Daily News: February 9, 2012

Paul Hastings Represents GE Capital in Facility for Aquilex


Law firm Paul Hastings announced that it represented GE Capital, Corporate Finance in its role as agent and lender for a new senior secured revolving credit facility to Aquilex.

Aquilex Holdings completed a consensual financial restructuring with holders of its first lien debt, second lien debt and senior notes due 2016. As a result of a debt-for-equity exchange and an $80 million equity investment, Aquilex has reduced its debt by over $300 million. The company is now majority owned by affiliates of Centerbridge Partners.

Rothschild is acting as financial advisor and investment banker and Richards, Layton & Finger is acting as legal advisor to Aquilex in connection with the restructuring. Alvarez & Marsal is acting as restructuring advisor to the Company. Kirkland & Ellis is acting as legal advisor to Centerbridge in connection with the restructuring.

Aquilex is a provider of critical maintenance, repair and industrial clean solutions to the energy industry.

Paul Hastings finance and restructuring partners Jesse Austin and J. Craig Lee led the Paul Hastings team, which also included associates Chadwick Werner, Behrouz Kianian and Roger Mitchell.