NautaDutilh, alongside Gibson, Dunn & Crutcher LLP, advised certain consenting Term Loan Lenders in connection with the holistic recapitalisation of Foundever Group S.A. (“Foundever”), a global leader in customer experience, digital operations and analytics services with approximately 130,000 employees across more than 45 countries.
The recapitalisation was completed in coordination with 95.4% of the lenders under Foundever’s term loan facility, 100% of its revolving credit facility lenders, and the company’s existing majority shareholders. Key elements of the transaction include:
- An equity investment of USD 225 million by the existing majority shareholders;
- A term loan facility exchange reducing Foundever’s total debt by nearly USD 900 million;
- Extension of the revolving credit facility maturity to December 2030 and the term loan maturity to March 2031; and
- A new three-year, USD 225 million global accounts receivable financing facility, replacing the company’s prior factoring arrangement.
“This transaction required close coordination between a large group of lenders and the company’s shareholders to arrive at a structure that materially reduces leverage while extending maturities and preserving liquidity. The result is a recapitalisation that positions Foundever for long-term stability.”
The team further consisted of Hédi Khedache - Thiriet, Max Heuermann, Jean-Marc Groelly, Isabelle Absalon, Mathieu Alempic, Marta Borowksa and Jennifer Poun.
Weil, Gotshal & Manges LLP and Loyens & Loeff served as legal counsel to Foundever, with PJT Partners as financial advisor. Lazard served as financial advisor to the consenting Term Loan Lenders. Latham & Watkins LLP advised Pidoll, with Ondra as financial advisor.
