Source: Company Press Release
 
Advanstar Communications, Inc., a leading worldwide media company providing integrated marketing solutions for the Fashion, Life Sciences and Powersports industries, today announced that it has completed a restructuring transaction with its lenders eliminating approximately $385 million of debt. In connection with the restructuring, the Company is receiving approximately $35 million in new capital from its principal stakeholders, including Anchorage Advisors and Veronis Suhler Stevenson.
 
“This transaction is an important development for Advanstar,” said Joe Loggia, Chief Executive Officer. “We are especially pleased that we have been able to reach this milestone while continuing to provide our customers with superior service and marketing solutions. We appreciate the continuing support of Veronis Suhler Stevenson and the confidence in our business demonstrated by Anchorage Advisors. With a stronger capital structure, enhanced balance sheet and significant capital investment, our customers can be assured of our commitment to continuing to deliver innovating quality products and services for many years to come.”
 
“We are pleased to have reached agreement with our lenders on this comprehensive recapitalization of Advanstar,” said Scott Troeller, Partner of Veronis Suhler Stevenson. “We believe that the rationalized capital structure achieved through this transaction combined with Advanstar’s strong franchises in trade shows, conferences and publications will position the Company for future success.”
 
Miller Buckfire & Co., LLC served as financial advisor to Advanstar and Proskauer Rose LLP served as legal counsel. Milbank, Tweed, Hadley & McCloy LLP acted as counsel to an ad hoc committee of Second Lien Term Loan Lenders.