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