We advised the lenders on the transaction

Davis Polk advised the lenders in connection with a $275 million senior secured first-lien term loan facility and a $50 million senior secured first-lien delayed draw term loan facility, each provided to the borrower, an agribusiness, animal nutrition, and specialty chemicals company. The proceeds of the term loan facility were used to refinance a portion of the borrower’s existing term loans. As part of the recapitalization, the borrower entered into a new $550 million asset-based revolving credit facility and a syndicate of other lenders, and the existing term loans were exchanged for $123.5 million of second-lien term loans, which were payment subordinated to the new first-lien facilities.

The Davis Polk finance team included partner David J. Kennedy, counsel Christina C. Bell, Esam (Esamadeen) Ibrahim, Randall (Randy) Dorf and Roxanne Walton and associate Elli Park. Partners Marshall S. Huebner and Christian Fischer provided restructuring advice. Members of the Davis Polk team are based in the New York and Washington DC offices. 

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