September 2018

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Restructuring multi-layered financing structure

  • Since 1989 Redwave, a portfolio company of Nordian Capital Partners, is active as a secondment agency for technical professionals, mainly active in the Oil and Gas market;
  • In March 2018, Avaxa was engaged by management of Redwave to assist in the financial restructuring of its multi-layered financing package. Significantly deteriorated market circumstances in the Oil and Gas market had led to a revised forecast for RedWave;
  • In the restructuring of the financing package of Redwave Avaxa played a pivotal role in aligning all financial stakeholders, including shareholder Nordian Capital Partners, senior lenders (providing Term Loans and a Revolving Credit Facility), a Collateralised Loan Obligation Fund (CLO-fund) and a mezzanine provider; and
  • After a thorough preparation phase, negotiations with all different lenders were started. Following an Independent Business Review and extensive negotiations, this resulted in a satisfactory solution for all parties involved and a fully revised capital structure.