Simpson Thacher represented J.P. Morgan Securities Inc. and the other initial purchasers in connection with the issuance and sale by Wyle Services Corporation (“Wyle”) of $175 million aggregate principal amount of 10½% senior subordinated notes due 2010. Simpson Thacher also represented the lenders, led by Barclays Capital, in connection with a $120 million senior secured credit facility, including a $95 million term loan facility and a $25 million revolving credit facility. The transaction closed on March 26, 2010.
Wyle, a portfolio company of Court Square Capital Partners, is a provider of systems engineering and technical assistance services, information technology services and scientific services to the U.S. Navy, the U.S. Air Force, the U.S. Army, NASA, the FAA and other government agencies.
Wyle used the proceeds of the offering, together with the borrowings under the credit facility, to refinance existing indebtedness.
The Simpson Thacher team included John Ericson, Ishan Banerjee and David Shapiro (Capital Markets); Justin Lungstrum, Mark Maher and Till Lefranc (Credit); Jennifer Klein (Tax); Aimee Adler and Stephanie Mash (Executive Compensation and Employee Benefits); Noreen Lavan (Environmental); Keren Siman-Tov (Intellectual Property); and Jennie Getsin (Blue Sky). Paralegals Michael Riordan and Courtney Schrenko provided valuable assistance.