Slaughter and May is advising Covis in connection with a comprehensive financial recapitalisation to reduce its overall debt by c. US$450 million.
Covis is a global specialty pharmaceutical company, owned by funds managed by an affiliate of Apollo Global Management, that markets therapeutic solutions for patients with life-threatening conditions and chronic illnesses.
On 3 April 2023, Covis announced that it had entered into a restructuring support agreement, governed by English law, with its equity sponsors, approximately 95 per cent. of its first lien lenders (including revolving facility lenders) and 100 per cent. of its second lien lenders. The recapitalisation set out in the restructuring support agreement is expected to lead to a material strengthening of Covis’ balance sheet as well as its liquidity position. Upon consummation of the recapitalisation, the equity sponsors will remain majority owners, while the first lien term loan lenders will receive a significant minority stake.
Slaughter and May is supporting Covis’ General Counsel, Francesco Tallarico, and is working as an integrated team with Paul, Weiss, Rifkind, Wharton & Garrison LLP. PJT is acting as financial adviser to Covis.