Milbank, Tweed, Hadley & McCloy LLP advised the ad hoc committee of bondholders in the exchange of US$600 million in 6.250% senior unsecured notes of QGOG Constellation S.A. due 2019 for US$600 million of its newly issued 9.000% Cash / 0.500% PIK senior secured notes due 2024.
QGOG Constellation is a market leading Brazilian-controlled provider of offshore oil and gas contract drilling and FPSO services in Brazil.
The exchange offer allowed QGOG Constellation’s unsecured noteholders to exchange old notes for newly issued secured notes.
Milbank had previously represented the underwriters in the issuance by QGOG Constellation of the US$700 million senior unsecured bonds due 2019 that are subject to the exchange offer.
The Milbank deal team was led by New York-based Financial Restructuring partner Abhilash Raval, São Paulo-based Capital Markets partner Tobias Stirnberg and New York-based Leveraged Finance partner Lauren Hanrahan, along with Capital Markets partner Paul Denaro, special counsel Lesley Janzen and associates Lyn Brennan from our Leveraged Finance Group and Mary Doheny from our Financial Restructuring Group.
