DEAL ANNOUNCEMENT
McDermott Will & Schulte advises lenders on debt exchange transaction with System1
Jul 31, 2026
Read time: 2 min
Global law firm McDermott Will & Schulte represented the existing term loan lenders in a comprehensive debt exchange transaction with System1, Inc. (NYSE: SST) (“System1”).
Under the exchange transaction, System1 exchanged its outstanding term loans and revolving loans, for a new $150.0 million term loan facility, new shares of convertible preferred stock with aggregate initial stated value of $39.3 million and a one-time cash payment to the lenders in the aggregate amount of approximately $31.4 million.
The McDermott team was led by David Arnstein and Adam Harris with invaluable assistance from David Curtiss, Rami Kidouchim, Justin Minion, Joseph Reich, Hannah Hollingsworth, Prachi Jhunjhunwala, Crystal Henwood, Adele Martin, Bill Gussman, Tracey Dillon, Megan Robertson and Kari Campbell.
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