August 19, 2010

Global Brass and Copper Completes Successful Recapitalization

As reported today, Paul, Weiss client KPS Capital Partners, LP (KPS) announced that its portfolio company Global Brass and Copper, Inc. (GBC) has completed a successful recapitalization. GBC raised $465 million of new financing, the proceeds of which were used to refinance outstanding debt, to fund cash distributions to stockholders and to fund GBC's continued growth. Financing for the transaction was provided by a syndicate of banks and institutional investors with Wells Fargo Capital Finance, LLC and GE Capital Markets, Inc. acting as joint lead arrangers on a $150 million asset-based revolving credit facility, and Goldman Sachs Lending Partners LLC acting as arranger and sole bookrunner on a $315 million term loan. The Paul, Weiss team advising GBC included corporate partners Tom de la Bastide, Manuel Frey, John Kennedy, Carl Reisner and Larry Wee, counsel Claudine Meredith-Goujon, associates Edward Ackerman, Sebastian Chan, Zoe Hilden, Andrew Klein, Nathan Meredith, Lindsay Silber, Elanit Snow and Eric Stoller, and paralegals Timothy Carney, Neesha Mallavarapu and Brooke Spiegel; real estate partners Mitch Berg and Peter Fisch, and associate Lesley Horton; employee benefits partner Rob Fleder and associate Reuven Falik; environmental partner Gaines Gwathmey; tax partner David Mayo and associate Allison Friedman; and bankruptcy partner Doug Davis.