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June 30, 2011 /PRNewswire/ -- PlayPower Holdings, Inc., the world's largest, fully integrated manufacturer of commercial playground equipment and floating dock systems, today announced that it has completed a restructuring transaction with its lenders to extend maturities and eliminate approximately
$145 million of debt. In connection with the restructuring, the Company received
$45 million in new capital from Apollo Investment Corporation ("Apollo"). As a result of the transaction, Apollo acquired 100% of PlayPower. In addition, certain lenders have provided a new working capital facility.
"We are very pleased to have reached an agreement with 100% of our lenders," stated
Greg Schreiber, PlayPower's CEO. "Our new capital structure, combined with healthy financial performance and a reduced cost structure lay the foundation for long term growth and provide PlayPower with the operating and financial flexibility to support our business strategies and future growth opportunities. We look forward to continuing to offer our customers and suppliers the highest levels of customer service and the most innovative products available in the industry."
Miller Buckfire & Co., LLC and Mackinac Partners, LLC served as financial advisors to PlayPower and
Willkie Farr & Gallagher LLP served as legal counsel to PlayPower. Wachtell, Lipton, Rosen & Katz LLP served as legal counsel to Apollo. Imperial Capital, LLC served as financial advisor to the Administrative Agent under PlayPower's secured loan facility and
Paul Hastings Janofsky & Walker, LLP acted as counsel to the Administrative Agent.
PlayPower is the world's largest, fully integrated manufacturer of commercial playground equipment and floating dock systems. The company, with more than 1,100 employees worldwide, is headquartered in
Huntersville, NC with marketing, sales and manufacturing facilities in Monett &
Charlotte NC, Aneby Sweden, Yorkshire, Surrey & Dorset in the U.K., Biedenkopf Germany and
Majorca Spain. PlayPower's goal is to lead the market in all areas in which it competes and to continue to bring innovation and fun to the marketplace.
PlayPower is made up of seven companies focused in commercial recreation and leisure. They include Miracle Recreation Equipment Company, EZ Dock, Little Tikes Commercial (PlayPower LT Farmington Inc.) and Soft Play, L.L.C. in
the United States and Hags, Record RSS and SMP in
Europe. All of the PlayPower companies are leaders in the markets in which they serve and have years of experience bringing play and recreation to life. More information is available at
About Apollo Investment Corporation
Apollo Investment Corporation (NASDAQ: AINV) is a leading provider of subordinated debt and equity capital to middle-market companies. We generate both current income and capital appreciation through debt and equity investments. Apollo Investment Corporation is managed by Apollo Investment Management and its corporate governance is provided by an independent board of directors. The company is registered with the SEC as a business development company under the Investment Company Act of 1940, which provides the company with structural advantages, including public liquidity and an advantageous tax structure.