Lawyers from Carey Olsen's corporate team in Jersey have advised the ad-hoc group of secured creditors of Concordia International, a publicly listed international generics pharmaceuticals business, on its $3.7bn recapitalisation.
The recapitalisation, implemented by way of a court-approved plan of arrangement in Canada, reduces Concordia's total debt from around $3.7bn to about $1.4bn. It also allows it to benefit from $586.5 million of new money raised through a private placement share sale, enabling it to execute its long-term strategy.
Carey Olsen advised on the Jersey corporate, structuring and finance aspects of the transaction.
Working alongside White & Case in London, New York and Hong Kong, together with other advisers across the globe, the Carey Olsen team was led by Partner Kate Andrews along with Partner James Willmott, Counsel Michael Evans, Senior Associate David Taylor and Associates Rebecca McQuillan and Lauren Gray.