Foraco International’s Refinancing

White & Case, Depardieu Brocas Maffei and Davies Ward Phillips & Vineberg advised Oaktree Capital Management and Kartesia. Weil Gotshal & Manges and Fasken advised Foraco. Latham & Watkins advised Marathon Asset Management.

Foraco International, a leading global provider of mineral drilling services listed on the Toronto Stock Exchange, completed its refinancing.

The debt refinancing includes a US$146.8 million early redemption of bonds which has been completed by way of a repayment of US$91 million in cash and the issuance of 9,300,000 ordinary shares in the company, to the benefit of Oaktree Capital Management, L.P. and Kartesia. Following this transaction, the new shareholders Oaktree and Kartesia together hold approximately 9.4 percent of the share capital. An Investor Rights Agreement was entered into between Foraco, its top management, Oaktree and Kartesia to organize the shareholders’ relations and the involvement of Oaktree and Kartesia in Foraco’s governance.

The White & Case team in Paris which advised on the transaction was led by partners Saam Golshani (Picture) and Diane Lamarche, and included associates Hugues Racovski and Simon Martin-Gousset.

The Depardieu Brocas Maffei team was led by Joanna Gumpelson.

The Davies Ward Phillips & Vineberg team was led by Robin Upshall.

Weil Gotshal & Manges acted with a team led by Anne-Sophie Noury.

The Fasken team was led by Georald Ingborg and included Thomas Meagher, Perry Feldman, Blaine Bowman and Daniel Leslie.

The Latham & Watkins team included Lionel Dechmann, Etienne Gentil, Chiraz Kmar Turki, Alexandra Bigot, Thomas Doyen, Hugo Bodkin, Olivia Rauch-Ravisé.

Involved fees earner: Hugo Bodkin – Bredin Prat; Robin Upshall – Davies Ward Philips & Vineberg; Joanna Gumpelson – De Pardieu Brocas Maffei; Blaine Bowman – Fasken Martineau; Perry Feldman – Fasken Martineau; Georald Ingborg – Fasken Martineau; Daniel Leslie – Fasken Martineau; Thomas Meagher – Fasken Martineau; Alexandra Bigot – Latham & Watkins; Lionel Dechmann – Latham & Watkins; Thomas Doyen – Latham & Watkins; Etienne Gentil – Latham & Watkins; Chiraz Kmar Turki – Latham & Watkins; Olivia Rauch-Ravisé – Latham & Watkins; Anne-Sophie Noury – Weil, Gotshal & Manges; Saam Golshani – White & Case; Diane Lamarche – White & Case; Simon Martin-Gousset – White & Case; Hugues Racovski – White & Case;

Law Firms: Bredin Prat; Davies Ward Philips & Vineberg; De Pardieu Brocas Maffei; Fasken Martineau; Latham & Watkins; Weil, Gotshal & Manges; White & Case;

Clients: Foraco International; Kartesia Advisor LLP; Marathon Asset Management; Oaktree Capital Management;

Author: Naoual Sadouqi

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