Private equity deals of the year
Papatheodorou of Linklaters, Donald Guiney of
Freshfields, Gavin Brown of Slaughter and May
This was the first time that a private-equity house
successfully pulled off a loan-to-own strategy. Not only that,
but when Oaktree began to buy up Countrywides debt in
order to try and take control, existing sponsor Apollo began
doing the same thing to maintain its seat at the table
this was also unique. Oaktree brought in fellow fund Alchemy to
help with the financing and Apollo brought in Polygon. Together
they cut Countrywides debt to £170 million and
provided £75 million in new capital, and shared control
of the company.
This was also the first time a scheme of arrangement had
been used in the UK with a simultaneous Cayman scheme and
simultaneous Chapter 15 organisation in the US.