Milbank Advises on €3.4B Restructuring of Abengoa

Milbank, together with Spanish counsel GAP, acted for the SOM Committee in connection with the 2019 €3.4 billion restructuring of Abengoa, a Spanish headquartered energy and construction giant.  We advised the SOM Committee on all aspects of the restructuring, including swapping their existing notes for mandatory convertible notes (total amount of issuance approximately €1.15bn and $562m) which maintained the amount and relative seniority of the SOM Committee’s existing debt position in the Abengoa group while allowing for the infusion of new money.

The Milbank team was led by Financial Restructuring partners Yushan Ng and Sinjini Saha, with special counsels Nicole Stephansen and Tina Lockwood and associates Cort Malmberg, Kate Colman, Elin Gosby and Laura Saul. The team also included London Leveraged Finance/Capital Markets associates Alastair Gillespie and Andrew Bechtel and London Tax partner Russell Jacobs and associate James Seddon.