A cross-practice McDermott team advised the issuer on its private offering of $700 million in aggregate principal amount of 5.00 percent senior notes due 2025, cash tender offer for all of its outstanding 6.50 percent senior notes due 2019, and an amendment to the issuer's senior secured credit facilities that increased the senior secured revolving credit facility commitment by an additional $100 million to $350 million in the aggregate. The amendment also extended the maturity of the senior secured revolving credit facility to five years after the closing of the amendment.
The new senior notes were issued at par and guaranteed on a senior unsecured basis by substantially all of the issuer's existing and future wholly-owned subsidiaries that guarantee the issuer's senior secured credit facilities.
Net proceeds from the Notes offering were combined with cash on hand to purchase all of the Issuer’s 6.50 percent senior notes due 2019 that were validly tendered (and not validly withdrawn) in the cash tender offer that Sensata commenced simultaneously.
“We are honored to have advised Sensata in these important financing transactions,” said Stephanie McCann, partner in McDermott’s Corporate Advisory Group and lead lawyer on the deal. “By combining our outstanding knowledge of the financial markets with our cross-practice finance and securities capabilities, we were able to guide Sensata through these transactions just as we advise other clients seeking to negotiate and close such sophisticated financing deals.”
In addition to McCann, members of the McDermott deal team included Corporate partner Heidi Steele, counsel Richard Mitchell and associates William Hadler, Daniel Goldstein and Alexander Tanton. Tax partner Daniel Zucker and Employee Benefits partner Maureen O’Brien also provided valuable assistance on this transaction.
Sensata Technologies Holding N.V. is one of the world's leading suppliers of sensing, electrical protection, control and power management solutions with operations and business centers in thirteen countries. Sensata's products improve safety, efficiency and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning and ventilation, data, telecommunications, recreational vehicle and marine applications.
McDermott’s Corporate Advisory Practice Group represents a wide spectrum of business interests around the world, from global corporations and industry-leading companies to privately funded and entrepreneurial driven enterprises, as well as the financial institutions that support them. Acting as strategic partners for our clients, McDermott attorneys advise on a full range of corporate needs—strategizing on corporate growth plans and the subsequent need to access the capital markets or via acquisition through either the private and public markets or the bankruptcy courts.
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, Dallas, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, D.C. Further extending our reach into Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.