New Financing Contemplated for Schahin II Finance Company (SPV) Limited

Conyers Dill & Pearman, Davis Polk & Wardwell and Maples and Calder advised on the transaction

Schahin II Finance Company (SPV) Limited announced today that a Practice Statement Letter has been issued by Deutsche Bank Trust Company Americas (solely in its capacity as Indenture Trustee for the 5.875% notes due 2022 Issued by the Company with respect to a Cayman scheme of arrangement of the Company.

The purpose of the Cayman Scheme is to raise an additional $15 million of new capital through the issuance of a new series of notes. The New Notes will be available, subject to certain conditions, to holders of the Existing Notes on a pro rata basis. The New Notes will have a senior position above the Existing Notes in the payment waterfall. The rights of the Existing Notes will generally remain unchanged; however, voting under the indenture will require a majority of holders of each series of notes.

Conyers Dill & Pearman advised Schahin II Finance Company (SPV) Limited with Ben Hobden (Picture), Matthew Stocker, Paul Smith and Spencer Vickers.

Davis Polk & Wardwell advised Deutsche Bank Trust Company America with Timothy Graulich, Mario J. Verdolini, Stephen Hood, Drew Glover, James Vickers, Natasha Tsiouris, Stephen D. Piraino and Dylan A. Consla.

Maples and Calder advised Deutsche Bank Trust Company America with Caroline Moran Nick Herrod, Christian La-Roda Thomas and Ryan Hallett.

Involved fees earner: Caroline Moran – Maples and Calder LLP; Nick Herrod – Maples and Calder LLP; Ryan Hallett – Maples and Calder LLP; Christian La-Roda Thomas – Maples and Calder LLP; Ben Hobden – Conyers Dill & Pearman; Paul Smith – Conyers Dill & Pearman; Spencer Vickers – Conyers Dill & Pearman; Matthew Stocker – Conyers Dill & Pearman; Timothy Graulich – Davis Polk & Wardwell; Natasha Tsiouris – Davis Polk & Wardwell; Stephen Piraino – Davis Polk & Wardwell; Dylan Consla – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Stephen Hood – Davis Polk & Wardwell; James Vickers – Davis Polk & Wardwell;

Law Firms: Maples and Calder LLP; Conyers Dill & Pearman; Davis Polk & Wardwell;

Clients: Deutsche Bank Trust Company ; Schahin II Finance Company (SPV) Limited;

Author: Ambrogio Visconti.