Simpson Thacher Represents Initial Purchasers and Lenders in Refinancing by Cleaver-Brooks, Inc.
05.06.10
This is only gets display when printing
Simpson Thacher represented J.P. Morgan Securities Inc., UBS Investment Bank and KeyBanc Capital Markets as initial purchasers of $185 million of 12¼% Senior Secured Notes due 2016 issued by Cleaver-Brooks, Inc. The Company used the proceeds to refinance existing indebtedness. Simpson Thacher also represented JPMorgan Chase Bank, N.A. and the other lenders in establishing a $40 million ABL revolving credit facility for the Company. The transaction closed on May 5, 2010.
Cleaver-Brooks is a leading U.S. manufacturer of boiler and burner systems and a provider of related services. The Company is controlled by an affiliate of Wellspring Capital Management.
The Simpson Thacher team included John Ericson, Jason Ewart and Julia Gaffin (Capital Markets); J.T. Knight, Erik Hepler, Wendy Wu and Gibbs Fryer (Credit); Mardi Merjian and Aaron Yowell (Real Estate); Keren Siman-Tov and Noah Richmond (Intellectual Property); Jonathan Cantor and Amie Broder (Tax); Tim Mulvihill (Environmental); Elisa Alcabes (Litigation); David Schneider and Jennifer Pepin (Executive Compensation and Employee Benefits); and Scott Dyer and Julie Levy (Labor). Paralegals Christopher Stone, Alan Stein, Jason Mull and Matthew Goldberg also provided valuable assistance.