A group from Paul, Hastings, Janofsky & Walker was legal counsel to homebuilder Ashton Woods USA LLC on restructuring its balance sheet.
Securities partner Elizabeth Noe, commercial lending partner Kevin Conboy and real estate finance partner Charlie Sharbaugh advised Ashton Woods on the complex series of transactions, according to the law firm. All three lawyers are based in Atlanta.
Ashton Woods obtained new capital, reduced its overall debt and improved its liquidity as a result of the plan, the company said in a regulatory filing. Under terms of the restructuring, “all prior defaults under [Ashton Woods’] senior credit facility and $125 million 9.5% Senior Subordinated Notes due 2015 were either waived or cured,” according to the filing. The plan was designed to align [Ashton Woods’] capital structure with the current economic environment,” the company said.
Among the transactions that comprised the plan were a private exchange offer, a $20 million capital investment from Ashton Woods’ existing equity holder and the repayment of an existing bridge loan. Ashton Woods completed the restructuring on Monday.
Ashton Woods builds single-family homes, townhomes and condos in Atlanta, Dallas, Houston, Orlando, Phoenix, Denver and Tampa.