- the issuance of $1,430 million aggregate principal amount of 8.125% first-out first lien secured notes due 2033 under a Rule 144A/Regulation S offering, with the proceeds from the issuance of such notes used to repay all of the outstanding Term B-2 loans under STG’s existing credit agreement, consummate the repurchases of notes described below and pay related fees and expenses related to the transactions;
- the entry into new credit facilities, consisting of a $575 million first-out first lien revolving credit facility maturing in February 2030 as well as approximately $711.4 million aggregate principal amount of second-out first lien B-6 term loans maturing December 31, 2029, and approximately $731.3 million aggregate principal amount of second-out first lien B-7 term loans maturing December 31, 2030, the proceeds of which were used to refinance the outstanding Term B-3A and Term B-4A loans, respectively, under STG’s existing credit agreement;
- the issuance of approximately $432 million aggregate principal amount of 9.75% second lien secured notes due 2033 in exchange for approximately $432 million aggregate principal amount of STG’s existing 4.125% senior secured notes due 2030;
- the exchange of approximately $267.2 million aggregate principal amount of STG’s existing 4.125% senior secured notes due 2030 for approximately $267.2 million of 4.375% second-out first lien notes due 2032; and
- the repurchase of approximately $63.6 million aggregate principal amount of STG’s existing 4.125% senior secured notes due 2030 and the repurchase of approximately $104 million principal amount of STG’s existing 5.125% senior unsecured notes due 2027.
The cross-office Pillsbury team included partners Jeffrey Grill and Joseph Fastiggi, senior counsel Kenneth Suh, counsel Christopher Wing, associates Joseph Guarnaccia, Nathan Lewko, Sacha Urbach, Jordan Wimbish, Nika Yeo, senior law clerk Cecilia Pilar de Armas, Tax partner Nora Burke, and Communications partner Miles Mason.