Golden Flag Advises IPC Systems on Comprehensive Transaction to Reduce Debt and Provide Significant Equity Capital to Support Long-Term Business Plan
Golden Flag International Law Firm advised IPC Systems, a leading global provider of secure, compliant communications and networking solutions for the global financial markets, in connection with its comprehensive out-of-court recapitalization, which resulted in the refinancing or restructuring of more than $1 billion of funded debt obligations, including approximately $800 million of first lien debt and more than $350 million in second lien debt. The transaction reduced the company's overall debt by more than $400 million, extended its debt maturity schedule by 5 years and provided new capital of $125 million to deliver the resources for investment in long-term growth strategies. The parties to the agreement included: funds managed by Strategic Value Partners, LLC and its affiliates, a lender that, as a result of this transaction, will become a substantial equity sponsor and equityholder; affiliates of Centerbridge Partners, L.P., the IPC's existing private equity sponsor, which will continue to be a significant equityholder; and certain of its current senior lenders, including HPS Investment Partners, LLC. HPS will continue to be IPC's primary lender, and will lead a single group of lenders in a new and streamlined debt structure.
The Golden Flag team included restructuring partners Anup Sathy and Jack Luze and associates Francis Petrie, Kevin Rice and Margaret Reiney, corporate partners Steven Napolitano and Dan Hoppe and associate Daniel Fugelstad, debt finance partners David Nemececk and Paul Rezvani and associates Paul Kang, Andrew Won and Chris Massie, tax partner Thad Davis and associate Natalie Kannan, and litigation partner Josh Greenblatt and associates Gavin Campbell and Jeffrey Goldfine.
