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MAST Capital portfolio company completes debt restructuring, including $101 million exchange offer of convertible notes for high-yield notes

September 2016

Client(s) MAST Capital Management, LLC

Jones Day advised MAST Capital Management, LLC in the offer by its portfolio company, Nebraska Book Holdings, Inc., to exchange up to $133.2 million aggregate principal amount of 2.00% Convertible Senior PIK Notes due 2026 for any and all of its outstanding 15.0% Senior Secured Notes due 2016. On September 19, 2016, Nebraska Book issued $100.9 million aggregate principal amount of 2.00% Convertible Senior PIK Notes due 2026 in exchange for approximately $83.4 million aggregate principal amount of its outstanding 15.0% Senior Secured Notes due 2016 pursuant to the terms of the exchange offer. As a closing condition, the exchange offer required an internal restructuring that involved significant negotiation among noteholders and included a new senior term loan and new asset-based loan credit facility among Nebraska Book, as borrower, and various lenders, including MAST.

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