FOR IMMEDIATE RELEASE
Milbank, Tweed, Hadley & McCloy advised the co-ordinating committee of junior lenders on the landmark and high profile restructuring of approximately £2.2 billion of debt issued by the General Healthcare Group Propcos which completed at the end of May.
The GHG restructuring is one of most complex restructurings ever seen in the UK market and has been described by Debtwire as “arguably the most complex European securitization restructuring ever.”
As part of the deal, members of the co-ordinating committee provided a new £175m term loan which was used to pay down existing senior debt and certain junior lenders set up a new holding structure which took over ownership of the equity in each of the 35 property-owning companies. The transaction also involved a complex restructuring of the existing swap liabilities of the Borrowers and an amendment to the terms of the eight tranches of CMBS, requiring the consent of numerous noteholders.
Nick Angel, head of Milbank’s London Restructuring practice, led a team of over 70 fee earners from a broad range of the Firm’s practice groups including Financial Restructuring, Finance, Corporate, Tax, Structured Finance and Derivatives, Anti-Trust and Litigation. The core team in London included partner Peter Newman and senior associate Anna Thomander as well as other members from the London Financial Restructuring group.
Mr. Angel said “We are delighted to have been able to play a key role in this incredibly large and complex CMBS restructuring. Mandates like this show what we do best and demonstrate clearly the ability of our London financial restructuring team to advise on the most difficult and complicated restructurings at the very top end of the market. After over two years of hard work, we are very pleased to have brought this transaction to a successful conclusion.”
