FORTNA has entered into an agreement with holders of 74% of its funded debt and its sponsors to strengthen its financial foundation and transition ownership to existing lenders, including funds managed by Ares Management. The recapitalization is expected to reduce funded debt by approximately $1.8 billion and cut annual interest expense by more than $150 million, while providing a fully committed equity cash infusion of about $150 million from certain existing lenders. The company said it continues to operate normally and expects to complete the transaction in the coming weeks, subject to standard closing conditions. FORTNA is a global leader in automation and software for the full logistics value chain.
Ares Management LPAres Management, as an existing lender, will gain ownership in FORTNA through the recapitalization.
Debt restructuring reduces funded debt by $1.8B and interest expense, with equity infusion, strengthening financial position.
