19 September 2018

Carey Olsen advises on US$3.7 billion restructuring of Concordia

Lawyers from Carey Olsen's corporate team in Jersey have advised the ad-hoc group of secured creditors of Concordia International Corp., a publicly listed international generics pharmaceuticals business with sales in more than 90 countries, on its US$3.7 billion recapitalisation.

The recapitalisation, which was implemented by way of a court-approved plan of arrangement in Canada, reduces Concordia's total debt from around US$3.7 billion to about US$1.4 billion and allows it to benefit from US$586.5 million of new money raised through a private placement share sale, which will also enable it to execute its future long-term value creation strategy.

Working alongside lead legal advisers for the secured creditors, White & Case in London, New York and Hong Kong together with a large number of other advisers across the globe, the Carey Olsen team advising the group of secured creditors was led by partner Kate Andrews and comprised a number of other specialists, including partner James Willmott, counsel Michael Evans, senior associate David Taylor and associates Rebecca McQuillan and Lauren Gray. Carey Olsen advised on the Jersey corporate, structuring and finance aspects of this innovative transaction.

Ms Andrews said: "Carey Olsen was pleased to be involved alongside White & Case in what was a particularly complex recapitalisation owing to the global nature of Concordia's business, assets, and jurisdictions of operation, together with the innovative use of a court driven process in Canada to achieve the recapitalisation.

"Our involvement serves to underline Carey Olsen's expertise in restructuring work of this nature and the integrated and cohesive nature of our team across specialisms to provide a seamless service to clients as well as the ability of our lawyers to deliver on challenging transactions."