White & Case advises Atalian on global recapitalization and change of ownership
2 min read
Global law firm White & Case LLP has advised the Atalian group, one of the leading Facilities Management companies in Europe, in connection with its global recapitalization and a change of ownership of the Group, with the support of an ad hoc group of bondholders (AHG) representing more than 60 percent of the principal amount of the existing notes, its reference shareholder and 99 percent of the existing noteholders who voted in favour of the exchange offer.
The transaction includes:
- The conversion into equity of 66 percent of the Group’s existing debt, enabling a significant reduction of its indebtedness, with the maturities of the remaining debt instruments being reinstated and extended to the second half of 2031.
- The issuance of a new €100 million super senior secured financing, with the ability to make available up to an additional €40 million in future tranches, fully backstopped by the AHG, in order to refinance the existing super senior debt and provide additional liquidity to support the Group’s operations and strategic plan.
- The transfer of the Group’s ownership to a newly incorporated holding company, wholly owned by the Group’s existing senior noteholders, as well as changes to the Group’s governance with the establishment of a new board of directors, chaired by Bernard Gault and composed of a majority of new independent directors.
The transaction evolved over nearly two years, into an amicable and out-of-court restructuring and change of control, negotiated with multiple stakeholders across several jurisdictions.
The White & Case team which advised on the transaction was led by partners Raphaël Richard, Saam Golshani, Jean-Guillaume Meunier and Alicia Bali (all Paris) and included partners Alexandre Ippolito, Neeloferr Roy, Alexandre Jaurett, Jérémie Marthan, Max Turner and Orion Berg (all Paris), James Greene and Anna Soroka (both London), Thomas Glauden (Luxembourg & Brussels), Christophe Wauters (Brussels) and Guilhem Becvort (Luxembourg), local partner Ruslana Hrischeva (Luxembourg) and associates Grégoire Berger, Rodérick Dofing, Aliénor Huchot, Claire Sardet, Chloé Bouffard, Noémie Jacquot and Rahel Wendebourg (all Paris), Grigor Chobanyan (London), Arvine Nooralian, Arnaud Marquet, Hana Mattar, Mehmet Aktas and Sophia Fotso (all Luxembourg).
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