Cases & Deals

MAST Capital portfolio company completes debt restructuring, including $101 million exchange offer of convertible notes for high-yield notes

Clients MAST Capital Management, LLC

Jones Day advised MAST Capital Management, LLC in the offer by its portfolio company, Nebraska Book Holdings, Inc., to exchange up to $133.2 million aggregate principal amount of 2.00% Convertible Senior PIK Notes due 2026 for any and all of its outstanding 15.0% Senior Secured Notes due 2016. On September 19, 2016, Nebraska Book issued $100.9 million aggregate principal amount of 2.00% Convertible Senior PIK Notes due 2026 in exchange for approximately $83.4 million aggregate principal amount of its outstanding 15.0% Senior Secured Notes due 2016 pursuant to the terms of the exchange offer. As a closing condition, the exchange offer required an internal restructuring that involved significant negotiation among noteholders and included a new senior term loan and new asset-based loan credit facility among Nebraska Book, as borrower, and various lenders, including MAST.