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Alteri Europe's first UK financing deal for Austin Reed


Travers Smith LLP has advised its new client Alteri Europe, L.P. (the direct lending arm of Alteri Investors) in relation to its provision of a secured term loan facility to UK clothing retailer Austin Reed.

This is the first direct lending transaction completed by Alteri which provides asset-backed finance to retailers, typically in the £5m to £50m range.  Separately, Alteri  targets debt and equity investments of £10-£50 million across the European retail sector, and is run by the former management team of GA Europe and backed by Apollo Global Management, LLC, one of the world’s leading alternative investors.

The facility, which is being provided after a restructuring of Austin Reed earlier this year, will be used to fund the retailer’s stock, as well as provide further investment in its multi-channel operations.

The Travers Smith team which represented Alteri was led by Head of Finance Matthew Ayre who was assisted by Senior Associate Matthew Smith. Austin Reed was advised by Andrew Knight and Lauren Priest-Stephens at Squire Patton Boggs.

Matthew Ayre commented: “We are delighted to have assisted Alteri Investors on its first UK lending transaction. Alteri Investors is a new client of Travers Smith’s finance team and an extremely important addition to our growing portfolio of non-bank lender clients.”

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