Carrix Completes Refinancing Transactions
Simpson Thacher represented Carrix, Inc. (“Carrix”) in connection with refinancing transactions consisting of (i) a Rule 144A/Regulation S offering of $2.5 billion aggregate principal amount of 6.125% Senior Secured Notes due 2033 and (ii) a new credit agreement providing for (x) a senior secured term loan “B” facility in an aggregate principal amount of $2.5 billion (maturing 7 years after the closing date), (y) a senior secured revolving credit facility in an aggregate principal committed amount of $1.0 billion (maturing 5 years after the closing date) and (z) a senior secured delayed draw term facility in an aggregate principal committed amount of $0.5 billion (with loans drawn thereunder maturing 7 years after the closing date). Carrix used the net proceeds to repay existing indebtedness, fund distributions to equityholders, pay fees and expenses associated with the transactions and provide cash to the balance sheet for general corporate purposes.
Carrix is the largest marine and intermodal rail terminal operator in North America, and among the world’s largest privately held independent terminal operators, with a diversified portfolio of more than 275 operations and services provided globally. Carrix operates marine terminals and provides stevedoring and related services at major cargo and cruise ports globally, including in the United States, Panama, Mexico and Canada. Its operations span container terminals, cruise terminals, conventional cargo facilities and intermodal rail services.
The Simpson Thacher team included Jonathan Ozner, Jieun Lim and Heidi Ahmed (Capital Markets); Brian Gluck, Adam J. Moss, Aaron Gurley and Santiago Peralta Ramos (Credit); and Jonathan Cantor (Tax). Jeffrey Cole also provided valuable assistance.