Simpson Thacher represented J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC, as initial purchasers in connection with the issuance and sale by Easton-Bell Sports, Inc. of $350 million aggregate principal amount of 9.750% Senior Secured Notes due 2016. Simpson Thacher also represented the lenders in connection with a $250 million senior secured asset based revolving credit facility.
Easton-Bell Sports, Inc., a portfolio company of Fenway Partners, is a leading designer, developer and marketer of sports equipment and accessories in football, baseball, softball, ice hockey, lacrosse and other team sports, and in various action sports, including cycling, snow sports, power sports and skateboarding.
The Company used the proceeds of the offering, together with the borrowings under the ABL Facility, to, among other uses, effect the satisfaction and discharge of its existing senior subordinated notes and to repay the outstanding borrowings under its existing senior secured credit facility. In addition, a parent entity of the Company simultaneously effected a refinancing and amendment of its existing credit facility using, among other sources, the proceeds from common and preferred stock equity investments by the sponsor and certain other existing investors and their affiliates.
The Simpson Thacher team for the offering included Art Robinson, Till Lefranc and Chad Pearlman (Securities); Patrick Ryan, Erik Hepler, Justin Lungstrum, Jeremy Friedman and Jennifer Ross (Credit); Mardi Merjian and Julia Rubin (Real Estate); Marcela Robledo and Keren Siman-Tov (Intellectual Property); Libby McGarry and Fadi Hanna (Product Liability); Michael Isby (Environmental); Jamin Koslowe and Eric Sarabia (Executive Compensation and Employee Benefits); Julie Levy (Labor); Jennifer Klein (Tax); and Andrew Pagliughi (Blue Sky). Paralegals Natalie Kone, Matthew Glasser and Nicholas Dang also provided valuable assistance.