Simpson Thacher Represents Initial Purchasers in $315 Million Debut Senior Secured Notes Offering for Alta Equipment Group
04.02.21
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Simpson Thacher represented J.P. Morgan Securities LLC and the other initial purchasers in connection with a Rule 144A/Regulation S offering by Alta Equipment Group Inc. (“Alta”) of $315 million aggregate principal amount of 5.625% Senior Secured Second Lien Notes due 2026. Alta intends to use the net proceeds from the offering, together with the proceeds of new borrowings under its credit facilities, to repay all of the outstanding borrowings under its second lien term loan facility, to refinance a portion of its ABL facility and floor plan facility and to pay related fees and expenses. The offering was upsized from $300 million to $315 million.
Alta owns and operates one of the largest integrated equipment dealership platforms in the United States. Through its branch network, it sells, rents and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other material handling and construction equipment.
The Simpson Thacher team included David Azarkh, Sung Bum Cho and Ben Carson (Capital Markets); Soogy Lee and Jonathan Pall (Collateral); Jennifer Neilsson (Executive Compensation and Employee Benefits); Melanie Jolson (Intellectual Property); Jonathan Cantor and Zachary Fialkow (Tax); Mike Isby (Environmental); and Jennie Getsin (Blue Sky).