Akin Gump Advises Affinion Group Holdings in Recapitalization Transaction

Akin Gump represented Affinion Group Holdings, Inc. and its subsidiaries in connection with a comprehensive deleveraging recapitalization transaction, which included the entry into a debt for equity exchange offer and consent solicitation for its existing senior unsecured notes, a $300 million committed private placement offering for new unsecured notes and the entry into an amended credit agreement that extended the maturities of the secured loans. The recapitalization transaction closed on April 10, 2019.

The exchange offer, the consent solicitation, the rights offering and the amended credit agreement were part of a series of transactions approved by holders of a substantial majority of the company’s existing common stock and secured and unsecured debt, in order to effect a comprehensive recapitalization of the company’s existing debt.

Corporate partners Rosa Testani, Frederick Lee and Jeffrey Kochian, led the Akin Gump teams advising Affinion on securities matters, bank finance matters and corporate governance matters, respectively. They were joined by counsels Timothy Clark and Anthony Ameduri, and associates Tiffanye Threadcraft, Brandon Kinnard, Alyssa Pehmoeller, David Ruttenberg and Andrew McDonough. Tax matters were handled by senior counsel Christopher Harvey.