Simpson Thacher represented Affinia Group Inc. in connection with its offering of $225 million aggregate principal amount of 10.75% senior secured notes due 2016, and the completion of a $315 million asset-based (ABL) revolving credit facility. The senior secured notes and the ABL revolving credit facility are guaranteed by Affinia’s parent and its material wholly-owned U.S. subsidiaries, and the ABL revolving credit facility is additionally guaranteed by certain of Affinia’s Canadian subsidiaries.
Affinia used the proceeds from the senior secured notes offering and the borrowings under the ABL revolving credit facility to repay all outstanding borrowings under its existing credit facilities and receivables facility, as well as to pay fees and expenses in connection with the refinancing and to settle interest rate derivatives.
Affinia is a global leader in the on and off-highway replacement products and services industry.
The Simpson Thacher team working on these transactions includes Richard Fenyes, Justin Cooke, Xavier Kowalski, Lauren Gee and Yueting Liang (Capital Markets), Marissa Wesely, Carla Crawford, Brian Korchin and Brandon Greer (Credit), Erik Hepler (Collateral), Krista McManus and John Lewis (Real Estate), Jonathan Cantor, Jason Vollbracht and Amie Broder (Tax), Mike Isby (Environmental), Jamin Koslowe, Aimee Adler and Samantha Shipp (Executive Compensation and Employee Benefits) and Marcela Robledo (Intellectual Property).