Simpson Thacher represented Gates Corporation, a wholly owned subsidiary of Gates Industrial Corporation plc (“Gates”), in connection with the Rule 144A / Regulation S offering of $500 million aggregate principal amount of its 6.875% Senior Notes due 2029 (the “Notes”). In addition, the Firm represented Gates in the refinancing of a tranche of outstanding dollar denominated term loans with a new $1,300.0 million tranche of dollar denominated term loans, an amendment to the existing cash flow credit agreement to refinance and extend the existing $250.0 million revolving credit facility and upsize the revolving credit facility by an additional $250.0 million to replace the existing ABL revolving credit facility.
Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers as specified components. Gates’ products are used in applications across numerous end markets, including: automotive replacement and first-fit; diversified industrial; industrial off-highway; industrial on-highway; and personal mobility.
The Simpson Thacher team included Jonathan Ozner, Jieun Lim and Riley Morrow (Capital Markets); Brian Gluck, Callie Robins, Jackie Song and Leandra Kede Yomo (Credit); Clare Gaskell, Sam Moon, Kwasi Mills-Bampoe, Harry Smouha and Simone Chua (Corporate – London); Jon Pall (Collateral); Jeannine McSweeney (Executive Compensation and Employee Benefits); Andrew Purcell, Jonathan Cantor and Kris Liu (Tax); Courtney Welshimer, Paige Brinton, Ron Ben-Yehuda and Celeste Fleetwood (Intellectual Property); Noreen Lavan (Environmental); and Timothy Gallagher (Real Estate).