Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in the debut Rule 144A/Regulation S offering by Star Leasing Company, LLC (d/b/a Transportation Equipment Network (TEN)) of $700 million aggregate principal amount of 7.625% Secured Second Lien Notes due 2030.
Headquartered in Dublin, Ohio, TEN is the largest full-service trailer lessor in North America. With approximately 86,000 trailers, 1,000 employees, 249 service shop bays, 105 mobile service trucks, 300 mechanics, 100 road technicians, and nearly 50 locations across the United States and Canada, TEN is equipped to seamlessly serve customers across North America. TEN provides full-service leasing as well as maintenance, advanced technological solutions, consultation services, and other innovative offerings across numerous industry verticals.
The Simpson Thacher team included John C. Ericson, Matt Petrone, Shub Chandrasekaran and Francisca Johanek (Capital Markets); Jonathan S. Pall (Collateral); Antti Pesonen (Credit – London); Michael E. Mann and Benjamin Bressler (Tax); Nicholas Baker and Ian Kitts (Bankruptcy); J. Pasco Struhs (Executive Compensation and Employee Benefits); Courtney Welshimer and Paige Brinton (Intellectual Property); and Jennie Getsin (Blue Sky).