Simpson Thacher recently represented Polymer Group, Inc. (“PGI”), a portfolio company of The Blackstone Group and one of the world’s leading producers of nonwoven materials, in connection with its acquisition of a controlling interest in Companhia Providência Indústria e Comércio (“Providência”), from several selling shareholders and related financing and hedging transactions, including an offering of $210 million aggregate principal amount of 6.875% Senior Notes due 2019, an amendment to PGI’s term loan facility providing for $310 million of incremental term loans and $105 million of delayed draw term loan commitments and deal-contingent currency hedging transactions. Providência is a Brazilian manufacturer of nonwovens used in hygiene, healthcare and industrial applications, listed in the Novo Mercado segment of BM&FBovespa (Brazilian stock exchange).
The Simpson Thacher team included Grenfel S. Calheiros (São Paulo, M&A); Randy Benjenk (New York, M&A); Brian E. Rosenzweig, Jessica Garcia and William Allen (Capital Markets); Alden Millard, Brian Gluck and Ryan Song (Credit); Joyce Xu, Diona Park, Elizabeth Muscarella and Andrew Des Rault (Derivatives); Joe Tringali, Jennifer Rie and Ellen Frye (Antitrust); Gary Mandel and Devin Heckman (Tax); and Adeeb Fadil (Environmental). Summer associates Jessie Chen and Nathaniel Bronstein also provided valuable assistance.