt-funded dividend payout.

Belron is the world’s leading vehicle glass repair and replacement group, with its most known brands including Autoglass in the UK, Carglass in Europe, and Safelite in the United States. Belron operates in 37 countries.