The Firm recently represented the initial purchasers, led by RBC Capital Markets Corporation, Credit Suisse Securities (USA) LLC and UBS Securities LLC, in connection with the Rule 144A/Regulation S offering by SEMCO Energy, Inc. (“Semco”) of $300 million of 5.150% Senior Secured Notes due 2020. Semco will use the net proceeds from the offering, together with cash on hand, to repay a portion of its secured term loan.
Semco, a Michigan corporation, is a regulated public utility whose primary business is the transmission, distribution and sale of natural gas to customers in Michigan and Alaska. In 2007, Semco became a wholly-owned indirect subsidiary of an entity controlled by affiliates of Lindsay Goldberg LLC, a private equity investment fund based in New York.
The Simpson Thacher team for the transaction included Vince Pagano, Patrick Baron, Sirimal Mukerjee and Rohith Parasuraman (Capital Markets), Alan Brenner, Colette Pollitt and Joia Lee (Credit), Erik Hepler (Collateral/UCC), Jonathan Cantor and Danny Salinas (Tax), Adeeb Fadil (Environmental), Eric Sarabia (Executive Compensation and Employee Benefits), Mardi Merjian (Real Estate) and Andrew Pagliughi (Blue Sky). Paralegals Christopher Garcia and Christopher Stone provided valuable assistance.