Milbank has successfully represented the ad hoc committee of noteholders (the “AHC”) in the completion of the €500M 6.75% senior secured notes and $300M 7.625% senior secured notes, originally due in November 2021 (the “Existing Notes”) and issued by Codere Finance 2 (Luxembourg) S.A., part of the Codere group of companies, an international gaming operator with operations in Latin America, Spain and Italy.
Milbank advised the AHC on all aspects of the restructuring, including the emergency interim financing provided to Codere in July 2020, in the form of €85M of super senior secured notes issued by Codere Finance 2 (Luxembourg) S.A. and in relation to Codere’s scheme of arrangement, which implemented certain amendments to the Existing Notes, including an extension of maturity to November 2023, as well as offering holders of the Existing Notes the right to participate in the issuance of €165M of additional super senior secured notes. Codere’s scheme of arrangement was unsuccessfully challenged by a minority dissenting noteholder at the convening hearing stage. The scheme was sanctioned on 6 October 2020 and the restructuring completed on 30 October 2020.
Partner Jacqueline Ingram commented: “We are delighted to have reached completion on the Codere restructuring. Our role as counsel to the ad hoc committee of noteholders demonstrates once again the strengths of the London office’s restructuring capabilities and the value we can deliver to our clients in cross-border and complex situations.”
The transaction involved Milbank attorneys across various practice areas. The Milbank team was led by partners Yushan Ng, Jacqueline Ingram (Financial Restructuring, London) and Rebecca Marques (Capital Markets, London). The team also included associates Kate Colman, Henry Ellis (Financial Restructuring, London), Aled Knights and Shana Mirhosseini (Capital Markets, London). The broader Milbank team also included partner Charles Evans and associate Andy Levett (Litigation, London).
