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.
School Specialty, Inc. is a leading education company that provides products, programs and services to educators and schools in the U.S. and Canada in the pre-kindergarten through 12th grade market. Founded in 1959, School Specialty, Inc. is headquartered in Greenville, Wisconsin.
The Davis Polk financing team included partner Jason Kyrwood, associates Darren Mahone and Adam L. Shpeen, and law clerk Novika Ishar. Partner Brian M. Resnick and associates Darren S. Klein and P. Alexandre de Richemont provided bankruptcy advice. All members of the Davis Polk team are based in the New York office.
