 |
|
|
 |
|
|
|
|
|
| Client: |
Steering Committee ("Committee") of the Senior Lenders of the Oglebay Norton Company ("Oglebay" or t |
|
| Client Objective: |
Oglebay, a Cleveland, Ohio-based company, provides essential industrial minerals, construction aggregates and marine transportation to a broad range of markets, from building materials and home improvement to the environmental, energy and metallurgical industries. Due to the Company's significant amount of leverage (approximately 9x EBITDA) and complex capital structure, the Committee engaged BGL to provide strategic financial advisory and valuation services throughout the Company's restructuring process. |
|
| Results: |
BGL's engagement included a comprehensive valuation analysis and an ongoing business and financial assessment of Oglebay's six distinct business units. The findings were used to validate the Committee's strategy and exit alternatives, to negotiate amendments to the Credit Agreement, to structure the DIP budget and DIP loan, and to ensure adequate protection once the Company filed for bankruptcy. BGL monitored Oglebay's divestiture processes and business unit cash flows, and helped the Committee negotiate through Oglebay's restructuring process.
Ogleby closed on a $305 million second Debtor-in-Possession (Super DIP) credit facility under approval of the U.S. Bankruptcy Court. The new loan was used to pay off the $246.4 million balance on the prepetition revolving credit facility, term loan and the original DIP facility. The refinancing transaction represented a 100% recovery of the Senior Lenders' capital. |
|
|
|
|
|
