Davis Polk advised Credit Suisse AG, as administrative agent and collateral agent, and Credit Suisse Securities (USA) LLC, as sole bookrunner and sole lead arranger, in connection with a $145 million senior secured term loan credit facility for School Specialty, Inc. to finance the company’s emergence from bankruptcy protection. In January 2013, School Specialty, Inc. and certain of its U.S. subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. Proceeds of the exit financing, along with proceeds from an asset-based revolving credit facility arranged by Bank of America, N.A., were used to repay in full all of the company’s obligations under its prior revolving credit facility and repay in part its obligations under its prior term loan facility, as well as transaction costs, and for other general corporate purposes.
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