The Firm represented J.P. Morgan Securities LLC, as representative of the initial purchasers, in connection with the offering by Cars.com Inc. (“Cars.com”) of $400 million aggregate principal amount of debut 6.375% Senior Notes due 2028. Cars.com used the net proceeds from the notes offering, together with cash on hand, to repay portions of outstanding borrowings under its revolving credit facility and the outstanding borrowings under its term loan facility.
The Firm also represented JPMorgan Chase Bank, N.A., as lead arranger, in connection with a concurrent refinancing and extension of Cars.com’s credit facilities in the aggregate principal amount of $430 million, comprised of a $230 million senior secured revolving credit facility and a $200 million senior secured term loan facility.
Cars.com is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, Cars.com empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers.
The Simpson Thacher team included Art Robinson, David Azarkh, Ashley Yoon, Christine Turner and Deul Lim (Capital Markets); Patrick Ryan, Stephanie Rotter and Essete Workneh (Banking and Credit); Jonathan Cantor and Zachary Fialkow (Tax); Jennifer Neilsson (Executive Compensation and Employee Benefits); Lori Lesser, Genevieve Dorment and Loren Shokes (Intellectual Property); Michael Isby (Environmental); Timothy Gallagher (Real Estate); Mark Skerry (Regulatory); and Andrew Pagliughi (Blue Sky).