American Tire Distributors Finances Recapitalization Transactions
02.26.15
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Simpson Thacher recently represented American Tire Distributors, Inc. in connection with the financing for the redemption in full of its existing senior subordinated notes and the cash distribution of dividends to certain of its existing securityholders, including (i) the amendment of American Tire’s asset based credit facility and term loan credit facility and (ii) the private offering of $855.0 million aggregate principal amount of senior subordinated notes due 2022. The financing was consummated in connection with the sale by affiliates of TPG Capital, L.P. of approximately 46.7% of the equity interests in American Tire to affiliates of Ares Management, L.P.
American Tire is the leading replacement tire distributor in North America, providing a wide range of products and services to enable tire retailers to effectively service and grow sales to consumers. Through its network of 140 distribution centers in the United States (U.S.) and Canada, American Tire offer access to an extensive breadth and depth of inventory, representing approximately 40,000 stock-keeping units (SKUs) to approximately 80,000 customers.
The Simpson Thacher team included Brian Steinhardt, Eli Isak and Benjamin Lubarsky (Banking and Credit); and Ed Tolley, Hui Lin, Brian E. Rosenzweig and Sung Bum Cho (Capital Markets).