Cap Cana’s $350 Million Debt Restructuring


Mayer Brown, Greenberg Traurig and Pellerano & Herrera advised on the transaction

Cap Cana, S.A. announced today that its offer to exchange any and all of its outstanding 10% Senior Secured Notes due 2016 (the “Senior Notes”) and its outstanding 10% Senior Secured Recovery Notes due 2016 (the “Recovery Notes” and, together with the Senior Notes, the “Existing Notes”) for consideration consisting of, with respect to each $1,000 principal amount of Existing Notes validly tendered and accepted in the exchange offer, an equal aggregate principal amount of newly issued 10% Senior Secured Notes due 2024 (the “New Notes”) of Caribbean Debt Recovery, Ltd. (the “Issuer”) in the case of Senior Notes and a principal amount equal to 127.3580438% of the original principal amount thereof, in the case of the Recovery Notes expired at 5:00 p.m., New York City time on July 10, 2017 (the “Expiration Time”). As of the Expiration Time, holders of approximately $94,775,000 aggregate principal amount of the outstanding Senior Notes (constituting approximately 98.7% of the principal amount of the outstanding Senior Notes) and holders of approximately $92,073,000 of the aggregate principal amount of the outstanding Recovery Notes (constituting approximately 98.5% of the principal amount of the outstanding Recovery Notes) delivered valid tenders pursuant to the exchange offer. All such valid tenders have been accepted for purchase. Cap Cana currently expects that the exchange offer will settle on July 17, 2017. At the settlement of the exchange offer, Cap Cana will deliver New Notes in exchange for Existing Notes validly tendered and accepted in the exchange offer and will retain for its own account all Existing Notes it accepts in the exchange offer.

Located on the eastern shores of the Dominican Republic, Cap Cana is a large multiuse Caribbean resort featuring championship golf, yachting, equestrian and eco-park facilities, beaches and other leisure amenities, and is one of the largest premium destinations in the Caribbean. The property covers approximately 46 square miles (119.9 square kilometers) of land, including approximately 5.0 miles (8.0 kilometers) of coastline and approximately 2.2 miles (3.5 kilometers) of beaches. Because of its vicinity to the Punta Cana International Airport (“PUJ”), which is located less than 10 minutes away, Cap Cana receives nonstop flights from large metropolitan centers in Europe, Canada and the United States, including daily direct flights from Miami (approximately two hours) and New York (approximately three hours), making the Cap Cana destination easily accessible to numerous international markets.

Mayer Brown LLP advised Cap Cana, S.A. with George Miller (Picture), Michael Hermsen, Sean Kulkarni, Christine Taverner and Catherine Henderson.

Greenberg Traurig advised the ad hoc committee of bondholder with Marc Rossell and Drew M. Altman.

Pellerano & Herrera advised the ad hoc committee of bondholder with Luis Rafael Pellerano and Alessandra Di Carlo.

Involved fees earner: Luis Pellerano – Pellerano & Herrera; Alessandra Di Carlo – Pellerano & Herrera; George Miller – Mayer & Brown; Michael Hermsen – Mayer & Brown; Catherine Henderson – Mayer & Brown; Sean Kulkarni – Mayer & Brown; Christine Taverner – Mayer & Brown; Marc Rossell – Greenberg Traurig; Drew Altman – Greenberg Traurig;

Law Firms: Pellerano & Herrera; Mayer & Brown; Greenberg Traurig;

Clients: Cap Cana SA; Cap Cana Ad Hoc Group of Bondholders;

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Author: Ambrogio Visconti