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The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.

Preferred Sands Closes on Comprehensive Restructuring Transaction

Paul, Weiss client Preferred Sands, one of North America's largest producers of sand and resin coated proppants, closed on a comprehensive restructuring. KKR, a leading global investment firm, provided $680 million of debt and equity to fully refinance Preferred Sands' outstanding debt. KKR funded the debt through a term loan, ABL and Notes.

Paul, Weiss has advised Preferred Sands in connection with the refinancing of its debt since the summer of 2013, when Preferred Sands first entered into a forbearance agreement with its lenders. In the last year Paul, Weiss has been an integral advisor as Preferred Sands considered a number of alternative transactions and restructuring proposals. This restructuring was a tremendous outcome for our client, enabling Preferred Sands' management team to retain a controlling interest in the company and partner with KKR going forward.

The Paul, Weiss team was led by bankruptcy partner Brian Hermann and corporate partner Jeffrey Marell; corporate partner John Kennedy; bankruptcy counsel Diane Meyers; tax partners Patrick Karsnitz and Jeffrey Samuels; and environmental counsel William O'Brien.

July 31, 2014

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