
Riverbed|Aternity has successfully completed its recapitalization, reducing debt by over $1 billion and bringing in $100 million of new cash, positioning the Company for growth and continued success over the long term.
The recapitalization was completed through an expedited voluntary court-supervised process.
With a stronger financial foundation, Riverbed|Aternity will be able to further invest in the business and innovation to better meet the needs of customers and empower their success.
“We are pleased to have completed our recapitalization on an accelerated timeline, significantly simplifying our balance sheet and positioning Riverbed|Aternity for a new phase of sustained growth and success,” said Dan Smoot, President and CEO of Riverbed|Aternity. “The future of the workplace is digital and hybrid, and we look forward to discussing our evolving strategy as we ensure Riverbed|Aternity is best positioned to capitalize on new market opportunities and deliver disruptive innovations for our customers. We appreciate the support of our customers and business partners throughout this process, and we thank our talented team for their continued focus and hard work.”
Smoot continued, “We are also grateful to our investors for their trust and guidance throughout this process. Their confidence in our company is a testament to the quality of our business model, solutions, and team, and has enabled us to finalize our recapitalization quickly and efficiently. We look forward to having them on board as our strategic partners moving forward.”
As previously announced and concurrent with the emergence, an ad hoc group of institutional investors led by Apollo (the “Ad Hoc Group”) have become the majority owners of Riverbed through their managed funds.
Riverbed’s advisors include Kirkland & Ellis LLP as legal counsel, AlixPartners as restructuring advisor, and GLC Advisors & Co. as investment banker.
The Ad Hoc Group’s advisors include White & Case LLP as legal counsel and Centerview Partners as financial advisor. Davis Polk & Wardwell LLP is acting as counsel to certain members of the Ad Hoc Group.
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