Arendt advises Pidoll on Foundever recapitalisation

Experts involved in the Deal

Restructuring & Insolvency

• Sébastien Binard
• Valentina D’Eufemia
• Haider Gontier
• Kerem Guler

Corporate Law, Mergers & Acquisitions

• Sybille Nieuwenhuys
• Emilie Czernechi

Tax

• Vincent Mahler
• Marie Mousselon
• Pierre-Louis Benad

Arendt acted as Luxembourg legal counsel to Pidoll, the majority shareholder, on the successful recapitalisation of Foundever Group S.A. (Foundever), a global provider of integrated customer experience, digital operations and analytics services. The transaction received the support of 95.4% of Foundever’s term loan lenders, all of its RCF lenders and its existing majority shareholder through an LME.

The recapitalisation comprises a US $225 million common equity investment by the existing majority shareholder, a reduction of approximately US $900 million of the company’s debt through equitisation and debt paydown and an extension of the revolving credit facility maturity by more than four years to December 2030, with the term loan maturity extended to March 2031. Certain RCF lenders have also agreed to make available a new three-year US $225 million global accounts receivable financing facility.