EIG’s Pearl Pipelines Completes ~$11 Billion Senior Debt Refinancing Program

 LUXEMBOURG

Brings total capital invested for its 49% interest in Aramco Oil Pipelines to ~$13 billion; Supports FDI for Kingdom of Saudi Arabia with ~65% of invested capital from outside the Kingdom

(BUSINESS WIRE) -- EIG Pearl Holdings S.à r.l., a holding company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of an ~$11.2 billion senior debt refinancing program with proceeds used to repay amounts drawn under an acquisition debt facility that was used to finance its June 2021 acquisition of a 49% interest in Aramco Oil Pipelines Company (“AOPC”).

EIG Pearl Holdings S.à r.l.’s pro forma capital structure includes ~$11.2 billion of senior secured public bonds and private debt facilities with a ~16 year remaining weighted average life and ~$1.9 billion of common equity invested in June 2021 to partially fund the initial acquisition.

The completion of this senior debt refinancing program further expands the participation of global capital providers in this transaction and underlying asset in the Kingdom of Saudi Arabia - ~$8.5 billion or ~65% of the total invested capital came from a global group of well-known institutional investors and lenders from the United States, China, Japan, Korea, the United Arab Emirates and other global institutions.

About EIG Pearl Holdings S.à r.l.

EIG Pearl Holdings S.à r.l. owns a 49% shareholding in AOPC, a limited liability company organized in the Kingdom of Saudi Arabia with rights to 25-years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network containing all current and future pipelines within the Kingdom. EIG Pearl Holdings S.à r.l. is indirectly owned 89.45% by an aggregator vehicle managed and controlled by EIG Management Company, LLC and its affiliates.

For additional information, please visit EIG Pearl Holdings S.à r.l.’s website at www.pearlpipelines.com.

 

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Contacts

FGS Global

Kelly Kimberly / Brandon Messina

+1 212-687-8080

EIG@fgsglobal.com

 

MSCI Appoints Alvise Munari as Chief Product Officer

NEW YORK - Tuesday, 02. July 2024

(BUSINESS WIRE) -- MSCI Inc. (NYSE: MSCI), a leading provider of mission-critical decision support tools and services for the global investment community, today announced that Alvise Munari, MSCI’s current Chief Client Officer, has been appointed Chief Product Officer.

Mr. Munari will now be responsible for leading product development and innovation, applying his deep insights into MSCI’s global client base. He will continue to drive strong collaboration between MSCI’s product teams and the firm’s client coverage, marketing, research, technology, and data teams to develop and deliver innovative solutions to meet investors’ complex and unique needs for differentiated tools and insights to power their investment strategies.

Mr. Munari has transformed the MSCI global client coverage team through a relentless focus on understanding clients’ needs and delivering holistic solutions, leading to record growth and client retention across regions, segments, and products. He has 20 years of prior financial industry experience, including in product innovation leadership roles at Goldman Sachs, Merrill Lynch, and Morgan Stanley. Mr. Munari will continue to report to Baer Pettit, President and Chief Operating Officer at MSCI.

With Mr. Munari’s appointment, Axel Kilian will be appointed to the role of Chief Client Officer, now reporting to Mr. Pettit. Mr. Kilian joined MSCI in 2020 as Head of Client Coverage for EMEA, and he has been instrumental in driving MSCI’s growth in this region. He has 25 years of experience in the investment industry, leading EMEA and global coverage organizations at UBS, Nomura, Lehman Brothers, and JPMorgan Chase.

Baer Pettit, MSCI President and Chief Operating Officer, said: “Alvise has a proven track record of client-centric leadership, and we are excited to have him drive MSCI’s next chapter of product innovation to deliver value to our clients and help them build better portfolios. Axel’s promotion also demonstrates our commitment to talent mobility, and our ability to develop and promote the outstanding leaders we have at MSCI.”

About MSCI Inc.

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or performance and involve risks that may cause actual results or performance differ materially and you should not place undue reliance on them. Risks that could affect results or performance are in MSCI’s Annual Report on Form 10-K for the most recent fiscal year ended on December 31 that is filed with the SEC. MSCI does not undertake to update any forward-looking statements. No information herein constitutes investment advice or should be relied on as such. MSCI grants no right or license to use its products or services without an appropriate license. MSCI MAKES NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE WITH RESPECT TO THE INFORMATION HEREIN AND DISCLAIMS ALL LIABILITY TO THE MAXIMUM EXTENT PERMITTED BY LAW.

 

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Contacts

Media Inquiries

PR@msci.com

Julie Mansmann +1 917 815 6375

Calum MacDougall +44 (0) 7876 836 759

Tina Tan +852 2844 9320

MSCI Global Client Services

EMEA Client Service + 44 20 7618 2222

Americas Client Service +1 888 588 4567 (toll free)

Asia Pacific Client Service + 852 2844 9333

Milken Institute Scales Up Engagement with Africa through New Business Council

 WASHINGTON - Wednesday, 03. July 2024

ew program represents Milken Institute’s regional engagement strategy focused on paving the way for stronger, more comprehensive partnerships across the African continent.

(BUSINESS WIRE) -- The Milken Institute today announced the launch of the Africa Leaders Business Council. The newly established council brings together a group of thought leaders, entrepreneurs, investors and experts across business, technology, finance and investment, sustainability, and innovation to support the Institute’s plan to deepen its network and engagements in Africa. Leaders on this council will lend their expertise and provide a high-level overview of Africa’s evolving business landscape for Milken Institute’s wide-ranging network and stakeholders who wish to amplify their engagement in the region.

The establishment of the Africa Leaders Business Council underscores the Milken Institute’s efforts to bolster its commitment to the continent and complements the Institute’s plan to solidify its presence across Africa, Europe, Asia, the Middle East, and Latin America. Prominent leaders from Africa have participated at various Milken Institute convenings as speakers, including the President of Kenya H.E William Ruto, the President of Ghana H.E. Nana Akufo-Addo, and Patrice Motsepe, Chairman and Founder of African Rainbow Minerals and Co-Founder and Chairman of the Motsepe Foundation, attesting to the region’s increasing interest in engaging with the Institute’s global audience.

“Amidst the rapidly intensifying geopolitical landscape, and given its tremendous demographic potential, Africa is poised to play an increasingly pivotal role in the global economy,” said Laura Deal Lacey, Executive Vice President who leads the international program at the Milken Institute. “We recognize the excellence in Africa’s innovation and ingenuity. We believe our Africa Leaders Business Council will play a key role in helping our stakeholders to navigate the continent and provide a fresh perspective in tackling issues shaping the global agenda across climate change, health, capital access, and energy transition.”

Last month, Esther Krofah, Executive Vice President of Health at the Milken Institute, traveled to Nigeria to provide strategic guidance on how to prevent, detect, and treat cancer early at a day-long roundtable hosted by Nigeria’s National Institute for Cancer Research and Treatment (NICRAT). The Milken Institute’s engagements in Africa include the Global Financial Scholars Programs, which aim to build the next generation leaders in financial policy and public financial asset management; the Milken–Motsepe Innovation Prize Program, which invites global innovators and entrepreneurs to advance technological solutions toward the United Nations’ Sustainable Development Goals (SDGs); and Milken Institute’s work in advancing early warning systems for pandemic preparedness in Kenya and health innovation and cancer control in Nigeria.

Upcoming events intended to engage and mobilize the council include a private investor dialogue on the sidelines of the United Nations General Assembly, a Nigeria policy roundtable on debt sustainability pathways, engagements at the Milken Institute Middle East and Africa Summit in December, as well as curated webinars and bespoke in-person and virtual discussions.

“Flutterwave’s work to enable global enterprises to expand into and across Africa, as well as African businesses to take flight across the world, fully aligns with the Milken Institute’s emphasis on harnessing the power of financial technology and of human and social capital,” said Olugbenga “GB” Agboola, Founder and CEO of Flutterwave and member of the Africa Leaders Business Council. “We believe these are key forces that will shape the future of Africa, and via the Milken Institute Africa Leaders Business Council, we look forward to contributing our insights and perspectives to the Institute’s expanding work on the continent.”

The inaugural members of the council include: Africa Investment Forum; BES; CrossBoundary Group; Dangote Group; Flutterwave; Lateral Frontiers VC; Lions Head Global Partners; Prosper Africa; Proxima Legal; RisCura; Sabi; Symbion Power; Tofino Capital; Ubuntu Group; Unified State Group; Women’s World Banking; and YAATRA Ventures.

For more information about the Milken Institute Africa Leaders Business Council and the Institute’s work in Africa, please visit www.milkeninstitute.org/africa.

Please direct any media queries about the announcement to Yeen Chong at ychong@milkeninstitute.org.

About the Milken Institute

The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what's pressing now and what's coming next. For more information, visit www.milkeninstitute.org.

 

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Yeen Chong

ychong@milkeninstitute.org

 

NIQ Activate Platform Now Available on Microsoft Azure Marketplace

  Microsoft Azure customers worldwide now gain access to NIQ Activate to take advantage of the scalability, reliability and agility of Azure to drive application development and shape business strategies

(BUSINESS WIRE)--NielsenIQ (NIQ) today announced the availability of NIQ Activate in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. NIQ customers can now take advantage of the productive and trusted Azure cloud platform, with streamlined deployment and management.

NIQ Activate helps retailers and Consumer Packaged Goods (CPG) companies leverage NIQ’s industry leading data insights and personalization to enable deeper collaboration to drive performance and targeted engagements. Microsoft Azure’s world class AI and data analytics capabilities helps businesses drive better decisions.

NIQ Activate is a SaaS, collaborative platform, powering retailers and brands to go from data to insights to activation to measured value. The platform enables consumer packaged goods companies (CPGs) to define and assemble audiences, obtain insights driven by both retailer and NIQ data sources, plan and deploy campaigns, and measure results.

“We are thrilled to announce a simplified, faster transaction process for NIQ Activate to Microsoft Azure customers globally. NIQ Activate will provide customers with the opportunity to leverage our world-class data and analytics capabilities and drive innovation in the industry. This collaboration aims to empower businesses to make better decisions faster and create meaningful engagements for retailers, suppliers, and customers alike,” said Xavier Facon, SVP of Product at NIQ.

NIQ Activate on Microsoft Azure Marketplace benefits include:

• Simplified process: Quicker time to deployment for customers with a promise of simplified procurement and billing process.
• Deal acceleration for existing NIQ customers through the Microsoft Marketplace platform.
• Global expansion: Microsoft Azure customers across 141 markets gain access to NIQ Activate to help them drive the next phase of growth.
• Maximized Cloud Budget: Allocate 100% of your Azure Marketplace purchases towards your cloud budget commitments.

NIQ Activate empowers retailers to create incremental value and accelerate growth through retail media, personalized experiences, and actionable category and customer insights. The Activate platform leverages Azure Marketplace’s capabilities in data and AI with first-party customers and sales data to improve customer engagements for retailers.

Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp. said, “We’re pleased to welcome NielsenIQ to the Microsoft Azure Marketplace, which gives our partners great exposure to cloud customers around the globe. Azure Marketplace offers world-class quality experiences from global trusted partners with solutions tested to work seamlessly with Azure.”

About NIQ:

NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today NIQ has operations in more than 95 countries covering 97% of GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View™.

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sweta.patra@nielseniq.com

SLB Provides Update on Planned Acquisition of ChampionX

 (BUSINESS WIRE) -- Regulatory News:

SLB (NYSE: SLB) today announced that, as expected, it and ChampionX (NASDAQ: CHX) have each received a request for additional information (second request) from the United States Department of Justice (DoJ) in connection with the DoJ’s review of SLB’s previously announced planned acquisition of ChampionX.

SLB currently expects the transaction to close in the fourth quarter of 2024 or the first quarter of 2025, pending regulatory approvals and other customary closing conditions. The transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024.

About SLB

SLB (NYSE: SLB) is a global technology company that drives energy innovation for a balanced planet. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

About ChampionX

ChampionX Corporation is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.championX.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition, and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on January 24, 2024, and Part 1, “Item 1A. Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 6, 2024, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the possibility that ChampionX stockholders will not adopt the merger agreement in respect of the proposed transaction; the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political, and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus (each, as defined below) that has been filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Additional Information about the Transaction and Where to Find It

In connection with the proposed transaction, SLB filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 on April 29, 2024 (as amended, the “Form S-4”) that includes a proxy statement of ChampionX and that also constitutes a prospectus of SLB with respect to the shares of SLB to be issued in the proposed transaction (the “proxy statement/prospectus”). The Form S-4 was declared effective by the SEC on May 15, 2024. SLB and ChampionX filed the definitive proxy statement/prospectus with the SEC on May 15, 2024 (https://www.sec.gov/Archives/edgar/data/87347/000119312524139403/d818663d424b3.htm), and it was first mailed to ChampionX stockholders on or about May 15, 2024. Each of SLB and ChampionX may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Form S-4 or proxy statement/prospectus or any other document that SLB or ChampionX may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Form S-4 and the proxy statement/prospectus (if and when available) and other documents containing important information about SLB, ChampionX and the proposed transaction, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by SLB will be available free of charge on SLB’s website at https://investorcenter.slb.com. Copies of the documents filed with, or furnished to, the SEC by ChampionX will be available free of charge on ChampionX’s website at https://investors.championx.com. The information included on, or accessible through, SLB’s or ChampionX’s website is not incorporated by reference into this communication.

 

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Contacts

Media
Josh Byerly – Vice President of Communications
Moira Duff – Director of External Communications
SLB
Tel: +1 (713) 375-3407
media@slb.com

Investors
James R. McDonald – Vice President of Investor Relations
Joy V. Domingo – Director of Investor Relations
SLB
Tel: +1 (713) 375-3535
investor-relations@slb.com

 

Interactive Brokers Enhances Market Access with Extended Trading on Eurex/KRX Link

 GREENWICH, Conn. - Tuesday, 02. July 2024

Korean Derivatives Available During US and European Trading Hours

(BUSINESS WIRE)--Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, has announced the launch of the Eurex/KRX Link with extended trading hours for Korean KOSPI 200 derivatives. This enhancement aligns trading opportunities across Korean, US, and European time zones, providing seamless access for investors during US and European market hours.

The expanded trading hours include a variety of products such as KOSPI 200 Options, Mini-KOSPI 200 Futures, KOSPI 200 Futures, and USD/KRW currency futures. These products are fully fungible with corresponding contracts at KRX, enabling robust risk management and effective investment strategies across different markets.

Milan Galik, Chief Executive Officer of Interactive Brokers, stated, “Providing access to the Eurex/KRX link exemplifies Interactive Brokers’ dedication to offering our clients an extensive range of global investment and trading opportunities. Clients can now take advantage of extended hours to trade in one of the world's most liquid derivatives markets. Our global client base, including APAC, European and American clients, benefit by having access to KOSPI derivatives during normal and extended trading hours, regardless of location.”

Recent regulatory changes have simplified the process for foreign investments in South Korean equities, positioning the Eurex/KRX Link to attract more international investors. The extended trading hours cater to the growing influx of global investors seeking direct access to South Korean equities and derivatives. These changes are expected to elevate South Korea's status from an emerging to a developed market, making it more appealing to global institutional investors.

Interactive Brokers offers global market access, advanced technology, and competitive pricing, benefiting both self-directed individual and institutional investors. Clients can now trade Korean derivatives alongside global stocks, options, futures, currencies, bonds, funds, and more from a single unified platform, with the ability to fund accounts and trade in multiple currencies, including the Korean Won.

For more information on the Eurex/KRX Link at Interactive Brokers, please visit:

US - Eurex/KRX Link (US and countries served by IB LLC)

Canada - Eurex/KRX Link

United Kingdom - Eurex/KRX Link

Europe - Eurex/KRX Link

Hong Kong - Eurex/KRX Link

Singapore - Eurex/KRX Link

Australia - Eurex/KRX Link

Japan - Eurex/KRX Link

The Best Informed Investors Choose Interactive Brokers

About Interactive Brokers Group, Inc.:

Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities, and foreign exchange around the clock on over 150 markets in numerous countries and currencies, from a single unified platform to clients worldwide. We serve individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios. We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. Interactive Brokers has consistently earned recognition as a top broker, garnering multiple awards and accolades from respected industry sources such as Barron’s, Investopedia, Stockbrokers.com, and many others.

 

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Interactive Brokers Group, Inc.

Media: Katherine Ewert, media@ibkr.com

Corporate Restructurings Set to Accelerate Over the Next Two Years

 WILMINGTON, Del. - Monday, 01. July 2024 AETOSWire

Over 80% of industry experts expect volume of restructurings to continue rising

Regulations favoring liquidation over rehabilitation seen as biggest challenge, with survival further hampered by inexperienced management teams and rising interest rates

North America and Europe experiencing significant restructuring

 

(BUSINESS WIRE) -- The volume of new corporate restructuring mandates is set to continue rising over the next two years as distressed companies grapple with geopolitical uncertainty, tightening interest rates, and new regulatory challenges, according to new research commissioned by CSC, the world’s leading provider of global business administration and compliance solutions.

CSC’s study1, Global Restructuring Trends in 2024: Navigating the Opportunities and Challenges, reveals that the overwhelming majority (83%) of sector professionals expect to see the volume of restructuring mandates grow significantly or modestly over the next two years, with a quarter (25%) predicting a significant increase.

CSC commissioned research among 150 independent senior executives in the global financial services, legal, private credit, and private debt sectors to shed new light on what’s driving the rise in global restructurings, as well as challenges facing the industry, and key regional differences.

“The acceleration in global restructurings builds on the rise we’ve seen over the past 12-24 months. In the U.K., for example, there were more than 25,000 registered company insolvencies in 2023, the most for 30 years,” says Michelle Dreyer, managing director of CSC’s Global Restructuring Practice.

“We’re seeing a number of companies that took on a considerable amount of debt during COVID and are now seeing that debt come due. But as rates are now so much higher, they can’t just go to their lender or a different lender and refinance,” Dreyer adds. “Some restructurings are actually companies that probably should have filed in 2020, but because they were so bolstered by the cheap money in the market, they’ve been able to hold out until now. We're now seeing the aftermath of all that inexpensive money.”

Two-thirds (65%) of industry experts said the biggest challenge to restructuring distressed companies was overcoming regulatory hurdles, which at times favors liquidation rather than rehabilitation. Other key challenges are inexperienced management teams (cited by 55% of respondents), which are unaccustomed to the transition from normal company operations to a very different and complex bankruptcy environment. Some 40% of respondents highlighted rising interest rates as a major driver in the restructuring market.

“Many individuals in management have little or no experience in dealing with the challenges of a systemic downturn,” adds Dreyer. “Management teams often have a difficult time transitioning from normal company operations to what is needed in a bankruptcy proceeding, meaning that the support of experienced providers who can move quickly to assist them becomes hugely valuable.”

CSC’s study identified North America and Europe as the two regions witnessing the most significant volumes of restructuring activity. Over 40% of those surveyed selected these geographies, with their mature regulatory frameworks making them attractive to companies from beyond their own borders.

“Regulatory changes can also have a positive impact on restructuring and make certain jurisdictions more attractive, resulting in the high use of COMI shifts,” says Dreyer. “Only a very small minority said they use just one independent external vendor during restructuring processes, highlighting the difficulty of finding a one-stop-shop during what are exceptional times for management teams. At CSC, we provide expertise from highly experienced professionals across a variety of products and a truly joined-up, global cross-border service.”

To receive a copy of CSC’s Global Restructuring 2024 report, please contact Camilla Wyatt or Saffron Wainwright at cscteam@citigatedewerogerson.com.

Notes to editors

1CSC, in partnership with Pure Profile, surveyed 150 senior executives in the financial services, legal, private credit, and private debt sectors globally to gauge views on the state of the global restructuring industry. Respondents were equally split between North America, APAC, U.K., and Europe.

About CSC

CSC is the trusted partner of choice for more than 90% of the Fortune 500®, more than 90% of the 100 Best Global Brands (Interbrand®), and more than 70% of the PEI 300. We are the world’s leading provider of global business administration and compliance solutions, specialized administration services to alternative asset managers across a range of fund strategies, transactions involving capital markets participants in both public and private markets, domain name system management and digital brand and fraud protection, and corporate tax software solutions. Founded in 1899 and headquartered in Wilmington, Delaware, USA, CSC prides itself on being privately held and professionally managed for more than 125 years. CSC has office locations and capabilities in more than 140 jurisdictions across Europe, the Americas, Asia Pacific, and the Middle East. We are a global company capable of doing business wherever our clients are—and we accomplish that by employing experts in every business we serve. We are the business behind business®. Learn more at cscglobal.com.

 

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Contacts

Citigate Dewe Rogerson

Camilla Wyatt or Saffron Wainwright

cscteam@citigatedewerogerson.com

CSC

Brandy Chieffi

Vice President of Marketing

brandy.chieffi@cscglobal.com

CSC News Room