Shearman & Sterling advised Wells Fargo Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Barclays Capital Inc., as initial purchasers, in connection with FTS International Inc.’s private placement, pursuant to Rule 144A and Regulation S, of $500 million aggregate principal amount of 6.250% Senior Secured Notes due 2022. Concurrently, Shearman & Sterling advised Wells Fargo Bank, National Association, as administrative agent, in connection with a $550 million secured term loan B credit facility and a $200 million asset-based revolving credit facility for FTS International, Inc. and its subsidiaries.
FTS International used the net proceeds from the offering of notes, together with borrowings under the new term loan B credit facility and cash on hand, to repay all outstanding borrowings under its existing term loan credit facility.
The Shearman & Sterling team included partner JD DeSantis (New York-Finance); counsel Richard Alsop (New York-Capital Markets), Eileen O’Pray (Palo Alto-Tax), and Jeffrey Salinger (New York-Environmental); and associates Fraser Hartley (New York-Capital Markets), Corey Reis (New York-Finance), Jeffrey Saccone (New York-Finance), Andrew Vinci (New York-Capital Markets), Judy Fisher (Washington, DC-Tax) and Laura Mulry (New York-Environmental).
