Hornblower DIP Facility

GLAS acts as Administrative Agent and Collateral Agent on DIP financing for Hornblower

GLAS is proud to share the news of our participation as Administrative Agent and Collateral Agent to support the DIP financing for Hornblower worth $1bn.

Hornblower

Hornblower Group is the ‘global leader in world-class experiences and transportation.’ The Group operates in 111 countries and territories and 125 US cities, and consists of 5 business units which covers city experiences, dining sightseeing and private event cruises, ferry and transportation, consulting, and technology.

Successful DIP financing

The DIP financing included three facilities split between one Term Loan and two DIP facilities with a total value of up to $1bn.

GLAS team

The GLAS deal team was made up of Luke Russell – Head of Business Development, Americas, Tarik Johnson – Assistant Vice President Transaction Management, and Moustapha Kebe – Assistant Vice President Client Services.

Links

Hornblower’s website: Hornblower Corp
Reorg article on restructuring: CASE SUMMARY: Hornblower RSA Equitizes 1L Claims, Handing Majority Ownership to Strategic Value Partners; $345M Equity Rights Offering Would Be Issued at 30% Discount, Reflecting $725M Total Enterprise Value – Reorg

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of USD360bn of assets under administration on a daily basis. For more information, please contact media@glas.agency.

Summary
Article Name
GLAS acted as agent and security agent on the first-of-its-kind restructuring of international shipping company Vroon
Description
This was the first restructuring to be carried out using a parallel English scheme of arrangement and Dutch WHOA plan. This restructuring involved certain lenders receiving participations in a new syndicated secured facility, while other lenders had their facilities amended as well as a debt-for-equity swap.
Author
Publisher Name
GLAS
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