The Firm represented Gates Global LLC and its wholly owned subsidiary Gates Global Co. (together, the “Issuers”) in connection with the Rule 144A / Regulation S offering of $150 million aggregate principal amount of their 6% Senior Notes due 2022 (the “Notes”). The Notes are expected to be treated as a single class with, and will have identical terms as those of, the $1.04 billion aggregate principal amount of currently outstanding 6% Senior Notes due 2022 previously issued by the Issuers.
The Issuers intend to use the net proceeds from the sale of the Notes, together with borrowings under an incremental Euro term loan and cash on hand, to repay certain borrowings under their existing U.S. dollar term loan and pay related fees and expenses.
Gates Global manufactures a wide range of systems and components for the industrial equipment, car and truck manufacturing markets, and industrial and automotive replacement markets throughout the world.
The Simpson Thacher team included Ed Tolley, Jonathan Ozner, Tony Rim, Jennifer Rosen and Bassam Chain (Capital Markets); Greg Grogan, Aimee Adler and Christopher Scavone (Executive Compensation and Employee Benefits); Gary Mandel, Jonathan Cantor and Sophie Staples (Tax); and Adeeb Fadil and Noreen Lavan (Environmental).