Simpson Thacher Represents Initial Purchasers in $560 Million Senior Secured Second Lien Notes Offering by Safway Group Holding LLC and Safway Finance Corp.
05.22.13
This is only gets display when printing
Simpson Thacher represented the initial purchasers, led by Goldman, Sachs & Co., in connection with a private placement pursuant to Rule 144A and Regulation S of $560 million aggregate principal amount of 7.000% Senior Secured Second Lien Notes due 2018 issued by Safway Group Holding LLC (“Safway”) and Safway Finance Corp. The notes are guaranteed on a senior basis by Safway’s parent, and by certain of Safway’s existing and future material domestic subsidiaries, and are secured by a second-priority lien on substantially all of Safway’s and the guarantors’ assets, other than certain excluded assets. Safway used the net proceeds of the offering to repay in full the entire principal amount outstanding under its second lien senior secured term loan and a portion of the borrowings outstanding under its ABL credit facility, to make a distribution to its parent to pay a dividend to equity holders, to pay related fees and expenses of the offering and for general corporate purposes.
Safway is a leading provider of scaffolding, hoisting and specialty services to the energy/infrastructure and commercial end-markets in North America.
The Simpson Thacher team included Art Robinson, Lesley Peng, Katerina Kousoula and Grant Manning (Capital Markets); Jonathan Cantor and Sophie Staples (Tax); Jodie Sopher Pimentel (IP); Brittany McCants and Doug Tang (Benefits); Janet Nadile and Jonathan Pall (Collateral); and Jennie Getsin (Blue Sky).