Akin Advises on Comprehensive Recapitalisation Transaction of Hurtigruten Group

(London) – Akin has advised the ad hoc group of senior secured creditors to Hurtigruten Group AS (the “Company”, and together with its subsidiaries, the “Group”) in its successful implementation of its comprehensive recapitalisation transaction.

The Recapitalisation Transaction:

• Provides the Group with an injection of €185 million of new liquidity through a combination of near-term interest waivers and a new super senior secured opco facility in a principal amount of €205 million.
• Deleverages the operating group by reinstating the existing €940 million of senior secured loan and note facilities into (i) a new senior secured opco facility in a principal amount of €345 million; and (ii) a new secured PIK Holdco facility with a new holding company of the Company, in a principal amount of approx. €670 million.
• Amends and restates the existing €50 million 11.00% senior unsecured bonds issued by the Company into senior secured bonds in a principal amount of €50 million, subject to a priority waterfall.
• Restructures the existing shareholder facilities in an aggregate principal amount of approx. €150 million.

More details on the transaction can be found here.

The cross-practice Akin team that advised the ad hoc creditor group was led by financial restructuring partner James Terry assisted by counsel Hermione Allen and Caoimhe Kennedy and associate Matt Finnie. The wider team comprised members of the corporate, finance and tax teams, primarily including partners Amy Kennedy (finance), Vance Chapman (corporate) and Serena Lee (tax), counsel Rebecca Davies (finance), Jasdeep Rai (corporate) and Mohammed Natha (tax); and associates Ruth Butterworth (finance), Ben Hasson (financial restructuring) and Kelvin Mahal (corporate).

Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

# # #