Private Debt Investor Picks Akin Gump Transaction for ‘Deals of the Decade’
(New York) – Akin Gump is pleased to share that Private Debt Investor has selected a transaction on which the firm worked among the publication’s top 10 deals of the past decade.
Coming in at number five was technology-focused private equity firm Francisco Partners’ financing for global self-service ticketing technology platform Eventbrite. Akin Gump advised Francisco Partners in this transaction.
According to the deal profile published by PDI, Eventbrite “urgently needed capital to assure equity investors that it had sufficient liquidity to address refunds for tickets to events cancelled due to covid-19.”
Akin Gump is noted as having advised Francisco Partners, within a few months of the pandemic’s outbreak in the U.S., with regard to providing a $225 million senior secured term loan facility and the purchase of 2.5% of outstanding common stock from Eventbrite. As PDI notes, “Due to the unprecedented and unpredictable nature of covid-19 and its impact, there was a need for all parties to act quickly, and the Akin Gump deal team, led by partner Daniel Fisher, was able to do that: closing the transaction from start to finish in five calendar days and obtaining tight covenant restrictions while enabling Eventbrite to run its business in its ordinary course and potentially incur junior capital in the future.”
The result of Francisco Partners' financing was Eventbrite being afforded the flexibility to manage through the pandemic’s challenges and contributing to its plans for long-term growth and the return of in-person events around the world.
Learn more about the transaction and Akin Gump’s deal team here.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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