Simpson Thacher represented PSP Investments (“PSP”), as the majority second lien lender in connection with a comprehensive out-of-court restructuring of Transcendia Holdings, Inc. (“Transcendia”). The restructuring transactions include a $114 million new money third party investment and the conversion of all second lien loans into preferred and common equity of Transcendia.
Transcendia is a leader in manufacturing and converting custom engineered materials designed to protect products and keep people safe and healthy. The company serves over 2,300 customers globally who rely on its broad material science expertise, extensive technology platform and best-in-class quality systems for their most complex application needs. Founded in 1931, Transcendia has decades of experience working collaboratively with customers to develop film solutions for the healthcare, food and beverage, specialty industrial, and print and publishing end markets. Headquartered in Franklin Park, IL, Transcendia operates 14 manufacturing facilities and three distribution centers globally.
The Simpson Thacher team included Sandy Qusba and Zachary Weiner (Restructuring); Lia Toback, Matthew Petrone and Anna Jarman (Capital Markets); Jessica Tuchinsky, Justin Lungstrum and Jule Walsh (Credit); Andrew Purcell, Michael Mann and Zev Klein (Tax); and Mark Skerry, Josh Buckland, Ryan Stalnaker and Taylor Wettach (Regulatory).