Simpson Thacher recently represented ITT Holdings LLC (“ITT”) in connection with its entry into a $650 million seven-year term loan facility and a $300 million five-year revolving credit facility (the “Senior Credit Facilities”), as well as in connection with a Rule 144A /Regulation S offering of $1.22 billion aggregate principal amount of 6.5% Senior Notes due 2029 (the “Notes”).
ITT will use the gross proceeds of the Senior Credit Facilities and the Notes to redeem outstanding private placement notes and tax exempt bonds, to refinance existing credit facilities, to fund a distribution to its equity owners and for other general corporate purposes.
ITT is one of the largest providers of independent, or third-party, bulk liquid terminal services in North America. ITT owns and operates a portfolio of high-quality bulk liquid storage terminals strategically located in key commodity distribution, transshipment and trading hubs across the U.S. and Canada.
The Simpson Thacher team included Christopher Brown, Jason A. Hwang, Noah DeBlasi and Cem Islikci (Banking and Credit); Ryan Bekkerus, Carlie Marks and Jack Nalen (Capital Markets); Jon Cantor and Jasmine Hay (Tax); Mike Isby (Environmental); Dennis Loiacono (Real Estate); Abram Ellis and Christine Tillema (Regulatory); Melanie Jolson (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky). Summer Associates Alexandra Speiss and Jhanelle Bisasor also provided valuable assistance.