Pestalozzi with Idorsia’s bondholders on holistic restructuring
Pestalozzi advises a group of financial institutions representing a majority of holders of CHF 800 million in aggregate of convertible bonds issued by Idorsia, in connection with the holistic restructuring of the company.
The context
Headquartered in Allschwil, near Basilea, Swiss biopharmaceutical company Idorsia has shares and bonds listed at the SIX Swiss Stock Exchange.
In connection with the operation, the group of bondholders agreed to grant a CHF 150 million new money facility and a restructuring of the outstanding bonds. The restructuring in question entails the amendment of certain terms of the bonds followed by an offer for the exchange of the convertible bonds into newly issued bonds secured by certain material assets of the group.
The Pestalozzi team
The Pestalozzi team working on the matter included partner Sébastien Roy (banking / restructuring, pictured), partner Severin Roelli (capital markets), partner Andreas Lienhard (restructuring / insolvency), partner Jonas Sigrist (tax), counsel Jean-Baptiste Lhôte (banking / corporate), associate Mercedes Chiabotti (capital markets), junior associate André Lopes Ferreira (banking), junior associate Nadine Jost (capital markets), junior associate Chiara Pacciarelli (capital markets)
