Oldcastle BuildingEnvelope Completes Comprehensive Refinancing

Paul, Weiss advised KPS Capital Partners portfolio company Oldcastle BuildingEnvelope, Inc., North America’s leading vertically integrated manufacturer, fabricator and distributor of architectural hardware, glass and glazing systems, on a comprehensive refinancing that strengthens its financial position. The transaction provides OBE with $300 million of new capital, reduces its annual interest expenses by about $50 million and extends its debt maturities to 2031. The refinancing was supported by the overwhelming majority of OBE’s lenders and KPS, which in addition to its equity position, earlier this year purchased more than 90% of OBE’s unsecured debt.

The Paul, Weiss team was led by partners Robert Britton and Suhan Shim, and included corporate partners Mark Wlazlo, Gregory Ezring, Cullen Sinclair, Robert Zochowski, Timothy Cruickshank, Angelo Bonvino, Marshall Rossiter and Chris Van Buren, and counsel Matthew Burton; tax partners Robert Killip and Brad Okun, and counsel Samir Kurani; intellectual property partner Claudine Meredith-Goujon; and litigation partner Jessica Carey.