Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a Rule 144A/Regulation S offering by CPI CG Inc., a wholly-owned subsidiary of CPI Card Group Inc. (“CPI Card Group”) of $285 million aggregate principal amount of 10.000% Senior Secured Notes due 2029. CPI Card Group intends to use the net proceeds from the notes offering, together with cash on hand, to redeem all of its outstanding 8.625% Senior Secured Second Notes due 2026 and to pay related fees, premiums and expenses.
Simpson Thacher also represented JPMorgan Chase Bank, N.A., as lead arranger, administrative agent and lender, in connection with CPI CG Inc.’s $75 million asset based revolving credit facility, which replaced its existing $75 million asset based revolving credit facility.
CPI Card Group is a payments technology company providing a comprehensive range of credit, debit, and prepaid card and digital solutions, including Software-as-a-Service (SaaS) instant issuance.
The Simpson Thacher team included Dave Azarkh, John O’Connell, Matt Petrone, Ignacio Perez, Neil Patel and Jason Tsudik (Capital Markets); Brandan Still, Ron Havas and Jack Davis (Credit); Jonathan Pall (Collateral); Pasco Struhs (Executive Compensation and Employee Benefits); Courtney Welshimer and Paige Brinton (Intellectual Property); Jonathan Cantor and Emma Wang (Tax); Mike Isby (Environmental); Abram Ellis (Regulatory); and Jennie Getsin (Blue Sky). Summer Associates Sammy Burton and Samuel Curry provided valuable assistance.