[Context: On May 24, The Carlyle Group, Eaton Vance Corp., First Reserve, and Stellex Capital Management recapitalized AFGlobal Corporation, an oil and gas equipment manufacturer, with $120m.]
AFGlobal Completes Recapitalization, Reduces Debt by $680 Million
Company Receives $120M in New Capital to Support Future Growth
AFGlobal Corporation announced today that it has completed a recapitalization transaction, which as previously disclosed, was effectuated through a filing with the courts. The Company’s pre-packaged recapitalization reduced AFGlobal’s funded debt by approximately $680 million. Also as part of this transaction, AFGlobal’s new ownership group-led by certain funds managed by The Carlyle Group, Eaton Vance Corp., First Reserve, and Stellex Capital Management LP-and other stakeholders have committed $120 million of new capital to the Company.