2. The Transactions
As discussed in note 1, the Acquisition was completed on March 7, 2011 and was financed with:
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Senior Credit Facilities of $1,450 million consisting of: (i) a $250 million, 5-year asset-based revolving credit facility (the “ABL Facility”), which was undrawn at closing and (ii) a $1,200 million, 7-year term loan credit facility (the “Term Loan”); |
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Senior unsecured 8.125% senior unsecured notes due 2019 (the “Notes”) of $400 million; and |
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Equity investments of approximately $1.2 billion from Parent funded by the Sponsors, co-investors and management. |
The Acquisition occurred simultaneously with:
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The closing of the financing transactions and equity investments described above; and |
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The termination of the Company’s previous $200 million asset-based revolving credit facility. |
These transactions, the Acquisition and payment of any costs related to these transactions are collectively herein referred to as the “Transactions.”