Simpson Thacher Represents Goodman Global in $2.025 Billion Debt Refinancing
Simpson Thacher recently represented Goodman Global, Inc. in connection with Goodman Global’s entry into senior secured credit facilities in an aggregate amount of up to $2.025 billion, consisting of a $1.5 billion senior secured first lien term credit facility, a senior secured first lien revolving credit facility of up to $250.0 million and a $275.0 million senior secured second lien term credit facility. Goodman Global and its parent company, Goodman Global Group, Inc., used the proceeds of the senior secured credit facilities, together with cash on hand, to call for redemption outstanding 11.500% Senior Discount Notes due 2014 and 13.50%/14.00% Senior Subordinated Notes due 2016, to repay all outstanding borrowings under the then existing senior secured credit facilities and to pay a dividend to equity holders.
Goodman Global is a leading domestic manufacturer of heating, ventilation and air conditioning (HVAC) products for residential and light commercial use.
The Simpson Thacher team for this transaction included Brian Steinhardt and Michael Vernace (Credit), William Brentani, Dan Webb and Michael Reeves (Capital Markets), Mardi Merjian and Beatie Branch (Real Estate), Tristan Brown and Victoria Stewart (Executive Compensation and Employee Benefits) and Keren Siman-Tov (IP).