Simpson Thacher represented JPMorgan, as administrative agent, in connection with $800 million of credit facilities for borrowers Dealertrack Technologies, Inc. (“Dealertrack”) and Dealertrack Canada, Inc. The credit facilities consisted of a $575 million term loan B facility and a $225 million revolving credit facility. The proceeds of the term loan B facility were used in part to finance the cash consideration for the acquisition of Dealer Dot Com, Inc. (“Dealer.com”), to refinance Dealertrack’s existing credit facilities, and to pay fees and expenses in connection with the acquisition and refinancing.
Dealertrack’s intuitive and high-value web-based software solutions and services enhance efficiency and profitability for all major segments of the automotive retail industry, including dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers.
Established in 1998, Dealer.com has been a pioneer in providing website and advertising products for OEMs and automotive dealerships, and is a leading provider of comprehensive digital marketing solutions and services for the automotive retail industry. Dealertrack will retain the Dealer.com name in the marketplace to represent Dealertrack’s advanced and complementary set of digital marketing products and services.
The Simpson Thacher team included Patrick Ryan, Mike Vernace and Karen McClendon (Banking and Credit); Marcela Robledo (Intellectual Property); Vanessa Grieve (Tax); David Rubinsky (Executive Compensation and Employee Benefits); Mardi Merjian (Real Estate); and Jonathan Pall (UCC).