A cross-border Mayer Brown team advised the administrative agent and the revolving credit lender group in connection with a debt restructuring and recapitalization transaction of Foundever Group, a global integrated customer experience, digital operations and analytics services provider. The transaction included, among other aspects, an extension of Foundever’s revolving credit facility with the consent of all revolving credit lenders, as well as a new three-year $225 million cross-border accounts receivable purchase program (ARPP) provided by certain revolving credit lenders to replace Foundever’s prior factoring arrangement. The transaction also included an equity capital contribution of $225 million by the equity owners of Foundever in connection with a reduction of Foundever’s term loan facility.
The Mayer Brown team was led by New York partners Scott Zemser and Christophe Wassaf. The ARPP aspects of the transaction were also led by Chicago and London partners Massimo Capretta, Patrick Healy and Charles Thain.