We advised the lenders and an hoc group of existing noteholders on the transaction

Davis Polk advised a group of lenders, including the lead left arranger and lead lender, and an ad hoc group of existing noteholders in connection with a comprehensive debt recapitalization transaction of Alkegen. As part of the recapitalization, Alkegen incurred $1.925 billion of first-lien debt, composed of first-lien term loans and notes and a $200 million superpriority first-out revolving credit, to fully refinance Alkegen’s existing term loans, extend credit facility maturities from 2025 to 2029 and provide additional liquidity. In addition, certain holders of existing Alkegen senior notes exchanged their existing notes for new second-lien secured notes due 2029.

Alkegen, a portfolio company of Clearlake Capital Group, L.P., is a global provider of high-performance specialty materials across high temperature insulation, fire protection, filtration and battery applications. Alkegen has a highly diversified platform and product portfolio that enables fossil fuel reduction, clean air and liquid and battery advancements with over 60 manufacturing facilities and over 7,500 employees worldwide.

Clearlake Capital Group is a leading investment firm operating integrated businesses across private equity, credit and other related strategies. The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $80 billion of assets under management and its senior investment principals have led or co-led over 400 investments.

The Davis Polk finance team included partners Kenneth J. Steinberg and David J. Kennedy and associates Chinelo Krystal Okonkwo and David Waldman. The restructuring team included partners Damian S. Schaible, Eli J. Vonnegut, Angela M. Libby and Christian Fischer and associates Jarret Erickson and Mariya Dekhtyar. The capital markets team included partner Stephen A. Byeff and associates Steven Glendon and Juan Diego Tibaduiza. All members of the Davis Polk team are based in the New York office.

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