We are advising an ad hoc group of lenders in connection with the restructuring

Davis Polk is advising an ad hoc group of first-lien term lenders (the “Ad Hoc Group”) to Riverbed Technology, Inc. in connection with a restructuring and recapitalization of Riverbed. On October 13, 2021, Riverbed, its existing equity sponsors and a supermajority of holders of its funded debt, including the Ad Hoc Group, entered into a restructuring support agreement (RSA), which contemplates either an out-of-court restructuring or, alternatively, an in-court prepackaged chapter 11 restructuring. In addition, also on October 13, 2021, Riverbed entered into a $65 million bridge term loan facility, which provided immediately liquidity to Riverbed.

The RSA provides a pathway for the company to implement a comprehensive financial restructuring and position it for long-term success by reducing its funded secured debt by over $1 billion and providing the company with significant new money. In connection with the transaction, Riverbed will receive a capital infusion of $100 million. Existing holders of the company’s junior funded debt will become the majority owners of the company.

Founded in 2002, Riverbed is a technology company specializing in software solutions.

The Davis Polk restructuring team includes partner Damian S. Schaible, counsel Jon Finelli and associates Stephanie Massman, Stephen Ford and Roy G. Dixon III. The M&A team is led by partner Stephen Salmon. Partner William A. Curran, counsel Tracy L. Matlock and associate Ben Levenback are providing tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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