Fried Frank acted as counsel to Onex Partners in its acquisition of a majority interest in WireCo Worldgroup (Cayman) Inc, one of the world's largest manufacturers of steel and synthetic rope.
Paine & Partners and affiliates, who acquired WireCo in 2007, will maintain a significant minority stake.
Through the transaction, WireCo will refinance its capital structure and extend its debt maturities, substantially reducing leverage and annual interest expense. Upon closing, the Company expects to reduce its debt from approximately USD840 million as of 31 March, 2016 to approximately USD600 million, subject to closing timing. Annual interest expense is expected to be reduced by over USD20 million.
Goldman, Sachs & Co and Rothschild Inc served as financial advisors to WireCo with Goldman, Sachs & Co providing committed financing for the transaction.
The Fried Frank team was led by Daniel Bursky, Christian Nahr and David Shaw.
