Aspect has emerged from the court restructuring process
Completion of transaction facilitates growth, product innovation
and ongoing pivot towards becoming industry’s leading provider of
cloud-based contact center, self-service and workforce optimization
solutions
The newly-refinanced Aspect boasts the industry’s most
comprehensive and dynamic product and Software-as-a-Service (SaaS)
portfolio
PHOENIX--(BUSINESS WIRE)--Aspect Software, a leading cloud provider of fully-integrated
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consumer engagement, workforce optimization, and back-office solutions,
today announced that its strategic action to facilitate its long-term
growth, product innovation and ongoing pivot towards becoming the
industry’s leading cloud-based provider has been completed. In March,
the company entered into a pre-arranged agreement with certain
unaffiliated holders of Aspect’s debt obligations to ready the company
for a financial restructuring and replacement of its existing credit
facilities. The pre-arranged agreement, which was approved by the court
yesterday, results in the reduction of more than $320 million of
prepetition indebtedness, the incurrence of new secured financings and
an infusion of fresh convertible debt capital to facilitate growth.
Effective today, Aspect has emerged from the restructuring process.
“Our emergence from the restructuring process marks a major milestone in
the multi-year transformation of Aspect’s business, through which we
have evolved from a legacy technology company that sold a limited set of
on-premises contact center software, to a contemporary and comprehensive
provider of contact center and workforce optimization solutions in the
cloud,” said Stew Bloom, Aspect’s Chairman and CEO. “The increased
liquidity that results from our restructuring efforts will facilitate
investments in R&D, cloud infrastructure and the launch of the market’s
first true Customer Engagement Center in the cloud, Aspect
Via.”
During Aspect’s transformation, the company invested $160M in
acquisitions, technology agreements and partnerships that have resulted
in the industry’s most comprehensive product portfolio. Aspect has a
strong income statement with over $400M in revenue, $300M of which is
recurring, and strong EBITDA performance. Moreover, the company
maintains $100M in Cloud revenue backlog, driven in part by new
year-over-year bookings growth of over 20% in 2015.
To consummate the pre-arranged agreement, Aspect and certain of its
affiliates commenced voluntary cases under chapter 11 of the United
States Bankruptcy Code in the District of Delaware on March 8, 2016. The
arrangement was principally led by certain affiliates and funds of GSO
Capital, a unit of Blackstone, Guggenheim Partners Investment
Management, LLC, and MidOcean Credit Partners. GSO Capital Partners LP
is the global credit investment platform of Blackstone, one of the
world’s leading asset management firms with $330B in assets under
management. Guggenheim Partners Investment Management, LLC is an
affiliate of Guggenheim Partners, a global investment and advisory firm.
MidOcean Credit Partners is a multi-billion alternative credit manager
and is affiliated with MidOcean Partners, a New York based private
equity firm.
Aspect’s advisors with respect to the restructuring were Kirkland &
Ellis (as restructuring counsel), Jefferies LLC (as investment banker),
and Alix Partners LLP (as restructuring advisor).
About Aspect
Aspect’s fully-integrated solution unifies the three most important
facets of modern consumer engagement strategy: customer
interaction management, workforce
optimization, and back-office.
Through a full suite of cloud, hosted
and hybrid deployment options, we help the world’s most demanding
contact centers and back offices seamlessly align their people,
processes and touch points to deliver remarkable customer experiences.
For more information, visit www.aspect.com.
Follow Aspect on Twitter at @AspectSoftware.
Read our blogs at http://blogs.aspect.com.
Aspect and the Aspect logo, are either trademarks or registered
trademarks of Aspect Software, Inc. in the United States and/or other
countries. The names of other companies and products mentioned herein
may be the trademarks of their respective owners.
Contacts
Aspect Software
Tim Dreyer
+1-630-227-8312