CHICAGO (January 24, 2012) — International law firm McDermott Will & Emery LLP today announced that it successfully represented A. M. Castle & Co. (NYSE: CAS; A. M. Castle), in the acquisition of Tube Supply, Inc., a leading distributor of specialty metal products for the oil and gas industry, for $165 million. The McDermott team also handled the related financing issues tied to the sale.
To finance the acquisition and to refinance existing indebtedness, the McDermott team guided A. M. Castle & Co. through the process of issuing $275 million of a combination of senior secured high yield notes and senior convertible notes. The Company also entered into a $100 million senior secured asset-based revolving credit facility. The Tube Supply, Inc. acquisition, the high yield notes offering, the convertible notes offering and the asset-based lending (ABL) credit facility all closed on December 15, 2011. The ABL credit facility was arranged by Jefferies Finance, LLC. Jefferies & Company, Inc. acted as sole underwriter for both the high yield and convertible notes offerings.
Founded in 1890, A. M. Castle & Co. is a leading distributor and processor of specialty metal and plastic products serving customers on a global basis. Through its subsidiary, Total Plastics, Inc., the Company also distributes a broad range of value-added industrial plastics. Together, A. M. Castle operates over 50 locations throughout North America and Europe.
“We are extremely pleased to have played a leading role in this successful transaction on behalf of our long-time client A.M. Castle,” said Helen R. Friedli, partner and lead deal attorney at McDermott Will & Emery in Chicago. “Our corporate practice group continues to see strong client demand for mid-sized M&A advisory services as the market for these types of deals remains quite active.”
In addition to Ms. Friedli, the McDermott deal team also included partners Jake Townsend, Eric Orsic, Michael L. Boykins, John P. Hammond, Gerald M. Offutt, Jeffrey C. Wagner, Maureen O'Brien, Mark A. Bilut and Stefan M. Meisner as well as associates Joseph L. Devaney, Elijah Hammans, David R. Neville, Brian R. Singer, Mary Duby, George M. Houhanisin, Layla S. Dotson, Jeffrey K. Ekeberg, Carrie G. Amezcua and Carla A. R. Hine.
McDermott’s Corporate Advisory Practice Group represents a wide spectrum of business interests around the world, from Global 50 companies to venture backed start-ups, as well as the financial institutions that support them. The team is compromised of highly skilled and collaborative business lawyers focused on solving complex business problems and acting as strategic partners in the execution of clients' strategic M&A initiatives and capital raising plans.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Silicon Valley and Washington, D.C. Extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.