Ropes & Gray advised an ad hoc group of first lien bondholders of Exela Technologies, Inc. in connection with the completion of the company’s exchange offer. This successful exchange transaction resulted in the valid tender of approximately $1.271 billion, or 98% of the outstanding old notes, and the issuance of approximately $1.017 billion of new notes having additional collateral and guarantees from certain affiliated entities. The exchange occurred concurrently with a refinancing and exchange of other legacy indebtedness of the company thereby avoiding a springing maturity on the old notes, and provided the company with additional runway by allowing for the payment in-kind of interest on the new notes with a step-down of payment-in-kind interest to cash over time.
In connection with the exchange, the company also issued new notes to third parties and affiliates in exchange for term loans and in satisfaction of prior debts. Following these transactions, approximately $1.082 billion of new notes are outstanding.
The Ropes & Gray team was led by business restructuring partners Ryan Preston Dahl and Matthew Roose, capital solutions & private credit partners Sam Badawi and Jen Harris, litigation & enforcement partner Matt McGinnis, and tax partners Lee Allison and Ben Rogers.
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