Wachtell Lipton Rosen & Katz Archives

Strategic Materials Files Chapter 11, Secures $23MM in DIP Financing

North American glass recycling company Strategic Materials filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. The company also secured new money commitments of $23 million for a debtor-in-possession financing facility.

Whitehorse Capital Provides $185MM Term Loan to KORE Group Holdings

KORE Group Holdings completed transactions to refinance its approximately $300 million term loan with the issuance of a new $185 million five-year term loan from Whitehorse Capital and a $150 million strategic investment from funds advised by Searchlight Capital Partners.

Old National to Acquire CapStar Financial Holdings

Old National and CapStar Financial Holdings entered into a definitive merger agreement for Old National to acquire CapStar in an all-stock transaction.

Goldman Sachs Sells GreenSky to Sixth Street-Led Consortium

Goldman Sachs entered into an agreement to sell its GreenSky platform and associated loan assets to a consortium of institutional investors led by Sixth Street. The transaction is expected to close in Q1/24, subject to standard closing conditions.

RBC and BofA Provide Bridge Financing Facility for J.M. Smucker’s Acquisition of Hostess Brands

The J. M. Smucker Co. signed a definitive agreement to acquire Hostess Brands for $34.25 per share in a cash and stock transaction. J.M. Smucker secured $5.2 billion in a fully committed bridge financing from Bank of America, and RBC Capital Markets in connection with the transaction.

Banc of California to Merge with PacWest Bancorp

Banc of California signed a definitive merger agreement with PacWest Bancorp. The combined holding company and bank will operate under the Banc of California name and brand following closing of the transaction.

Oaktree Capital Management Provides $250MM Term Loan to RYAM

Rayonier Advanced Materials (RYAM), a producer of high-purity cellulose specialties and other sustainable materials, obtained $250 million in aggregate principal amount of secured term loan financing from funds managed by Oaktree Capital Management.

TIAA to Sell TIAA Bank to New Investors

TIAA entered into a definitive agreement to sell TIAA Bank to new investors with experience in financial services, including Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.

Stifel Advises Westrock Coffee’s Business Combination with Riverview Acquisition Corporation

Westrock Coffee Company closed its business combination transaction with Riverview Acquisition Corp. In addition, the company entered into a new credit agreement that includes a $175 million senior secured first lien term loan facility and a $175 million senior secured first lien revolving credit facility.

U.S. Bankruptcy Court Confirms Mallinckrodt’s Plan of Reorganization

The U.S. Bankruptcy Court for the District of Delaware confirmed Mallinckrodt’s plan of reorganization, paving the way for the company to begin the next stage in its reorganization process.

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