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Press Release

White & Case Advises Oaktree and Kartesia on Refinancing of Foraco International

Global law firm White & Case LLP has advised funds managed by Oaktree Capital Management, L.P. (Oaktree) and Kartesia on the refinancing of Foraco International, a leading global provider of mineral drilling services listed on the Toronto Stock Exchange.

The debt refinancing includes a US$146.8 million early redemption of bonds which has been completed by way of a repayment of US$91 million in cash and the issuance of 9,300,000 ordinary shares in the company, to the benefit of Oaktree and Kartesia. Following this transaction, the new shareholders Oaktree and Kartesia together hold approximately 9.4 percent of the share capital. An Investor Rights Agreement was entered into between Foraco, its top management, Oaktree and Kartesia to organize the shareholders' relations and the involvement of Oaktree and Kartesia in Foraco's governance.

The White & Case team in Paris which advised on the transaction was led by partners Saam Golshani and Diane Lamarche, and included associates Hugues Racovski and Simon Martin-Gousset.

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