Shearman & Sterling represented Credit Suisse Securities (USA) LLC, as “left” joint lead arranger and joint bookrunner and as administrative agent, in connection with a complex refinancing (and related recapitalization) for DS Waters of America, Inc (DS Waters). This financing included a $365 million first lien term loan facility and $100 million second lien term loan facility. Both term loan facilities included delayed draw term mechanics. Additionally, a complex triple-layer intercreditor structure was negotiated among the first and second lien term loan secured parties as well as with the secured parties under a separate new asset-based revolving credit facility.

The Shearman & Sterling team included partners Joshua Thompson (New York-Finance), Douglas Bartner (New York-Bankruptcy & Reorganization), and Don Lonczak (Washington, DC-Tax); counsel Benjamin Cheng (New York-Finance), Edmund M. Emrich (New York-Bankruptcy & Reorganization), Jason Pratt (New York-Real Estate/Environmental), and Jeffrey Salinger (New York-Real Estate/Environmental); and associates Zheng Bao (Palo Alto-Intellectual Property Transactions), Matthew Gautier (New York-Finance), Joanne Lynch (New York-Real Estate), Eva Rasmussen (New York-Executive Compensation & Employee Benefits), Jeffrey Saccone (New York-Finance), Jonathan Skinner (New York-Real Estate), Noah Stacy (New York-Real Estate) and Nathan Tasso (Washington, DC-Tax).