Diebold Nixdorf obtains $1.25 billion senior secured superpriority DIP credit facility
Client(s) Diebold Nixdorf, Inc.
Jones Day is representing Diebold Nixdorf, Incorporated (the “Company”), a multinational financial and retail technology company that specializes in the sale, manufacture, installation, and service of self-service transaction systems (such as ATMs and currency processing systems), point-of-sale terminals, physical security products, and software and related services for global financial, retail, and commercial markets, and certain of its domestic and foreign subsidiaries (collectively, the “Debtors”) in (i) a pre-packaged chapter 11 proceeding in front of the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”), (ii) a scheme of arrangement by Diebold Nixdorf Dutch Holding B.V. (the “Dutch Issuer”) and the related voluntary proceeding in front of the District Court of Amsterdam under the Dutch Act on Confirmation of Extrajudicial Plans (Wet Homologatie Onderhands Akkoord), and (iii) an anticipated proceeding commenced by the Dutch Issuer under chapter 15 in the Bankruptcy Court, seeking recognition of such scheme of arrangement. As part of the chapter 11 cases, Jones Day represented the Company, in its capacity as borrower, and the other Debtors, in their capacities as guarantors, on a $1.25 billion senior secured superpriority debtor-in-possession term loan credit facility (the “DIP Facility”). The proceeds of the DIP facility will be used to (i) repay in full all obligations under the Company's superpriority credit facility; (ii) repay in full (or cash collateralize issued letters of credit) the Company's asset-based revolving credit ABL facility; (iii) pay costs, fees and expenses related to the court-supervised restructuring proceedings; and (iv) fund the working capital needs and expenditures of the Debtors and their non-debtor affiliates during the pendency of the court supervised restructuring proceedings.