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 THE RESULT: Caymus Partners was the exclusive financial advisor to Triple Crown Media, Inc. ("Triple Crown" or the "Company") in the restructuring of its senior and
subordinated debt facilities. The restructuring will allow the Company to refinance its existing senior and subordinated debt facilities, reducing its subordinated debt obligations significantly in exchange for equity interest in the company. The restructured debt facility will allow the company to generate greater cash flow in the future, with which to pay down debt and provide for the Company's long term sustainability. In the midst of the global economic recession and the aftermath of the credit market crunch, Caymus Partners provided exceptional guidance to navigate the transaction through a difficult environment. Caymus Partners contacted Triple Crown's existing lender and shareholder groups and successfully renegotiated repayment terms across a broad array of stake holders including senior lenders, junior lenders, and preferred equity holders. Caymus Partners helped the Company evaluate the intricacies of its debt situation, renegotiated terms of the Company's financing in light of the Company's economic realities, and achieved a consensual solution approved by all parties.
"Caymus Partners was an invaluable asset in our recent restructuring. Their hard work and highly professional manner allowed us to reach a consensual agreement with all parties involved to create a capital structure appropriate for our business environment. This was our second transaction with Caymus Partners and once again they surpassed my already high expectations."
Mark Keikle, Chief Financial Officer
Triple Crown Media, Inc.
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Company Description
Triple Crown operates six daily newspapers and one weekly newspaper with a total circulation of 95,200 daily and
131,850 on Sunday. The majority of Triple Crown's publications serve the fast growing and affluent suburbs of Atlanta,
with a minority covering small and medium sized communities in southwest Georgia. The newspapers focus on local
content, including coverage of local youth, high school and college sports, as well as local business, politics,
entertainment and cultural news.
Challenges Overcome
Caymus Partners overcame a number of key challenges in making this transaction successful:
- Difficult Credit Environment. Caymus Partners provided exceptional guidance and senior-level attention to navigate the transaction through a difficult credit environment;
- Addressing Depressed Industry Conditions. Due to declining revenues and the distressed nature of the newspaper industry, the Company had a unique set of issues incompatible with its existing financing arrangements. Caymus Partners developed various analyses to help lenders understand these issues and the ways in which a debt restructuring would serve their long term interests as well as those of the Company;
- Evaluation of Various Options. Caymus Partners examined scenarios ranging from liquidation to orderly sale to a voluntary restructuring to find the best outcome for both the shareholders of the business and the creditors involved;
- Efficient Communication to Align Disparate Interests. In an expeditious manner, Caymus Partners persistently contacted lenders, overcoming hesitancy to renegotiate payment terms, and successfully aligned the interests of the company, creditors, and shareholders through a restructuring that gained consent
from all parties;
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