Akin Advises Lenders in Casa Systems Refinancing and Extension for Term Loan B Senior Secured Debt
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(New York) – Akin advised the lenders in the refinancing and extension transaction for Casa Systems’ Term Loan B senior secured debt. The refinancing extended the Term Loan B maturity to December 2027, resulting in a term loan of $178.8 million including a $40 million paydown at close, and involved the participation of 97.8 percent of lenders in the new extended facility. Lenders participating in the new facility will receive penny warrants exercisable for up to 19.99% in the aggregate of Casa System’s outstanding common stock, of which half of that amount is immediately exercisable.
The Akin team was led by special situations & private credit partners Dan Fisher, Jaisohn Im, Meng Ru and capital markets partners Alan J. Feld and John Clayton. They were joined by counsel Jacqueline Lewis and associates John Hill, Chip Altieri, Emily Collins, Kara Cobb and Karen Liu.
More details on the transaction can be found here.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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