Latham & Watkins has advised a committee of senior lenders in connection with the successful financial recapitalisation of Hilding Anders, a leading global bedding and mattress company.

The fully consensual recapitalisation involved restating €300 million of the lenders’ existing term loan and revolving credit facilities as a single senior term loan at the operating company while the lenders’ remaining debt was restated as PIK notes issued by a newly incorporated Luxembourg holding company.  A contingent value right instrument was also issued to the existing shareholders which provides for certain recoveries that crystalise upon a sale of the business.

The multi-disciplinary Latham team was led by London finance partners Yen Sum and Fergus O’Domhnaill, with London finance associates Hugo Bowkett, Hongbei Li, Phil Cerny, and Harry Webb. Advice on sanctions related matters was provided by Washington partner Eric Volkman with associate Matthew Gregory, and London partners Robert Price and Charles Claypoole with associates Thomas Lane and Amaryllis Bernitsa; on tax matters by London partner Karl Mah with associates Richard Liu and Nicole Lim, New York partner Jiyeon Lee-Lim with Washington associate Eni Kassim and Munich partner Stefan Suess; and on Russian aspects by London partners Mikhail Turetsky and Olga Ponomarenko.