Bradley Arant Bankruptcy Group Completes Complex Recapitalization Transaction
On November 18, 2010, a Bradley Arant manufacturing client (majority-owned by a Bradley Arant private equity client) completed a complicated recapitalization transaction. As part of the recapitalization, the manufacturing client refinanced its existing senior facility with a new $60 million senior asset-based facility, restructured $42 million in subordinated mezzanine debt, and issued a new $2.5 million round of preferred equity. The new senior loan is secured by real and personal property located at 7 manufacturing facilities in 4 states. Contentious intercreditor negotiations, environmental issues, underfunded pension plans, foreign subsidiaries, and 9 different borrowing entities kept things interesting. John Myers (finance matters) and Jeff Buschmann (equity matters) led the Bradley Arant team, with assistance from John Murdock, Gordon Nichols, Chris Parker, Matt Mattingly, Johanna Jumper, and Mary Ward.
Environmental due diligence for acquisition
Assisted with environmental due diligence for privately-held investment company acquiring a landfill site in Missouri and oversaw efforts to pursue applicable permits from State.