Deals
Francis Barker CFO , Alta Colleges
Completion Date
January 2010
Transaction Type
Debt Restructure
Transaction Value
(Not disclosed)
Lead Partner
Phil Seefried
Telephone +1 (303) 572 6000
Background
Headwaters was brought in to push the highly regulated transaction via a competitive process. Headwaters presented the company to a broad lender universe for the first time, looking into large institutional markets as well as the traditional club deal market. Headwaters generated numerous options for the company and made a recommendation to proceed with a club deal; Headwaters then drove a deeply contested structuring process with the lenders, pushing the dividend proceeds to the maximum wholee achieving all of the company's other structure and timing objectives. The end result was a deal that significantly beat well known and recent market comparables. Obtained senior credit facility from Bank of America, JP MorganChase, Barclays, and Northern Trust.
What Difference Did We Make?
The company had gone through a significant operational and management transformation; the co-founders were no longer critical in the business and wanted a partial liquidity event. Such transactions are constrained by strict regulations in the education space. Further, the company had lagging results and a hiostory of litigation issues. The exisiting lead bank offered a conservative deal; Headwaters was brought in to push that transaction via a competitive process. We presented the company to a broad lender universe for the first time, looking into large institutional markets as well as the traditional club deal market. Headwaters generated numerous options for the company and made a recommendation to proceed with a club deal; we then drove a deeply contested structuring process with the lenders, pushing the dividend proceeds to the maximum wholee achieving all of the company's other structure and timing objectives. The end result was a deal that significantly beat well known and recent market comparables.