Latham & Watkins Advises in US$830 Million Bank and Bond Transactions

Members of the firm’s Capital Markets and Finance Practices advised on the matters.

November 18, 2020

Latham & Watkins represented (CARS) in its debut private offering of US$400 million of 6.375% senior notes due 2028. CARS is a digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. The notes were guaranteed by certain of CARS’ subsidiaries. CARS used the proceeds from the offering to repay existing indebtedness.

Concurrently, Latham represented CARS in the successful refinancing of its corporate credit facility, including a US$230 million revolving credit facility and a US$200 million term loan. The refinancing extended the facility’s maturity date, updated and modified certain covenants, modified pricing and eliminated certain requirements previously in effect.

Latham harnessed an interdisciplinary team, including from its market-leading Capital Markets and Finance Practices, to advise CARS in the transaction. The deal team was led by Chicago partners Christopher Lueking, Roderick Branch and Noah Weiss, with counsels Manasi Bhattacharyya and Ryan LaFevers, and associates Austin Arnett, Gladys Moon, Sara Mykrantz, Jill He and Greer Gaddie. Advice was also provided on tax matters by Chicago partners Diana Doyle and Rene De Vera, with associate Christopher Ohlgart; on investment fund matters by Chicago partner Nabil Sabki, with associate John Reinert; on environmental matters by Chicago counsel Sara Orr; on cybersecurity matters by Washington, D.C. partner Jennifer Archie; on intellectual property matters by Chicago partner Matthew Walch; and on employment and benefits matters by Chicago partner Robin Struve.

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