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Ogier BVI advises on GBP1.65bn restructuring of General Healthcare Group

Ogier has acted for Capita Asset Services in connection with the restructuring of the General Healthcare Group. GHG owns BMI Healthcare which is one of the UK’s largest private hospital groups.

The two yearlong restructuring involved over 30 BVI entities and the restructuring of GBP 1.65 billion of loan financing including existing swap positions and senior loans held by a syndicate that included two separate CMBS transactions.
Ogier worked with Paul Hastings LLP, London who led the negotiations for Capita as the servicer for the senior lenders. Managing Associate, Chris Newton, and Partner Ray Wearmouth advised over the life of the restructuring.
Partner Ray Wearmouth says: “Paul Hastings have led on some of the largest and most complex CMBS restructurings in the European market and this transaction was no exception. It was probably the most complicated restructuring that we have ever seen in BVI terms, involving super senior, senior and junior debt, out-of-the-money swaps and noteholder votes on two CMBS structures.”
Weil Gotshal & Manges acted for Barclays Bank, the most senior noteholder and Milbank Tweed Hadley & McCloy advised the junior lenders. Clifford Chance, Sidley Austin and Simmons & Simmons were also involved in the transaction.

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