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TOMS Lenders Convert Debt to Equity, Infuse New Capital and Take Ownership of Company

Paul, Weiss advised TOMS Shoes’ term loan lenders in the conversion of approximately $300 million of secured term debt into equity and takeback debt in TOMS. As part of the transaction, certain term loan lenders also invested new capital in TOMS. On account of the debt conversion and new investment, TOMS’ term loan lenders will own 100 percent of the equity of TOMS. TOMS is a maker of casual footwear, founded with the mission of gifting a new pair of shoes to a child in need for every pair sold. To date, the company has provided 95 million pairs of shoes to children in 82 countries.

The Paul, Weiss team includes restructuring partners Alice Eaton and Brian Hermann and counsel Diane Meyers; M&A partner Jeff Marell; finance partner Austin Witt; employee benefits partner Jean McLoughlin and counsel Reuven Falik; intellectual property partner Claudine Meredith-Goujon; tax partner Scott Sontag; and litigation counsel Steven Herzog

December 27, 2019

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