Deal
Greenberg Traurig advises Procaps on $130 million equity investment and $209 million debt restructuring in Latin America
Greenberg Traurig, LLP, a global law firm, advised Procaps Group, a leading integrated pharmaceutical and healthcare company in Latin America, on its $130 million equity investment, comprehensive debt restructuring of approximately $209 million and strategic leadership transition.
Greenberg Traurig, LLP, a global law firm, advised Procaps Group, a leading integrated pharmaceutical and healthcare company in Latin America, on its $130 million equity investment, comprehensive debt restructuring of approximately $209 million and strategic leadership transition.
Procaps raised $130 million in capital, including a private placement of $90 million in common stock and $40 million in secured notes that were converted into common stock. In addition, the company restructured approximately $209 million in debt with nearly two dozen key lenders.
"This transaction marks a critical milestone in the transformation of Procaps. We appreciate Greenberg Traurig’s support in helping us navigate this complex process," said Melissa Angelini, Interim Co-CEO of Procaps Group.
Antonio Peña, Co-Chair of Greenberg Traurig’s Latin America Practice, led a multidisciplinary team to provide advice on M&A, restructuring, capital markets, corporate finance, governance and antitrust matters in a transaction involving more than a dozen jurisdictions with the participation of nearly 30 law firms.
"We are proud to have helped Procaps save more than 5,000 jobs and lay the necessary foundation for its recovery and future growth," said Pena. "At a time of significant leadership changes and challenging circumstances, our team at Greenberg Traurig worked closely and strategically with Procaps on critical decisions that ensured business continuity and a path forward."
In addition to Peña, the Greenberg Traurig team representing Procaps Group was led by Latin America Practice partners Thomas R. Martin and Arnaldo C. Rego, Jr.
Other team members included Miami corporate partners Raffael Fiumara, Ari Newman, Emilio J. Alvarez-Farré, Benjamin G. Greenberg and Sami B. Ghneim, New York corporate partner Stephen M. Pepper, New York litigation partner Robert A. Horowitz, Dallas litigation partner Karl G. Dial, Miami corporate associates Ashelin Myus, Sergio Shapiro, Blanca Alcaraz Serrano, and Javier M. Sanchez and Boston corporate associate Kyle C. Ffrench.
"We look forward to continuing to support Procaps Group as it works to execute its turnaround strategy," Martin added. "Following this realignment with its creditors and other stakeholders, the company is now well positioned to focus on operational excellence."
