Simpson Thacher is representing Barclays Capital and JPMorgan in connection with the financing of Wyle Services Corporation's (“Wyle”) acquisition of CAS Inc. from ITT Corp. The financing commitments entered into in connection with the acquisition consist of $335.0 million of senior secured credit facilities.
Wyle, a portfolio company of Court Square Capital Partners, is a provider of systems engineering and technical assistance services, information technology services and scientific services to the U.S. Navy, the U.S. Air Force, the U.S. Army, NASA, the FAA and other government agencies. CAS Inc., a division of ITT Corp., provides systems engineering and technical assistance services mainly to the U.S. Department of Defense.
The proceeds of the credit facilities may be used to finance a portion of the acquisition and to refinance existing indebtedness.
The Simpson Thacher team included Justin Lungstrum, Wendy Wu and Till Lefranc (Credit); John Ericson and Sean Crnkovich (Capital Markets); Jason Vollbracht (Tax); Jamin Koslowe and Julia Gaffin (Executive Compensation and Employee Benefits); Keren Siman-Tov (Intellectual Property); Noreen Lavan (Environmental) and Matthew Farrell (summer associate).