Willkie Farr & Gallagher LLP
02/09/2024 | News release | Distributed by Public on 02/09/2024 09:32
Willkie Advises Ad Hoc Group of Senior Secured Noteholders on AFE Restructuring
Willkie Advises Ad Hoc Group of Senior Secured Noteholders on AFE Restructuring
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February 9, 2024
Willkie represented an ad hoc group of senior secured noteholders in the financial restructuring of AFE S.A. SICAV-RAIF, a specialist European non-performing loan and real estate investment firm affiliated with Veld Capital (formerly AnaCap Credit).
Willkie advised the holders of €307.5 million Senior Secured Floating Rate Notes due 2024 in connection with the comprehensive recapitalization and refinancing of AFE's capital structure along with the acquisition of AFE by AGG Capital Management Limited, a subsidiary of Arrow Global Group, and certain Noteholders.
On February 9, AFE announced the successful completion of the recapitalization and refinancing transactions after having received consents from the holders of more than 95% of the Notes to implement the transactions on December 21. The restructuring involved the extension of the maturity of the Notes, new term loan facilities totaling €132.9 million, the issuance of approximately €35.7 million in aggregate principal amount of additional Notes, and an equity transfer of the AFE Group to certain Noteholders and funds managed by AGG.
The Willkie team in London was led by partners Graham Lane and Jason Taylor, and included partners Jennifer Tait, Gavin Gordon, Jane Scobie, Komal Raina and David Griffiths, along with associates Celine Buttanshaw, Chiraag Thadani, Carson Lau, Alec Young, Megan Gairns, Snaebjorn Olafsson and Ashley Jamali and trainee solicitor Caitlin Smith.
Willkie advised the holders of €307.5 million Senior Secured Floating Rate Notes due 2024 in connection with the comprehensive recapitalization and refinancing of AFE's capital structure along with the acquisition of AFE by AGG Capital Management Limited, a subsidiary of Arrow Global Group, and certain Noteholders.
On February 9, AFE announced the successful completion of the recapitalization and refinancing transactions after having received consents from the holders of more than 95% of the Notes to implement the transactions on December 21. The restructuring involved the extension of the maturity of the Notes, new term loan facilities totaling €132.9 million, the issuance of approximately €35.7 million in aggregate principal amount of additional Notes, and an equity transfer of the AFE Group to certain Noteholders and funds managed by AGG.
The Willkie team in London was led by partners Graham Lane and Jason Taylor, and included partners Jennifer Tait, Gavin Gordon, Jane Scobie, Komal Raina and David Griffiths, along with associates Celine Buttanshaw, Chiraag Thadani, Carson Lau, Alec Young, Megan Gairns, Snaebjorn Olafsson and Ashley Jamali and trainee solicitor Caitlin Smith.
Graham Lane PartnerBusiness Reorganization & Restructuring
London [email protected] +44 20 3580 4706
Jason Taylor PartnerBusiness Reorganization & Restructuring
London [email protected] +44 20 3580 4732
Celine Buttanshaw AssociateBusiness Reorganization & Restructuring
London [email protected] +44 203 580 4933
Chiraag Thadani AssociateBusiness Reorganization & Restructuring
London [email protected] +44 203 580 4836
Snaebjorn Olafsson AssociateCorporate & Financial Services
London [email protected] +44 203 580 4750