Simpson Thacher Represents DJO Finance in Refinancing
Simpson Thacher represented DJO Finance LLC and DJO Finance Corporation, both wholly owned subsidiaries of DJO Global, Inc., in steps designed to address near-term maturities and certain other matters.
To effect these changes, DJO Finance LLC entered into an extension amendment with certain lenders under its existing senior secured credit facilities pursuant to which (1) the maturity date was extended on certain of its existing term loans, (2) certain of its existing term loans were repaid, (3) its existing revolving credit facility was replaced with a new $100 million revolving credit facility and (4) approximately $350 million of new term loans were borrowed. DJO Finance LLC and DJO Finance Corporation also issued $230 million aggregate principal amount of 8.75% Second Priority Senior Secured Notes due 2018 in reliance on Rule 144A and Regulation S. DJO Finance LLC used the net proceeds from the new term loan, the notes offering and cash on hand to repay $350.0 million aggregate principal amount of existing term loans outstanding under its senior secured credit facilities, repurchase $210 million aggregate principal amount of the company’s and DJO Finance Corporation’s 10.875% senior notes due 2014 and pay related premiums, fees and expenses.
The Simpson Thacher team included Brian Steinhardt, Erik Hepler, Jim Doyle and Aditya Basrur (Credit); Richard Fenyes, Daniel Bae, Jeremy Barr and Jasmine Kaufman (Capital Markets); Jonathan Cantor, Adam Wells and Anthony Minervini (Tax); Mindy Lok and Jodie Sopher Pimentel (Intellectual Property); Timothy Mulvihill (Environmental); and Gregory Grogan (Executive Compensation & Employee Benefits).
DJO Global is a developer, manufacturer and distributor of high-quality medical devices that provide solutions for musculoskeletal health, vascular health and pain management. DJO Finance LLC continues to be owned primarily by affiliates of Blackstone Capital Partners V.