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Weil, Gotshal & Manges LLP - News - Atalian Debt Restructuring (Ad-Hoc Group)

Weil Advises the Ad Hoc Group of Noteholders on the Restructuring of Atalian

28 MARCH 2024

Weil has advised the Ad Hoc Group of Noteholders in relation to the restructuring of global leading facility management provider Atalian via an exchange offer.

Weil’s London and Paris offices have advised an ad-hoc group of holders of the €625 million 4.000% Senior Unsecured Notes due 2024, €350 million 5.125% Senior Unsecured Notes due 2025 and £225 million 6.625% Senior Unsecured Notes due 2025 (together the Notes) issued by La Financière Atalian in relation to a consensual refinancing transaction implemented by way of an exchange offer. Atalian is a French facilities management company and is established in 19 countries worldwide. Atalian provides support to companies and organizations through outsourcing of services for buildings and occupants.

Over 98% of noteholders voted in favor of the exchange offer designed by Weil, the terms of which included:

  • A cash redemption of €300 million in respect of the Notes

  • An additional cash redemption of €100 million in respect of the Notes to those noteholders who consented to the exchange offer ahead of the early bird deadline

  • A reinstatement of remaining amounts under the Notes in the form of new Euro denominated senior secured notes due 30 June 2028 with enhanced economics and in an aggregate amount of approximately €836 million (the Exchange Notes)

The Exchange Notes are supported by an enhanced guarantee and security structure, including “double Luxco” security. Their terms also give the Atalian group scope for accretive growth through bolt-on acquisitions. To support the refinancing, Atalian’s major shareholder has agreed to contribute the minority stake that he owns in two key operating subsidiaries to the group in exchange for a €25 million vendor loan note repayable over five years.

Partner and Co-Head of Restructuring Neil Devaney, who led the Weil team, said: “We are pleased to have advised the ad hoc group of noteholders in relation to the refinancing of Atalian in a way that delivers economic returns to noteholders while addressing the group’s near term maturities and giving business scope for future growth.”

The Weil team in the London office was also led by partner Lois Deasey and assisted by counsel Jonny Woods and High Yield partner Gilles Teerlinck who was assisted by associates Panos Apostolidis, Pierre Brule and David St-Onge; in Paris the team was led by partners Anne-Sophie Noury and James Clarke."

Full announcement available via Weil



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