Ropes & Gray represented a group of second lien lenders to Petmate, a supplier and manufacturer of pet products, in its 100% consensual reorganization, ensuring a sustainable long-term capital structure. The transaction was announced in a March 20 press release.
The transactions contemplated by the agreement will reduce the Company's debt by over 80%, eliminating over $600 million of funded debt and infuse $50 million of new equity capital into Petmate. This infusion builds on a previously injected $50 million of new capital from Petmate's lenders to further support the business and deleverage its capital structure, representing a total new money investment of $100 million.
The Ropes & Gray team was led by business restructuring partner Ryan Preston Dahl and finance partner Milap Patel.
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