Nitin Konchady

Restructuring, Credit Opportunities, and Liability Management

• Represented holders of $2.4 billion of convertible notes issued by Wolfspeed (NYSE: WOLF), a global leader in silicon carbide technology, in connection with its prepackaged Chapter 11 plan of reorganization involving $6.7 billion of debt. Convertible noteholders represented by Ropes & Gray took majority ownership of the equity in reorganized Wolfspeed, and backstopped new capital in the form of $275 million of new second lien convertible notes.
• Represented Sarepta Therapeutics (NASDAQ: SRPT) in its privately negotiated exchanges of $700 million of convertible senior notes due 2027 for a combination of $602 million of new convertible senior notes due 2030, 5.9 million shares of common stock and $123.3 million in cash.
• Represented Polar Asset Management Partners in an investment in units consisting of senior secured notes and warrants issued by Sonder Holdings (NASDAQ: SOND).
• Represented Mudrick Capital in connection with the provision of a super-priority secured revolving facility for Expanse Energy Solutions.
• Represented issuers and investment funds in hybrid capital issuances and investments, including for Blockchain.com, Getaround, Kiwi.com, Li-Cycle, MagIron, Soho House, Vertical Aerospace, and Zeb Aluminum.*
• Represented debtors and creditors in in-court restructurings, together with equity rights offerings and related backstop commitments, and exit financings, including:
• An ad hoc group of noteholders of 2U, an online education platform, in its $1 billion financial restructuring and Chapter 11 plan of reorganization;*
• An ad hoc group of creditors of Accuride, a commercial vehicle components manufacturer, in its $1 billion financial restructuring and Chapter 11 plan of reorganization;*
• An ad hoc group of noteholders of Edcon Group, a South African retail company, in its $1.5 billion restructuring, implemented via South African compromise proceedings and related Chapter 15 proceedings;*
• An ad hoc group of noteholders of EnQuest, a petroleum exploration and production company, in its exchange of $650 million of senior secured notes, and amendment and restatement of £155 million of senior notes, implemented via a UK scheme of arrangement and related Chapter 15 proceedings;*
• An ad hoc group of noteholders of KCA Deutag, an international oil and gas services company, in its $1.4 billion restructuring, implemented via a UK scheme of arrangement and related Chapter 15 proceedings;*
• Norwegian Air Shuttle in its $5.9 billion financial restructuring, implemented via parallel Irish examinership and Norwegian reconstruction proceedings, and related Chapter 15 proceedings;*
• An ad hoc group of noteholders of SoLocal Group, a French digital marketing and publishing company, in the restructuring of its €350 million of senior secured notes and credit facility, implemented via French sauvegarde proceedings and related Chapter 15 proceedings;*
• syncreon Group, a supply chain solutions business, in its financial restructuring involving approximately $1.1 billion of funded debt, implemented via a UK scheme of arrangement and related Chapter 15 proceedings;* and
• Talen Energy, a power generation and infrastructure company, in its Chapter 11 plan of reorganization with approximately $5 billion in funded debt obligations.*
• Represented issuers, creditors and other financial institutions in out-of-court restructuring and liability management transactions involving debt uptiering, extensions, equitizations and exchanges, including:
• An ad hoc group of noteholders of Ascent Resources Utica Holdings, a natural gas exploration and production company, in its offer to exchange $925 million of senior notes for a combination of second lien term loans and new senior notes;*
• An ad hoc group of noteholders of Digicel Group Holdings Limited, an international mobile phone network and home entertainment provider, in its $4.3 billion debt restructuring via exchange offers, followed by a Cayman scheme of arrangement and related Chapter 15 proceedings;*
• An ad hoc group of noteholders of Ferroglobe, a producer of specialty metal products, in its exchange offer for $350 million of senior secured notes, $60 million issuance of super-priority senior secured notes and a $40 million equity raise;* and
• An ad hoc group of noteholders of Universal Entertainment Corporation, a Japanese manufacturer of gaming products, in its restructuring efforts.*

Capital Markets (including High Yield Debt) and Acquisition Finance

• Represented financial sponsors, issuers and investment banks in acquisition finance transactions involving bridge commitments and high yield bond takeouts, including:
• Advent International in its £4 billion take-private of Cobham plc, a UK-based defense components manufacturer;*
• Centerbridge Partners in an offering of senior secured notes to finance its €1.2 billion acquisition of Senvion, a German wind turbine manufacturer;*
• The initial purchasers and arrangers in the £635 million (equivalent) senior secured and senior bridge and bond financing for CVC’s fund-to-fund acquisition of Domestic & General, a UK appliance care specialist;*
• The initial purchasers, arrangers and investors in the €600 million senior secured and senior bridge and bond financing for Hellman & Friedman’s acquisition of TeamSystem, an Italian accounting software developer;*
• The initial purchasers, arrangers and investors in the €2.7 billion senior secured and senior bridge and bond financing for Hellman & Friedman’s acquisition of Bain Capital’s holding in Verisure, a Swedish security alarm manufacturer;*
• The initial purchasers and arrangers in the €328 million senior secured bridge and bond financing for HomeVi’s acquisition of SARQuavitae, a Spanish care homes business, and the €125 million senior secured bridge and bond financing for HomeVi’s acquisition of Geriatros, a Spanish care homes business;*
• Infopro Digital, a B2B information services provider, in a €150 million senior secured bridge and bond financing for its acquisition of DOCUgroup;*
• Neogen Corporation, an international food safety company, in the senior bridge and bond financing for its $5.3 billion combination with the Food Safety business of 3M, in a Reverse Morris Trust transaction that implied an enterprise value of the combined company of $9.3 billion;*
• Novalpina Capital in a €200 million senior secured bridge and bond financing for its take-private of Olympic Entertainment Group, an Eastern European gaming operator;*
• Paprec Group, a French recycling business, in a €225 million senior secured bridge and bond financing for its acquisition of Coved;* and
• The initial purchasers and arrangers in the $265 million senior bridge and bond financing for Triton Partners’ acquisition of WernerCo, a U.S.-based ladder manufacturer and distributor.*
• Represented financial sponsors and their portfolio companies, issuers, investment banks and other financial institutions in multiple high yield bond issuances and other leveraged finance transactions, including:
• Broadstreet Partners, an insurance brokerage business, in its $400 million inaugural offering of senior notes and $325 million follow-on offering;*
• The initial purchasers in Great-West Lifeco’s $1.5 billion multi-tranche offering of senior notes;*
• Iron Mountain Incorporated, an information management services company, in offerings of more than $2 billion of senior notes;*
• Infopro Digital, a B2B information services provider, in its €500 million inaugural offering of senior secured notes;*
• InPost, a logistics company, in its €490 million inaugural offering of senior notes;*
• The initial purchasers in Lima Corporate’s €275 million inaugural offering of senior secured notes;*
• Paprec Group, a French recycling business, in its €800 million offering of senior secured notes;*
• Perform Group, an online sports betting company, in its £175 million inaugural offering of senior secured notes;*
• The initial purchasers in PizzaExpress’s offering of senior secured notes;*
• The initial purchasers in Rain Carbon’s $450 million offering of senior secured notes;*
• The initial purchasers in Royal Caribbean Cruises’ offerings of more than $5 billion of notes;*
• Southeastern Grocers, a grocery business, in its $325 million offering of senior secured notes;*
• The initial purchasers in Verisure’s offerings of more than €3 billion of senior secured notes and senior notes;* and
• The Very Group, a UK online shopping business, in its £550 million inaugural offering of senior secured notes.*
• Represented financial sponsors and their portfolio companies on several cross-border initial public offerings and listings on UK and continental European exchanges, secondary offerings and block trades.*

* Experience prior to joining Ropes & Gray