Latham & Watkins has advised the shareholder on the successful recapitalization of Foundever Group S.A. (Foundever), a global leader in integrated customer experience, digital operations, and analytics services. The transaction secured the support of 95.4% of Foundever’s term loan lenders, 100% of its RCF lenders, and its existing majority shareholder through an LME.
The recapitalization includes a US$225 million common equity investment from existing majority shareholder, the reduction of approximately US$900 million of the company’s debt through equitization and debt paydown, and the extension of the revolving credit facility maturity by more than four years to December 2030 and the term loan maturity to March 2031. In addition, certain RCF lenders have agreed to provide a new three-year US$225 million global accounts receivable financing facility.
The Latham team was led by Paris Restructuring partner Alexandra Bigot and Paris corporate partner Olivier du Mottay, with New York Restructuring partners Andrew Parlen and Adam Goldberg, New York corporate partner Daniel Mun, New York Restructuring associate TJ Li, and Paris corporate associates Thibault Burnier and Océane Loureiro. Advice was also provided on finance matters by New York partner Seniz Yakut.
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