Simpson Thacher Represents Detroit International Bridge Company in Multi-Tranche Offering of Senior Secured Notes
09.21.09
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The Firm represented Detroit International Bridge Company (“DIBC”) in connection with its private offering of US$49 million principal amount of 4.78% Senior Secured Notes due 2014, US$81.5 million principal amount of 6.28% Senior Secured Notes due 2017, CDN$34 million principal amount of 4.77% Senior Secured Notes due 2014 and CDN$42 million of 6.14% Senior Secured Notes due 2017.
DIBC and its subsidiary, The Canadian Transit Company, own and operate the Ambassador Bridge which links Detroit, Michigan with Windsor, Ontario. According to certain studies, the Detroit-Windsor crossings comprise the busiest commercial land border corridor in North America, and the Ambassador Bridge alone is responsible for carrying approximately 17% of all trade between the United States and Canada.
The Simpson Thacher team included William Brentani, Robert Mobassaly and Jesse Fu (Capital Markets); Michael Nathan, Mark Thompson and Amy Beller (Project Finance); Erik Hepler (Collateral); Tristan Brown and Victoria Stewart (Executive Compensation and Employee Benefits); and paralegal Stephanie Alessi.