Latham Represents SI Group in Successful Closing of Comprehensive Recapitalization
SI Group, a leading global developer and manufacturer of performance additives, process solutions, and chemical intermediates, has announced the successful completion of a comprehensive recapitalization transaction supported by its lenders and equity owners. Through this transaction, SI Group has reduced its outstanding net indebtedness by approximately US$1.7 billion (an over 80% reduction) and made amendments to its revolving credit facility, both of which materially enhance SI Group’s financial and operational flexibility going forward. In addition, a new institutional ownership group has injected US$150 million of junior capital, demonstrating their confidence in the company’s long-term outlook. This investment will enable SI Group to fund the company’s working capital needs, invest in key operational initiatives, and accelerate growth to serve the needs of its customers and business partners.
Latham & Watkins LLP represented SI Group in the transaction with a team led by Restructuring & Special Situations partner David Hammerman and counsel Jeffrey Mispagel, with associates Jon Weichselbaum and Thomas Fafara. Advice was provided on corporate matters by partners Nick Luongo and Brad Guest; on capital markets matters by partner Jason Licht and counsel Chris Cronin; on finance matters by partners Katie Putnam and Jeff Chenard, with associates Melissa Doura, Katie Prezioso, Matt Bargamin, and Eamon Bousa; and on tax matters by partners Joe Kronsnoble and Andrea Ramezan-Jackson, with associate Derek Gumm.