Simpson Thacher represented JPMorgan as administrative agent, collateral agent and revolving loan lender in connection with the out-of-court restructuring of Yak Access, LLC, a Mississippi corporation. The restructuring included (i) the repayment of the $50 million bridge loan, (ii) the exchange of $706 million of first lien term loans and first lien revolving loans for new first lien term loans and new preferred equity units, (iii) the exchange of $180 million of second lien term loans for new preferred and common equity units, (iv) a new money subscription for new preferred and common equity units and (v) a new revolving credit facility.
Headquartered in Columbia, Mississippi, Yak Access, LLC is a national provider of temporary roadways to remote construction sites and primarily serves the power line, renewable, industrial and pipeline industries.
The Simpson Thacher team included Elisha Graff, Nicholas Baker, Andrew Lanius and Ashley Gherlone (Restructuring/Credit); Spencer Sloan (Financial Institutions Regulatory); Michael Mann (Tax); Jon Pall (Collateral); and Courtney Welshimer (IP).