Drive DeVilbiss Healthcare Completes Recapitalization and Liability Management Transaction

October 23, 2019

Willkie represented an ad hoc group of first lien lenders of Drive in the transaction, which received nearly unanimous support from across Drive's capital structure.

Willkie represented an ad hoc group of first lien lenders of Drive DeVilbiss Healthcare in a recapitalization and liability management transaction. The transaction received nearly unanimous support from across Drive's capital structure, including affirmative consent from 100% of its first lien lenders and more than 97.5% of its second lien lenders. The transaction provided Drive with new capital from its equity holders and a reduction in cash debt service obligations from its current lenders.

The Willkie team was led by partner Jeffrey Pawlitz, and included partners Thomas French and Sean Ewen, counsel Weston Eguchi and associates Gabriel Brunswick and Helena Honig.