Nitin Konchady

Biography

Nitin Konchady
Nitin Konchady is a partner in Weil’s Capital Markets and Banking & Finance practice. Nitin regularly acts for private equity sponsors and their portfolio companies, investment banks, corporates and bond investors on high yield debt offerings and leveraged and acquisition finance transactions across the U.S. and European markets. He also has significant experience advising on a wide variety of other cross-border and complex financing and capital markets transactions, bond restructurings and U.S. securities law matters.

Clients say Nitin has a “…near perfect grasp of current and historical market norms, which is extremely helpful when planning a capital structure” (Chambers). He is also recognised as an Up and Coming Partner for Capital Markets: High-Yield Products by Chambers, a Next Generation Partner for High Yield by Legal 500 and is Highly Regarded for Capital Markets: High Yield by IFLR1000.

Representative experience:

Leveraged Finance / Debt Capital Markets

  • NEOGEN Corporation in the bridge and bond financing for its $5.3 billion combination with the Food Safety business of 3M, in a Reverse Morris Trust transaction that implied an enterprise value of the combined company of $9.3 billion
  • Kingsway Capital in an investment in senior secured convertible notes issued by Blockchain.com
  • Shareholders in connection with the financing of KCA Deutag’s acquisition of certain on-shore oil rig assets from Saipem S.p.A. and related private placement of $200 million holdco PIK notes and $250 million senior secured notes
  • Mudrick Capital in several financing transactions, including:
    • a $200 million investment in senior secured convertible notes issued by Vertical Aerospace as part of its business combination with Broadstone Acquisition Corp (shortlisted for Deal of the Year at IFLR Europe Awards 2022); and
    • a $175 million investment in senior secured convertible notes issued by Getaround Inc. as part of its business combination with InterPrivate II Acquisition Corp.
  • Kiwi.com, a portfolio company of General Atlantic, in a €100 million issuance of convertible bonds
  • Glencore in several financing transactions, including:
    • a $200 million investment in senior convertible notes issued by Li-Cycle Holdings; and
    • an investment in senior secured convertible notes issued by MagIron
  • Iron Mountain Incorporated in several financing transactions, including:
    • bridge commitments and $750 million offering of senior notes to finance its acquisition of ITRenew; and
    • a $1.1 billion offering of senior notes to refinance existing debt
  • Ares Management Corporation in the preference share financing for CD&R’s take-private of Morrisons
  • Advent International in the financing of its $8.1 billion take-private offer for Swedish Orphan Biovitrum AB (abandoned)
  • Initial purchasers on offerings of more than $5.0 billion of notes by Royal Caribbean Cruises
  • Broadstreet Partners, a portfolio company of Ontario Teachers’ Pension Plan, in its $400 million inaugural offering of senior notes to refinance existing debt and $325 million follow-on offering to finance an acquisition
  • InPost SA in its €490 million inaugural offering of senior notes to finance the acquisition of Mondial Relay
  • An investor in TDR portfolio company Stonegate’s issuance of senior secured notes in exchange of senior secured term loans, and related consent solicitation    
  • An investor in Universal Entertainment Corporation’s $100 million issuance of senior secured notes to refinance existing debt
  • Certain funds advised by Goldman Sachs in an investment in Soho House in the form of $440 million (equivalent) senior secured notes and $175 million convertible preference shares
  • Advent International in the financing for its £4.0 billion take-private of Cobham plc
  • Southeastern Grocers in its $325 million offering of senior secured notes to refinance existing debt
  • An investor in Transocean’s $250 million exchange of its existing exchangeable bonds for new exchangeable bonds and cash
  • Citi and the other arrangers on the financing for KPS Partners’ $2.1 billion acquisition of Garrett Motion out of Chapter 11 proceedings
  • Bain Capital in the €1.5 billion offering of senior secured notes and senior notes to finance its acquisition of the Kantar business from WPP plc
  • Goldman Sachs and the other initial purchasers on Great-West Lifeco’s $1.5 billion multi-tranche offering of senior notes to finance in part the acquisition by its subsidiary, Empower Retirement, of the retirement services business of Massachusetts Mutual Life Insurance Company
  • Initial purchasers and investors in several financing transactions for TeamSystem, a Hellman & Friedman portfolio company, including:
    • the €600 million senior secured bridge and bond financing for Hellman & Friedman’s acquisition of TeamSystem;
    • a €300 million issuance of PIK toggle notes in connection with a fund-to-fund transfer; and
    • a €185 million follow-on issuance of senior secured notes for bolt-on acquisitions
  • Initial purchasers in CVC portfolio company Domestic & General’s £635 million (equivalent) offering of senior secured notes and senior notes in connection with a fund-to-fund transfer
  • Investors in Aston Martin’s $150 million offering of delayed-draw senior secured notes
  • Investors in GEMS Education’s offering of senior secured notes
  • Novalpina Capital in the €200 million bridge and senior secured notes financing for its take-private of Olympic Entertainment
  • Paprec Group in several financing transactions, including:
    • a €225 million senior secured bridge and bond financing for its acquisition of Coved; and
    • a €800 million offering of senior secured notes to refinance existing debt
  • Infopro, a portfolio company of TowerBrook, in several financing transactions, including:
    • its €500 million inaugural offering of senior secured notes; and
    • a €150 million senior secured bridge and bond financing for its acquisition of DOCUgroup
  • Initial purchasers and arrangers in several financing transactions for Verisure, a Hellman & Friedman portfolio company, including:
    • the €2.7 billion senior secured bridge and bond financing for Hellman & Friedman’s acquisition of Bain Capital’s holding in Securitas Direct;
    • a €1.145 billion (equivalent) offering of senior notes to refinance existing debt, and related consent solicitation;
    • a €400 million offering of senior secured notes and senior notes to refinance existing debt; and
    • a €1.6 billion senior secured notes and senior secured credit facility financing to refinance existing debt
  • Goldman Sachs, UBS and the other initial purchasers on Limacorporate’s €275 million offering of senior secured notes to refinance existing debt
  • Initial purchasers on the $265 million senior bridge and bond financing for Triton’s acquisition of WernerCo
  • Initial purchasers in several financing transactions for HomeVi, including:
    • a €125 million senior secured bridge and bond financing for its acquisition of Geriatros; and
    • a €328 million senior secured bridge and bond financing for its acquisition of SARQuavitae
  • Investors in Cognita’s private offering of senior secured notes
  • Perform Group, a portfolio company of Access Industries, in its £175 million inaugural offering of senior secured notes to refinance existing debt
  • Goldman Sachs, Deutsche Bank and J.P. Morgan in the offering of senior secured notes to finance PizzaExpress’ acquisition of franchises in China
  • Centerbridge Partners in the offering of senior secured notes to finance its €1.2 billion acquisition of Senvion

Restructuring / Liability Management  

  • Talen Energy Supply in its chapter 11 cases with approximately $5 billion in funded debt obligations
  • Ad-hoc bondholder group on Ferroglobe’s balance sheet restructuring, involving an exchange offer for $350 million of senior secured notes, $60 million issuance of super-priority senior secured notes and a $40 million equity raise
  • Norwegian Air Shuttle and its affiliates, Arctic Aviation Assets DAC, in U.S. chapter 15 proceedings and related U.S. securities law aspects of the restructuring of $5.9 billion of liabilities through Irish examinership and Norwegian reconstruction proceedings
  • National Public Finance Guarantee Corporation on the debt restructuring of the Commonwealth of Puerto Rico and certain of its instrumentalities
  • Ad-hoc bondholder group on KCA Deutag’s $1.4 billion restructuring, involving a debt for equity exchange and reinstated senior secured notes, implemented via a UK scheme of arrangement
  • Ad-hoc bondholder group on Ascent Resources Utica Holdings’ offer to exchange $925 million of senior notes for a combination of $538 million of second lien term loans and the balance in new senior notes
  • Ad-hoc bondholder group on Digicel’s balance sheet restructuring involving $4.3 billion of debt via exchange offers for multiple series of notes, followed by a Cayman scheme of arrangement and chapter 15 recognition in the United States (shortlisted for High Yield Deal of the Year at IFLR Americas Awards 2021)
  • syncreon Group in its balance sheet restructuring involving $1.1 billion of funded debt, via a UK scheme of arrangement followed by chapter 15 recognition in the United States
  • Ad-hoc creditors group on Dana Gas’ $700 million sukuk restructuring
  • Certain PIK lenders on the balance sheet restructuring of Algeco Scotsman
  • Ad-hoc creditors group on Edcon’s restructuring involving ZAR 29 billion ($2.2 billion) of debt, via a South African compromise proceeding followed by chapter 15 recognition in the United States
  • Ad-hoc bondholder group on Enquest’s £2.5 billion balance sheet restructuring involving a UK scheme of arrangement followed by U.S. chapter 15 proceedings, and a related equity offering
  • Franklin Templeton and the other ad-hoc creditors’ group members on the $18 billion exchange offers to restructure Ukraine’s sovereign debt
  • Liability management transactions for several debtors including Almatis and Cognor

Equity Capital Markets  

  • Goldman Sachs, Banco Itau BBA and the other underwriters and placement agents on Oncoclinicas do Brasil Servicos Medicos’ approximately $700 million initial public offering and listing on the B3 - Brazil Stock Exchange
  • InPost and the selling shareholders on the initial public offering and listing of InPost on the Euronext Amsterdam, the largest ever European technology IPO
  • Ardian and Sofina in their €80 million sale of shares in Mersen via an accelerated bookbuild process
  • Kinder Morgan Canada Limited in its CDN$1.75 billion offering of restricted voting shares
  • Centerra Gold in its CDN$170 million offering of subscription receipts, representing a right to receive common shares, to finance its acquisition of Thompson Creek Metals Company
  • First Quantum Minerals in its CDN$1.5 billion offering of common shares and listing on the Toronto Stock Exchange
  • Advent International in its £60 million sale of shares in DFS Furniture plc via an accelerated bookbuild process
  • General Atlantic in its €120 million sale of shares in Axel Springer via an accelerated bookbuild process
  • Advent International in multiple sales of shares in Equiniti plc via accelerated bookbuild processes
  • Initial public offerings and rights issuances by Brit Insurance, FirstGroup, RSA Insurance Group, Stock Spirits Group, etc. (while at previous firm)

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