The Financing Includes Full Redemption of the Group’s Senior Secured Notes due 2029
(New York, NY, February 25, 2025) Carter Ledyard announced today that its client, Moreld AS, had completed the refinancing of the company’s debt, including the successful redemption in full of its subsidiary Aurora Group’s outstanding USD $225 million senior secured notes due 2029, a financing Carter Ledyard had initially handled in 2024. The refinancing was done with funds received from the private placement of new shares in Moreld, followed by a listing on Euronext Growth Oslo, excess cash flow from operations, and the private placement of senior secured bonds on the Oslo Stock Exchange. Carter Ledyard counseled Moreld through the succession of IPO equity claw, excess cash flow and make-whole redemptions, leading to the final satisfaction and discharge of the 2029 notes.
The team was led by partners Guy P. Lander and Steven Paul McSloy, and associates Louie A. Ayash and Jenny Frank. Partner James Gadsden advised on opinion and indenture-related matters.