Silver Point Capital in Debt Exchange Offer and Consent Solicitation

November 3, 2016

Cleary Gottlieb represented Silver Point Capital in a refinancing of financial indebtedness by Novasep, a leading global provider of integrated purification and manufacturing solutions to pharmaceutical and other life science industries.

The refinancing was implemented through an offer to exchange Novasep’s outstanding $195,164,000 8 percent senior secured notes due 2016 for newly issued euro-denominated unsecured notes due 2019 with warrants for ordinary shares attached (obligations à bons de souscription d’actions), as well as a cash payment. Concurrently, and as an integrated proposal with this exchange offer, Novasep solicited exit consents from the holders of the existing notes to amend the indenture that governs any existing notes remaining outstanding following the exchange offer, and made commitments to certain of its security holders to take other actions in the context of the refinancing.

The exchange offer and consent solicitation launched on September 26, 2016, and expired on October 25, 2016.

The refinancing transactions were successful and closed on November 3, 2016.