Milbank has successfully advised the sponsor of Spanish bank, WiZink Bank S.A.U. (WiZink) on the restructuring of the €515m 6.5% / 7.25% holdco senior secured PIK toggle notes due 2023 (the Notes) issued by Singaporean issuer, Mulhacen Pte Ltd (the Issuer) and the raising of €250m new capital for WiZink. Milbank advised on all aspects of the restructuring, including interim financing provided by the sponsor in September 2021 and structuring a transaction that addressed the upcoming Notes maturity for the Issuer and secured the capital needed to support the bank’s business plan. The transaction exchanged Noteholders’ claims at the Issuer for equity in its parent company, Teide Ltd, and offered Noteholders the opportunity to participate in a new first lien facility that would provide the requisite capital injection to the bank. Those who participated also received additional equity in Teide and allocations in a second lien facility with a reinstatement value of 55% of the Notes. 50% of the new money facility was also funded by the sponsor. The transaction could have been implemented in a number of ways, including using the distressed disposal provisions in the English law intercreditor agreement or a Singapore scheme of arrangement. Ultimately, the transaction obtained the consent 99.76% of Noteholders and was therefore delivered through an out-of-court consensual exchange offer and consent solicitation, completing in March 2022. The Milbank team was led by London Financial Restructuring partners Yushan Ng, Sinjini Saha and Kate Colman with support from associates Manpreet Khehra and Ryan Al-Hakim, as well as lawyers from across Milbank’s practice areas and offices, including Capital Markets, led by Rebecca Marques; Leveraged Finance, led by Alexandra Grant; Corporate, led by Andrej Wolf; Tax, led by Russell Jacobs and Eschi Rahimi-Laridjani; Litigation, led by Mona Vaswani, Alan Stone and Samir Vora; and Singapore-based partner Jacqueline Chan.