Comdata Group, a leading global service provider in Customer Management, has announced that it has reached an agreement with its financial partners that will significantly strengthen the company’s balance sheet and will accelerate the future development of the business.
As a result of this agreement, Comdata’s financial indebtedness will be significantly reduced and the reinstated debt will be characterized by more favourable interest payment terms. The management of the company will increase its minority shareholding to 40%, with 50 keys managers participating in the equity structure, alongside sponsor Carlyle, while financial creditors will convert part of their debt into equity-like participating financial instruments.
Latham & Watkins advised Comdata on the transaction with a cross-border team led by Milan partner Marcello Bragliani with partners Giancarlo D'Ambrosio and Alessia De Coppi, counsel Mauro Saccani, and associates Davide Camasi, Nicola Nocerino, Silvia Milanese, Davide Chiarito and Ugo Marchionne. Advice was also provided on restructuring matters by London partner Simon Baskerville; on finance matters by London partners Dominic Newcomb and Charles Armstrong, Madrid partner Fernando Colomina, Paris partner Michel Houdayer, London associates Hugo Bowkett and John Hutton, Madrid associate Pablo Alarcon, and Paris associate Chiraz Kmar Turki; and on corporate matters by Madrid partner Igancio Pallares and associates Ori Assa and Carmen Esteban.