Akin Gump Advises Sorenson Holdings on Refinancing Transactions
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(New York) – Sorenson Communications, LLC, Sorenson Holdings, LLC and Sorenson Finance Corp. announced today the closing of the previously announced comprehensive refinancing of their outstanding secured and unsecured indebtedness. Akin Gump advised long-time client Sorenson Holdings in the matter.
The refinancing transactions included the negotiation of a first lien credit facility consisting of a $700 million term loan credit facility and a $25 million revolving credit facility as well as the negotiation of a $204.6 million second lien term loan facility.
In addition, Akin Gump advised on an exchange offer and consent solicitation for Sorenson’s existing senior unsecured notes, in which $98.1 million of senior unsecured notes (99.2% of the outstanding amount) were exchanged for $25 million cash and $73.1 million of new second lien term loans. The firm also advised on a private exchange of $99.6 million of Sorenson’s existing second lien notes for new second lien term loans.
The Akin Gump team included corporate partners Daniel Fisher, who serves as co-leader of the firm’s special situations group, Jaisohn Im and Jesse Brush. They were joined by counsel Michael Miller and associates Charlie Hely, Yehuda Raskin, Andrés Zambrano, Justin Langdon, Caitlin Locurto and David Ruttenberg.
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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