The Technology and Debt Finance teams advised TPI Composites, Inc. (Nasdaq: TPIC) on its agreement with funds managed by Oaktree Capital Management, L.P. to refinance Oaktree’s Series A Preferred Stock holdings in TPI with senior secured term loans.
Under the terms of the credit agreement, Oaktree converted its existing $436 million Series A Preferred Stock investment into a $393 million senior secured term loan, with the remaining $43 million exchanged into common equity pursuant to a separate purchase agreement. Including Oaktree’s existing common equity position in TPI, Oaktree holds 9.9% of TPI’s common equity on a pro forma basis. In connection with this refinancing, the maturity of the term loan was extended to March 31, 2027, from November 22, 2026, the optional redemption date for the Series A Preferred Stock.
TPI is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind and automotive markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Türkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain.
Oaktree is a leader among global investment managers specializing in alternative investments, with $183 billion in assets under management as of September 30, 2023.
The Goodwin team was led by Mohammed Alvi, Fiona Gaul and Carlos Martinez (Debt Finance), Brad Weber, Kim de Glossop, Sebastian Bacon and Nikki Miller (Technology & Life Sciences), Robert Lemons (Restructuring), Jia Jia Huang (Intellectual Property), Cecily Xi and Ora Grinberg (Tax), Jason Wilcox (Global Trade), Grace Wirth (ERISA and Executive Compensation), Christina Lewis (Labor and Employment), Brynn Peltz (Investment Company Act of 1940), and Ettore Santucci and Mat Sibble (Opinion Committee), with invaluable assistance from Amy Arnelle and Shaleena Alli-Rampersad.
For more details, read the press release.