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Toys “R” Us Agrees to Refinance with Key Noteholders

Toys "R" Us, Inc. entered into a support agreement with noteholders of approximately 50 percent of the company's $850 million in debt scheduled to mature in 2017 and 2018. Under the support agreement, the supporting noteholders have agreed to exchange their existing 2017 and 2018 notes for a cash payment (available only to holders of 2017 notes) of up to $150 million and up to $525 million of new 12.00% senior secured notes due 2021 issued by a newly formed subsidiary of Toys "R" Us, Inc. that will hold substantially all of the company's Europe, Japan and Australia operations, the Wayne Real Estate Parent Company, LLC and the company's approximately 70% interest in its Asia joint venture.  A supporting noteholder has also agreed to purchase up to an additional $50 million of new secured notes for cash.  Paul, Weiss represented an ad hoc group of holders of 2017 notes in connection with the refinancing.

The Paul, Weiss corporate/bankruptcy restructuring team included partners Brian Hermann, Manuel Frey and Lawrence Wee. The Paul, Weiss team also included tax partner Patrick Karsnitz, with litigation advice from partners Gregory Laufer and Daniel Toal.

June 13, 2016

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