GLAS Updates

March 17, 2020

COVID-19 Update from GLAS

1 April 2020 Dear Clients and Friends of GLAS First and foremost, on behalf of our global team, we hope you and your families are in good health at this challenging time. As we move into another week of lock down, we simply cannot believe the global escalation that has happened since our last bulletin […]

Australia, Client Services, GLAS Team, New York, Other News, Paris
March 3, 2020

GLAS to attend the European Direct Lending Forum

London, March Client Relationship Manager Deion Fox and Business Development’s Keith Miller are attending this year’s Creditflux European Direct Lending Forum in London on 10 March. For networking opportunities, please contact deion.fox@glas.agency or keith.miller@glas.agency. For more information on the conference, please visit here.

Direct Lending, Events
February 13, 2020

GLAS appointed Agent on Curaleaf Senior Secured Term Loan Facility

February 2020, New York GLAS Trust Company LLC was appointed Administrative Agent and Collateral Agent on Curaleaf Holdings, Inc.’s US$300 million Senior Secured Term Loan Facility, used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes. Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) […]

New Business, New York
February 7, 2020

GLAS appointed Trustee for Lecta S.A.

February 2020, London GLAS has been appointed Trustee, Security Agent, Paying Agent, Registrar and Transfer Agent on Lecta S.A.’s EUR 200 million Senior Secured Notes due 2025 and EUR 100 million Junior Unsecured Notes due 2028. GLAS has also been appointed Facility Agent on Lecta’s EUR 60 million Term Loan and EUR 55 million Revolving […]

New Business
January 30, 2020

GLAS to host IWIRC ‘Be Informed’ Event

London As one of the founding sponsors of the IWIRC London network, GLAS will be hosting the next ‘Be Informed’ discussion at our offices on Ludgate Hill on 11 February 2020. The discussion ‘Distressed retailers – challenges and solutions’, will be led by Retail Realisations’ Founding Partner, Paula Minowa, and Freshfields Senior Associate Catherine Shuttleworth. […]

Events
January 28, 2020

GLAS appointed Agent for Sabio Group Transaction

January 2020, London GLAS has recently been appointed Facility Agent and Security Agent for Sabio Group’s unitranche loan and acquisition facility provided by CVC Credit Partners. Sabio Group is a specialist provider of contact centre and CX solutions with its head office in the UK and is backed by Horizon Capital. For more information, please […]

Direct Lending, New Business
December 19, 2019

Patrick O’Leary to join GLAS America’s Business Development team

December 2019, New Jersey GLAS is delighted to announce that we have hired Patrick O’Leary to join the GLAS America’s Business Development team, headed by Senior Vice President Martin Reed. Before joining GLAS, Pat was a sales representative for the Corporate Trust group at BNY Mellon. Bringing a wealth of knowledge in capital markets, debt […]

GLAS Team, New York
December 18, 2019

GLAS Australia appointed Agent and Trustee on Healthe Care’s AUD 735 million senior and mezzanine loan facilities

Sydney, December 2019 GLAS Australia, the leading independent provider of debt administration, was recently appointed Agent and Security Trustee on Healthe Care Australia Pty Ltd’s AUD735 million senior secured and mezzanine debt facilities, underwritten by Goldman Sachs. Healthe Care, owned by China’s Luye Medical Group, is a leading private hospital firm operating in Australia and […]

Australia, New Business
December 16, 2019

GLAS appointed Trustee and Security Agent for debt restructuring, pre-pack administration and acquisition of Seven Energy

December 2019, London Acting as Trustee, GLAS Trust Corporation Limited has been involved in the Seven Energy restructuring which started over two years ago in respect of the USD318 million 10.25% Senior Secured Notes due 2021 issued by Seven Energy Finance Limited. Savannah Petroleum acquired 96.04% of the Seven Energy Notes as part of an […]

New Business, Restructuring
December 13, 2019

GLAS Australia appointed Agent and Trustee on ICON Groups AUD 860 million refinance of their existing loan facilities

Sydney, December 2019 GLAS Australia, the leading independent Agency services provider, has recently been appointed as Agent and Security Trustee on ICON Group’s AUD 475 million and HKD 357 million first-lien facility and AUD 178 million and HKD 44 million second-lien debt facilities. ICON is a leading cancer care provider operating in Australia, New Zealand […]

Australia, New Business
December 12, 2019

GLAS SAS appointed Agent on MBO & Co’s acquisition of Pinson Paysage

Paris GLAS SAS was recently appointed as Agent and Security Agent for MBO & Co’s unitranche debt financing for the acquisition of Pinson Paysage. MBO & Co is a private equity firm dedicated to performance in the French small cap segment, and Pinson Paysage are specialists within landscape management and maintenance. For more information please […]

New Business, Paris
March 17, 2020

COVID-19 Update from GLAS

1 April 2020

Dear Clients and Friends of GLAS

First and foremost, on behalf of our global team, we hope you and your families are in good health at this challenging time.

As we move into another week of lock down, we simply cannot believe the global escalation that has happened since our last bulletin on 17th March 2020. The speed and spread of the pandemic, and the roll out and enforcement of lock-downs and border closures, all of which have happened so quickly, are surreal. We are pleased with our decision to take our business to remote working a few weeks ago, which seems to have been the right one, and we are pleased with the speed and success of this transition for our global team. Whilst we at GLAS, like many businesses operating in financial services, are considered an “essential business”, our priority is to keep our employees, their families and our clients safe.

Business as usual

We have embraced the various Government decisions in all of our locations to introduce enforced social distancing and lock down measures and have been providing a range of support to our team who are embracing the new working regime from their homes. We have introduced new measures, including a number of daily meetings with teams, management catch-ups and 1-2-1’s and are positively encouraging the use of video calls both internally and externally with clients. Our team have been focused on deal execution and have been working hard to support the increase in deal flow.

We remain busy and continue to win new transactions, restructurings and refinancings across all locations. We are also seeing unprecedented activity in drawdowns as Borrowers maximise liquidity and increased levels of trading across our loan book.

On 31st March 2020, which is ordinarily a busy quarter end, our client services teams successfully processed several hundred payments across our portfolio with no major issues incurred.

Moving Forward

As we settle into the “new norm” for what looks like some considerable time, our senior team continue to monitor external events on a daily basis. Whilst rolling out measures to keep our team connected, our London and Australia teams recently held a “virtual happy hour” on video chat to mark the end of a busy week, which almost all of the teams dialled into. We are looking to make this a regular slot.

Our business was initially established to handle complex situations in restructuring and bankruptcy and we continue to be recognised as the leader in this space. We have developed significant experience across a wide range of scenarios, Scheme of Arrangement, Chapter 11, Amend and Extend and Enforcements. We are well equipped to provide a rapid response to any potential situations that may arise.

We are also focusing on ensuring our clients are aware of our technological capabilities to help with their deal management and reporting during this time.

We will be hosting our first webinar later this week on “Liquidity Solutions for Direct Lenders” which will be recorded and available.

Please continue to reach out to your normal GLAS contacts if you need any assistance.

Kind regards

Mia Drennan, Co-Founder and Co-Chair

Brian Carne, Co-Founder and Co-Chair

******************************************************************************************

17 March 2020

Dear Clients and Friends of GLAS

As the COVID-19 situation continues to evolve, we are closely monitoring the ongoing situation and developments. We have acted swiftly to implement our contingency plans to ensure that our business continues to operate uninterrupted and, most importantly, our team remain healthy and safe.

Since early last week, we have seen unprecedented volumes of trading activity and drawdowns. Given the size of our operational teams we are well placed to deal with this additional demand and are handling the increased activity in an expedient manner and will continue to do so over the coming days, weeks, etc as our Clients look to fulfil their liquidity needs.

How our offices are operating

As a global business with operational offices in London, New Jersey, Paris, Sydney and Brisbane we have been working closely with our local teams to implement an effective response which involves remote working in light of this fast changing landscape.

Working with our clients

As we all adjust to these recent events and adapt a new style of working, we have restricted physical meetings and are increasing the use of video and telephone conference calls instead. Our business continuity plan means that our teams are available on their usual business telephone numbers and email addresses and continue to deal with queries and provide service to our clients on a “business as usual” basis. Our operating systems are set up to avoid any disruption to our daily activities.

Business as usual

We anticipate over the coming weeks and months our Clients may need our help. We remain ready and available to assist as and when required with any new and/or existing transactional requests in short order. Please reach out to your usual contacts at GLAS if you need urgent assistance.

Kind regards

Mia Drennan, Co-Founder and Co-Chair

Brian Carne, Co-Founder and Co-Chair

Summary
Article Name
COVID-19 Update from GLAS
Description
As the COVID-19 situation continues to evolve, we are closely monitoring the ongoing situation and developments. We have acted swiftly to implement our contingency plans to ensure that our business continues to operate uninterrupted and, most importantly, our team remain healthy and safe.
Author
Publisher Name
GLAS
Publisher Logo
Australia, Client Services, GLAS Team, New York, Other News, Paris
February 13, 2020

GLAS appointed Agent on Curaleaf Senior Secured Term Loan Facility

February 2020, New York

GLAS Trust Company LLC was appointed Administrative Agent and Collateral Agent on Curaleaf Holdings, Inc.’s US$300 million Senior Secured Term Loan Facility, used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes.

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading vertically integrated multi-state cannabis operator with a dominant presence on both the East and West coasts of the United States, the largest cannabis market in the world.  The company currently operates in 14 states with 53 dispensaries, 15 cultivation sites, 24 processing sites and employs over 2,200 people across the United States. Visit www.curaleaf.com.

For more information please contact media@glas.agency.

New Business, New York
February 7, 2020

GLAS appointed Trustee for Lecta S.A.

February 2020, London

GLAS has been appointed Trustee, Security Agent, Paying Agent, Registrar and Transfer Agent on Lecta S.A.’s EUR 200 million Senior Secured Notes due 2025 and EUR 100 million Junior Unsecured Notes due 2028. GLAS has also been appointed Facility Agent on Lecta’s EUR 60 million Term Loan and EUR 55 million Revolving Credit Facility.

About Lecta Group

Lecta is one of the leading European manufacturers and distributors of specialty papers for labels and flexible packaging, coated and uncoated paper for publishing and commercial printing, along with other high value-added print media. An extensive sales network and a wide range of diverse, innovative and environmentally responsible products make LECTA a premier supplier of paper solutions worldwide.

With a manufacturing capacity of close to two million tons, Lecta currently has 7 state-of-the-art mills in Spain, France and Italy that are certified to the strictest environmental, energy, quality, and occupational health and safety management standards.

For more information please contact media@glas.agency.

New Business
January 30, 2020

GLAS to host IWIRC ‘Be Informed’ Event

London

As one of the founding sponsors of the IWIRC London network, GLAS will be hosting the next ‘Be Informed’ discussion at our offices on Ludgate Hill on 11 February 2020. The discussion ‘Distressed retailers – challenges and solutions’, will be led by Retail Realisations’ Founding Partner, Paula Minowa, and Freshfields Senior Associate Catherine Shuttleworth. For more information on the event and to register, please visit here.

At the end of 2019, GLAS Co-Founder and Group President, Mia Drennan, was named Europe Networks Director of IWIRC and joins the 2020 Board of Directors.

IWIRC, the International Women’s Insolvency & Restructuring Confederation, is a global membership of attorneys, bankers, corporate-turnaround professionals, financial advisors and other restructuring practitioners. The robust international organization supports relationship-building and provides resources at the global and local network levels.

For more information, please visit www.iwirc.com or contact media@glas.agency.

Events
January 28, 2020

GLAS appointed Agent for Sabio Group Transaction

January 2020, London

GLAS has recently been appointed Facility Agent and Security Agent for Sabio Group’s unitranche loan and acquisition facility provided by CVC Credit Partners.

Sabio Group is a specialist provider of contact centre and CX solutions with its head office in the UK and is backed by Horizon Capital.

For more information, please contact media@glas.agency.

Direct Lending, New Business
March 17, 2020

COVID-19 Update from GLAS

1 April 2020

Dear Clients and Friends of GLAS

First and foremost, on behalf of our global team, we hope you and your families are in good health at this challenging time.

As we move into another week of lock down, we simply cannot believe the global escalation that has happened since our last bulletin on 17th March 2020. The speed and spread of the pandemic, and the roll out and enforcement of lock-downs and border closures, all of which have happened so quickly, are surreal. We are pleased with our decision to take our business to remote working a few weeks ago, which seems to have been the right one, and we are pleased with the speed and success of this transition for our global team. Whilst we at GLAS, like many businesses operating in financial services, are considered an “essential business”, our priority is to keep our employees, their families and our clients safe.

Business as usual

We have embraced the various Government decisions in all of our locations to introduce enforced social distancing and lock down measures and have been providing a range of support to our team who are embracing the new working regime from their homes. We have introduced new measures, including a number of daily meetings with teams, management catch-ups and 1-2-1’s and are positively encouraging the use of video calls both internally and externally with clients. Our team have been focused on deal execution and have been working hard to support the increase in deal flow.

We remain busy and continue to win new transactions, restructurings and refinancings across all locations. We are also seeing unprecedented activity in drawdowns as Borrowers maximise liquidity and increased levels of trading across our loan book.

On 31st March 2020, which is ordinarily a busy quarter end, our client services teams successfully processed several hundred payments across our portfolio with no major issues incurred.

Moving Forward

As we settle into the “new norm” for what looks like some considerable time, our senior team continue to monitor external events on a daily basis. Whilst rolling out measures to keep our team connected, our London and Australia teams recently held a “virtual happy hour” on video chat to mark the end of a busy week, which almost all of the teams dialled into. We are looking to make this a regular slot.

Our business was initially established to handle complex situations in restructuring and bankruptcy and we continue to be recognised as the leader in this space. We have developed significant experience across a wide range of scenarios, Scheme of Arrangement, Chapter 11, Amend and Extend and Enforcements. We are well equipped to provide a rapid response to any potential situations that may arise.

We are also focusing on ensuring our clients are aware of our technological capabilities to help with their deal management and reporting during this time.

We will be hosting our first webinar later this week on “Liquidity Solutions for Direct Lenders” which will be recorded and available.

Please continue to reach out to your normal GLAS contacts if you need any assistance.

Kind regards

Mia Drennan, Co-Founder and Co-Chair

Brian Carne, Co-Founder and Co-Chair

******************************************************************************************

17 March 2020

Dear Clients and Friends of GLAS

As the COVID-19 situation continues to evolve, we are closely monitoring the ongoing situation and developments. We have acted swiftly to implement our contingency plans to ensure that our business continues to operate uninterrupted and, most importantly, our team remain healthy and safe.

Since early last week, we have seen unprecedented volumes of trading activity and drawdowns. Given the size of our operational teams we are well placed to deal with this additional demand and are handling the increased activity in an expedient manner and will continue to do so over the coming days, weeks, etc as our Clients look to fulfil their liquidity needs.

How our offices are operating

As a global business with operational offices in London, New Jersey, Paris, Sydney and Brisbane we have been working closely with our local teams to implement an effective response which involves remote working in light of this fast changing landscape.

Working with our clients

As we all adjust to these recent events and adapt a new style of working, we have restricted physical meetings and are increasing the use of video and telephone conference calls instead. Our business continuity plan means that our teams are available on their usual business telephone numbers and email addresses and continue to deal with queries and provide service to our clients on a “business as usual” basis. Our operating systems are set up to avoid any disruption to our daily activities.

Business as usual

We anticipate over the coming weeks and months our Clients may need our help. We remain ready and available to assist as and when required with any new and/or existing transactional requests in short order. Please reach out to your usual contacts at GLAS if you need urgent assistance.

Kind regards

Mia Drennan, Co-Founder and Co-Chair

Brian Carne, Co-Founder and Co-Chair

Summary
Article Name
COVID-19 Update from GLAS
Description
As the COVID-19 situation continues to evolve, we are closely monitoring the ongoing situation and developments. We have acted swiftly to implement our contingency plans to ensure that our business continues to operate uninterrupted and, most importantly, our team remain healthy and safe.
Author
Publisher Name
GLAS
Publisher Logo
Australia, Client Services, GLAS Team, New York, Other News, Paris
February 13, 2020

GLAS appointed Agent on Curaleaf Senior Secured Term Loan Facility

February 2020, New York

GLAS Trust Company LLC was appointed Administrative Agent and Collateral Agent on Curaleaf Holdings, Inc.’s US$300 million Senior Secured Term Loan Facility, used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes.

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading vertically integrated multi-state cannabis operator with a dominant presence on both the East and West coasts of the United States, the largest cannabis market in the world.  The company currently operates in 14 states with 53 dispensaries, 15 cultivation sites, 24 processing sites and employs over 2,200 people across the United States. Visit www.curaleaf.com.

For more information please contact media@glas.agency.

New Business, New York
February 7, 2020

GLAS appointed Trustee for Lecta S.A.

February 2020, London

GLAS has been appointed Trustee, Security Agent, Paying Agent, Registrar and Transfer Agent on Lecta S.A.’s EUR 200 million Senior Secured Notes due 2025 and EUR 100 million Junior Unsecured Notes due 2028. GLAS has also been appointed Facility Agent on Lecta’s EUR 60 million Term Loan and EUR 55 million Revolving Credit Facility.

About Lecta Group

Lecta is one of the leading European manufacturers and distributors of specialty papers for labels and flexible packaging, coated and uncoated paper for publishing and commercial printing, along with other high value-added print media. An extensive sales network and a wide range of diverse, innovative and environmentally responsible products make LECTA a premier supplier of paper solutions worldwide.

With a manufacturing capacity of close to two million tons, Lecta currently has 7 state-of-the-art mills in Spain, France and Italy that are certified to the strictest environmental, energy, quality, and occupational health and safety management standards.

For more information please contact media@glas.agency.

New Business
January 30, 2020

GLAS to host IWIRC ‘Be Informed’ Event

London

As one of the founding sponsors of the IWIRC London network, GLAS will be hosting the next ‘Be Informed’ discussion at our offices on Ludgate Hill on 11 February 2020. The discussion ‘Distressed retailers – challenges and solutions’, will be led by Retail Realisations’ Founding Partner, Paula Minowa, and Freshfields Senior Associate Catherine Shuttleworth. For more information on the event and to register, please visit here.

At the end of 2019, GLAS Co-Founder and Group President, Mia Drennan, was named Europe Networks Director of IWIRC and joins the 2020 Board of Directors.

IWIRC, the International Women’s Insolvency & Restructuring Confederation, is a global membership of attorneys, bankers, corporate-turnaround professionals, financial advisors and other restructuring practitioners. The robust international organization supports relationship-building and provides resources at the global and local network levels.

For more information, please visit www.iwirc.com or contact media@glas.agency.

Events

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