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Cassels Brock Represents GLAS Trust Company LLC in Concordia International Corp.'s US$3.7 Billion Recapitalization Transaction

Published: 09/06/2018

Team: Charles (Chuck) Rich, Ryan Jacobs, Daniel P. Cipollone

On September 6, 2018, Concordia International Corp. (the “Company”) completed a recapitalization transaction pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act (the “Transaction”). In connection with the Transaction,  the Company’s debt was reduced by roughly US$2.4 billion and its annual cash interest expense was reduced by roughly US$170 million. The Company’s secured debt (the "Existing Secured Debt") in the aggregate principal amount of approximately US$2.1 billion, plus accrued and unpaid interest, was exchanged for (i) cash in an amount equal to any outstanding accrued and unpaid interest in respect of the Existing Secured Debt, (ii) cash in the amount of approximately US$605 million, and (iii) roughly US$1.36 billion of new secured debt (the "New Secured Debt") comprised of new senior secured term loans (approximately US$1.06 billion, denominated in US dollars and Euros) and new senior secured notes (approximately US$300 million, denominated in US dollars).

Cassels Brock acted as counsel to GLAS Trust Company LLC, as administrative agent and trustee for the New Secured Debt, in connection with the Transaction with a team that included Chuck Rich, Ryan Jacobs and Daniel Cipollone (Financial Services).