Simpson Thacher represented Unisys Corporation in connection with its private debt exchange offers for its outstanding 6-7/8% Senior Notes due 2010, 8% Senior Notes due 2012, 8½% Senior Notes due 2015 and 12½% Senior Notes due 2016. In the exchange offers, Unisys Corporation issued approximately $384.9 million of new 12¾% Senior Secured Notes due 2014, $246.6 million of new 14¼% Senior Secured Notes due 2015 and 52.4 million shares of common stock, together with $30.0 million in cash, in exchange for existing senior notes. The exchange offers reduced Unisys’ total debt outstanding by approximately $130 million, or about 12%, and reduced its 2010 debt maturities from $300.0 million to approximately $64.9 million. In addition, Unisys Corporation received consents from a majority of the principal amount of its existing 2010 notes, 2012 notes and 2015 notes, approving the elimination of substantially all of the restrictive covenants and certain events of default in the indenture that governs such notes.
Unisys Corporation is a New York Stock Exchange-listed worldwide information technology company that provides its clients with a portfolio of IT services, software and technology.
The Simpson Thacher team for the transaction included, among others, Risë Norman, Edgar Lewandowski, Patrick Baron, Parijat Sharma and Ralph Eissler (Corporate), Erik Hepler (Collateral), Jenifer Marsh (Tax), Jennifer Rackoff (IP), Jeanne Annarumma (Executive Compensation and Employee Benefits), Michael Isby (Environmental) and Krista McManus (Real Estate).