The Firm recently represented Accellent Inc. in connection with its issuance of $400 million aggregate principal amount of 8 3/8% senior secured notes due 2017 and the completion of a new asset-based revolving credit facility, with undrawn commitments thereunder of $75 million.
Accellent used the net proceeds from the offering to repay all amounts outstanding under its existing senior secured credit facilities, thereby terminating those facilities. The transaction enabled the company to strengthen its capital structure by extending nearer term maturities such that it has no maturities until November 2013.
An affiliate of Kohlberg Kravis Roberts & Co. L.P., Accellent is a leading provider of outsourced precision manufacturing and engineering services to the medical device industry in the cardiology, endoscopy, drug delivery, neurology and orthopaedic markets.
The Simpson Thacher team included Joe Kaufman, Simone Bono, Joe Green and Sunny Cheong (Capital Markets); James Cross, Scott Litvinoff and Ravi Purushotham (Credit); Erik Hepler (Collateral); Jennifer Pepin and David Schneider (Executive Compensation and Employee Benefits); Timothy Mulvihill (Environmental); Scott Sukenick (Intellectual Property); Mardi Merjian and Frank Giovinazzo (Real Estate); and Jonathan Cantor, Jenifer Marsh and Chang Won Choi (Tax). Paralegals Alan Stein, Nicholas Dang and Laura Maio also provided valuable assistance.