Carey Olsen advises committee of lenders on Flint Group recapitalisation
October, 2023 - Bermuda, Bermuda
The transaction was implemented consensually with 100% support from the first lien lenders (including the RCF lenders) and the second lien lenders, as well as the existing shareholders. A consortium of investors led by Alcentra Limited, Baring Asset Management Limited, CVC Credit and KKR Credit have taken ownership of Flint Group. In turn, Flint Group has benefitted from an approximately €760 million deleveraging of its balance sheet, an improved cash flow profile as a result of reduced debt service costs, and access to €72 million of new liquidity. The recapitalisation extends maturities for up to four years, securing Flint Group's future financial stability.
The Carey Olsen team in Jersey was led by partners Kate Andrews and James Willmott, supported by principal James Kinsley, senior associate Lauren Gray, associate Anastasija Kornejeva and trainee Hannah Mclaughlin, working alongside lead onshore counsel Latham & Watkins.
