First successful out-of-court Chinese high yield restructuring completed
September 04, 2010 | BY
clpstaff &clp articles &PRC oil storage and shipyard company, Titan Petrochemicals Group (Titan) has restructured its US$315 million high yield debt. This transaction is the first…
PRC oil storage and shipyard company, Titan Petrochemicals Group (Titan) has restructured its US$315 million high yield debt. This transaction is the first successful out-of-court restructuring of widely-held Chinese high yield debt notes.
Titan offered to exchange all of its outstanding 8.5% senior notes due 2012 for a combination of new convertible notes due 2015, Pik notes due 2015 and cash. The bulk of the cash consideration was funded by a new equity investor. The co-dealer managers for the exchange offer were Goldman Sachs and ING.
A Milbank Tweed Hadley & McCloy team, led by Hong Kong-based Joshua Zimmerman, advised an ad hoc committee of institutional noteholders. The Milbank team included Anthony Root and Thomas Kreller. The co-dealer managers were represented by Sidley Austin, while Titan was advised by Skadden Arps Slate Meagher & Flom.
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