Conyers advises on $622 million debt restructuring - September 2011

Marcello Ausenda, David W.P. Cooke, Christian R. Luthi, Robin J. Mayor, Angela F. Atherden, Anne E. Freeman, Ned Jackson, Hanah A. Shaikh • Posted 16/09/2010 • Under Deals & Cases

Conyers advised GP Investments, Ltd. (GP), San Antonio Internacional Ltd. (SAI), and San Antonio International Oil & Gas Services, Ltd. (SAOG), on the restructuring of SAI and SAOG.

SAI and SAOG collectively restructured $622 million of existing debt, which included amending and restating the terms of three credit facilities, repurchases of debt through a Dutch Auction, the exchange of $109 million of outstanding debt for newly issued preferred equity and the private offering of $112 million in newly issued common equity.

Deutsche Bank Trust Company Americas acted as administrative agent and collateral agent to the lenders under a credit facility with SAI. Crédit Agricole Corporate and Investment Bank acted as administrative agent to the lenders under a credit facility with SAOG. Citibank Colombia S.A. and Standard Bank Plc acted as joint book-running managers and joint lead arrangers for the lenders under a credit facility with SAOG's Colombian subsidiary.

Conyers lawyers Marcello Ausenda, David Cooke, Anne Freeman, Angela Atherden, Hanah Shaikh, Robin Mayor, Christian Luthi and Ned Jackson advised GP Investments. Davis Polk & Wardwell provided US counsel to GP, SAI and SAOG. Weil, Gotshal & Mangess LLP provided US counsel to the lenders.