The Firm recently represented MMI International Ltd. (“MMI”), a portfolio company of Kohlberg Kravis Roberts & Co. L.P., in its offering of US$300 million of 8.00% Senior Secured Notes due 2017, pursuant to Rule 144A and Regulation S. The notes were rated Ba3 by Moody’s, BB- by Fitch and B+ by S&P. Credit Suisse, J.P. Morgan and UBS acted as joint bookrunners for the offering.
In connection with the issuance of the notes, the Firm also represented MMI in amending its existing senior secured credit agreement to permit the issuance and the securing of the notes by MMI and certain of its subsidiaries on a pari passu basis with the existing credit facilities.
MMI is a market leading precision manufacturing technology company with a key focus on producing mechanical and electro-mechanical components for the hard disk drive industry. MMI used the proceeds of the offering of the notes to repay a portion of its borrowings under existing credit facilities.
The Simpson Thacher team for this transaction included Leiming Chen, Joseph Kaufman, David Lee, Mark Koh, Xiaohui Lin, Tianyi Chen and Keane Shum (Capital Markets); Sandra Kister and Jonathan Hwang (Credit and Security); Celia Lam and Venus Lo (Hong Kong); and Christian Miller and Anthony Minervini (Tax).