Term lenders obtain Preferred Proppants' debt

Client(s) Term lender group of Preferred Proppants

Jones Day represented the term lenders of Preferred Proppants, a leading producer of sand- and resin-coated proppants, in a comprehensive out-of-court restructuring of the debt of Preferred Proppants and its affiliates. The restructuring resulted in Jones Day's clients and similarly situated holders of term debt obtaining (i) all of the equity in the Preferred Proppants' entities that were borrowers under the term loans, and (ii) a minority interest in equity of certain restructured project level affiliates that were not borrowers under the term loans. In total, the restructuring involved approximately $1.4 billion of secured indebtedness and was negotiated, documented, and closed in less than three months.