Hastings Advises RBC/BNP/Macquarie for First Reserve Acquisition
Paul Hastings announced that it advised RBC Capital Markets, BNP Paribas Securities and Macquarie Capital as joint lead arrangers and Royal Bank of Canada as administrative agent in connection with the financing for the completion of First Reserve’s acquisition of Utility Services Associates.
First Reserve Fund XII, in partnership with management and Michael Lennon, acquired Utility Services Associates, which consists of C.W. Wright Construction Company, Booth & Associates and Coastal Power & Electric.
The financing consisted of a $185 million term loan and a $30 million revolving credit facility.
Leveraged Finance partners Michael Michetti, Michele Cohen and Michael Baker led the Paul Hastings team, which also included attorneys Laurie Stein, Danny Choi, Shekhar Kumar and Mark Nylen.