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Latham Advises Creditors in Travelex Restructuring

August 11, 2020

London team represents lenders in debt restructuring for leading cash foreign exchange services provider.

Latham & Watkins advised the committee of lenders in the debt restructuring of Travelex. The restructuring cut Travelex’s debt from £385 million to £160 million, with the €360 million 8% 2022 senior secured notes receiving equity warrants, equivalent to 17.5% of the post restructuring equity. Certain senior secured noteholders provided £84 million of new money, and will take 100% of the post restructuring HoldCo equity. The transaction is being delivered through a pre-packaged administration sale of various UK and international Travelex entities.

The Latham team was led by London restructuring and special situations partners Helena Potts and Yen Sum, with associates Matt Hope and Stephen Kennedy.

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