News & Events

Lucite International recently completed a recapitalization involving the repayment or redemption of its existing bank and capital markets debt, the repurchase of a portion of its equity, and the funding of specific future capital commitments. Lucite International raised a total of $1.3 billion in new funding for the transaction, in the form of senior secured credit facilities and a pay-in-kind loan. Initially designed as a high yield bond, the pay-in-kind borrowing was ultimately made in loan-form to meet market demand. Although Lucite International is UK-based, all the documentation was drafted under New York law, and much of the funding was raised in the U.S.

The Simpson Thacher team included corporate associates Ben Garcia, Ioana Mihaltu, Godric Shoesmith, Tom Wedeles, Janeille Matthews and Patrick Geary; counsel Meredith Jones and associate Jenifer Marsh for tax; and partners Hartwell Hylton and Walt Looney.