Simpson Thacher represented Cooper-Standard Automotive Inc. (“Cooper-Standard”) in connection with its offering of $1.1 billion aggregate principal amount of 9.250% Senior Secured First Lien Notes due 2031 and the entry into an amendment to Cooper-Standard’s existing asset-based revolving credit facility. Cooper-Standard used the net proceeds from the offering of the notes, together with cash on hand, to redeem all of its existing 13.50% Cash Pay / PIK Toggle Senior Secured First Lien Notes due 2027, 5.625% Cash Pay / 10.625% PIK Toggle Senior Secured Third Lien Notes due 2027 and 5.625% Senior Notes due 2026.
Cooper-Standard, headquartered in Northville, Michigan, with locations in 20 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing its materials science and manufacturing expertise, Cooper-Standard creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard’s approximately 22,000 team members (including contingent workers) are at the heart of its success, continuously improving its business and surrounding communities.
The Simpson Thacher team for the transaction included Ken Wallach, Sunny Cheong, Catherine Ciriello, Christopher Flynn and Danielle DiGrazia (Capital Markets); Justin Lungstrum, Matthew Farrell, Abdulyekinni Fasinro and Colin Manchester (Credit); Jonathan Pall (Collateral); Andrew Purcell, Jonathan Cantor and Kris Liu (Tax); Erica Rozow, George Gerstein, Pasco Struhs and Alexander Kharash (Executive Compensation and Employee Benefits); Alysha Sekhon, Courtney Welshimer, Paige Brinton, Christian Bond and Alexander Kokka (Intellectual Property); Dennis Loiacono (Real Estate); and Karen Hsu Kelley and Joshua Teitler (Public Company Advisory Practice).