Homburger advises Idorsia on holistic restructuring
Homburger advises Idorsia Ltd on its holistic restructuring, which includes the revision of its outstanding convertible bonds totaling CHF 800 million and the raising of CHF 150 million through a new money facility.
The context
In connection with the operation Idorsia Ltd reaches an agreement with more than two-thirds of its convertible bondholders, thus forming a majority sufficient to pass resolutions at the relevant bondholders’ meetings. The parties agree restructure the company’s outstanding convertible bond debt. The deal entails a tailored restructuring of Idorsia’s total CHF 800 m convertible bond debt and a CHF 150 m new money facility, backstopped a bondholder group. Moreover, The facility in question is set to be repaid within 24 months. The bondholders involved will receivea total of 9.0 m Idorsia shares and 8.0 m Idorsia warrant.
The Homburger team
Homburger acts as lead corporate, restructuring and capital markets counsel for Idorsia. M&A Frank Gerhard (Corporate / M&A, pictured) leads the firm’s team, working alongside Eduard De Zordi (capital markets), Marco Rostetter (corporate / M&A, restructuring / insolvency), Estelle Piccard and Daniel Hulmann (corporate / M&A, capital Markets), Miguel Sogo (litigation, restructuring / insolvency), Stefan Oesterhelt (tax), Jeremy Reichlin (employment, restructuring / insolvency) and Oliver Mrose (litigation, restructuring / insolvency) as well as Rebecca Sigrist (corporate / M&A) and Syra Angliker (litigation, restructuring / insolvency).
