Simpson Thacher advised Citigroup Global Markets Inc., as representative for the initial purchasers, on the issuance and sale by Cobra AcquisitionCo LLC (the “Issuer”), an affiliate of Warburg Pincus LLC (“Warburg”), of $400 million aggregate principal amount of 6.375% Senior Notes due 2029. The offering was part of the financing for the acquisition of Enzo Parent, LLC (“Enzo”) by the Issuer (the “Acquisition”). Enzo is the parent company of Exeter Finance LLC (“Exeter”), and following the Acquisition, the Issuer is now the parent company of Enzo. The notes are guaranteed by Enzo and Exeter. The proceeds from the notes offering were used to fund a portion of the Acquisition, to fund the full redemption of Exeter’s existing senior notes due 2023, and, in each case, to pay any related premiums, accrued and unpaid interest and fees and expenses related thereto.
Exeter is an industry-leading specialty finance company focusing on the U.S. automobile finance market.
The Simpson Thacher team for the transaction included Will Golden, David Azarkh, Benjamin Heriaud, Cristina Liebolt, Aarthy Thamodaran and Matthew Mai (Capital Markets); James Crisp (Banking and Credit); Keith Noreika, Adam Cohen and Spencer Sloan (Bank Regulatory); Larry Moss (Executive Compensation and Benefits); Abram Ellis and Laurel Fresquez (Regulatory); and Andrew Purcell (Tax).