Simpson Thacher advised Citigroup Global Markets Inc., as the initial purchaser, on the issuance and sale by Cobra AcquisitionCo LLC (the “Issuer”), an affiliate of Warburg Pincus LLC, of $175 million aggregate principal amount of 12.25% Senior Notes due 2029. The notes are guaranteed by Exeter Finance LLC (“Exeter”) and Enzo Parent, LLC. The Issuer intends to use the proceeds from the notes offering to repay a portion of the outstanding balance on its warehouse facilities.
Exeter is an industry-leading specialty finance company focusing on the U.S. automobile finance market.
The Simpson Thacher team for the transaction included David Azarkh, John O’Connell, Traci Biedermann, Pia Figuerola and Jerry Du (Capital Markets); Spencer Sloan (Bank Regulatory); Pasco Struhs (Executive Compensation and Benefits); Abram Ellis and Laurel Fresquez (Regulatory); and Jon Cantor and Jiha Min (Tax).