Simpson Thacher represented Builders FirstSource, Inc. (“Builders FirstSource”), a portfolio company of JLL Partners, Inc. and Warburg Pincus LLC, in connection with its Rule 144A and Regulation S offering of $350 million aggregate principal amount of 7.625% Senior Secured Notes due 2021. Builders FirstSource used proceeds from the offering, together with cash on hand, to (i) redeem its outstanding second priority senior secured floating rate notes due 2016, (ii) repay in full and terminate its existing credit facility and (iii) pay the related fees and expenses.
In addition, Builders FirstSource entered into a new ABL Credit Facility to provide for revolving credit financings of up to approximately $175 million, subject to availability under the borrowing base thereunder. The ABL Credit Facility has a final maturity of May 29, 2018.
Builders FirstSource is a leading supplier and manufacturer of structural and related building products for residential new construction, including prefabricated components, windows and doors, lumber and lumber sheet goods and millwork. The company operates 53 distribution centers and 44 manufacturing facilities in 9 states, principally in the southern and eastern United States.
The Simpson Thacher team included Ken Wallach, Lia Toback and Sung Bum Cho (Capital Markets); Christopher Brown, James Doyle, Jae Won Chung and Alejandro De Ramon-Laca (Credit); Timothy Mulvihill (Environmental); David Rubinsky, Patricia Adams and Sophia Karas (Executive Compensation & Employee Benefits); Mardi Merjian (Real Estate); Jonathan Cantor, Andrew Purcell and Vanessa Cohen (Tax); and Janet Nadile and Jonathan Pall (UCC/Collateral).