Weil is advising Fossil Group, Inc. in its refinancing of its ABL facility and entry into a Transaction Support Agreement providing for an exchange of its outstanding notes. The new $150 million asset-based revolving credit facility with Ares Management Credit funds has a maturity date of August 13, 2030. Through the Transaction Support Agreement, certain noteholders collectively holding approximately 60% of Fossil’s outstanding notes have agreed to support an exchange offer. If noteholders representing less than 90% in aggregate of the outstanding principal amount of the unsecured notes tender their notes, the Company may implement the restructuring of its unsecured notes through a proceeding pursuant to the Companies Act 2006 of England and Wales, such that no unsecured notes will remain outstanding following conclusion of the U.K. proceeding. The Company’s public equity will remain outstanding throughout and after the exchange, including any U.K. proceeding. 

The Weil team is led by Restructuring Department Co-Chair Sunny Singh and partner Gary Holtzer and includes Restructuring associates Phil DiDonato, Alexandra Langmo, Joe Sullivan and Immanuel Vorbach (Not Yet Admitted in New York); Capital Markets partners Frank Adams and Corey Chivers and associates Michael Cremers, Emma McBride, Andrene Loiten and Evan Caltavuturo; Public Company Advisory partners Lyuba Goltser and Adé Heyliger; Banking & Finance partner Vynessa Nemunaitis and associates Angela Estrada and Emma Xing (Not Yet Admitted in New York); U.K. Restructuring partners Andrew Wilkinson and Gemma Sage, counsel Kirsten Erichsen and associates Kyle McLachlan, Vaughan Evans and Q Zhu (Not Yet Admitted in U.K.); and Tax partners Stuart Goldring and Graham Magill and counsel Adam Sternberg.