We advised an ad hoc group of term loan lenders on the transaction

Davis Polk advised an ad hoc group of term loan lenders in connection with a comprehensive out-of-court recapitalization of Mavenir Systems, Inc. and its affiliates (collectively, “Mavenir” or “the company”).

Pursuant to the terms of the transaction, Mavenir eliminated over $1.3 billion of existing indebtedness and secured approximately $300 million in new senior financing through a newly established credit facility. The transaction also included the provision of a subordinated facility by Siris Capital Group, LLC and certain other existing lenders. As part of the recapitalization, Siris, Mavenir’s pre-transaction equity sponsor, remained the company’s controlling shareholder.

Mavenir delivers cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers.

The Davis Polk restructuring team included partners Damian S. Schaible, Christian Fischer and Jonah A. Peppiatt and associates Abraham Bane, Motty (Mordechai) Rivkin and Linyang Wu. The corporate team included partners Paul S. Scrivano and Emily Roberts and associate Michael Kostukovsky. The tax team included partner Patrick E. Sigmon and counsel Tracy L. Matlock. Partner Matthew Yeowart and associate Dylan Jones provided antitrust & competition advice. Partner Paul D. Marquardt provided regulatory advice. Members of the Davis Polk team are based in the New York, Northern California, London and Washington DC offices.

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