Simpson Thacher advised JPMorgan Securities Inc. as lead arranger and JPMorgan Chase Bank, N.A. as administrative agent for a $80,000,000 debtor-in-possession loan facility for U.S. Concrete, Inc. in connection with its Chapter 11 bankruptcy proceeding. The DIP loan facility consisted of a term loan facility in an aggregate principal amount of $45,000,000 and an ABL revolving facility in an aggregate principal amount of $35,000,000.
The Bankruptcy Court approved on an interim basis the terms and documentation of the DIP facilities on April 30, 2010, and the DIP facilities closed on May 3, 2010.
U.S. Concrete is a leading value-added provider of ready-mixed concrete and related products and services to the construction industry in several major markets in the United States.
The Simpson Thacher team included Bill Sheehan and Joia Lee (Corporate), Mark Thompson and Nicholas Baker (Bankruptcy), Mardi Merjian and Daniel Molina (Real Estate), Seojung Park (Tax), Katherine Sholly (IP), Michael Isby (Environmental), Susan Kaufman (Executive Compensation and Employee Benefits) and paralegals Nicholas Dang and Christopher Garcia.