Kirkland Advises Jefferies on over $2 Billion Refinancing Transactions for ITT Holdings
Kirkland & Ellis counseled Jefferies Finance LLC in the pricing of an offering by ITT Holdings LLC of $1.22 billion aggregate principal amount of 6.50 percent senior notes due 2029 at an offering price equal to 100 percent of the principal thereof. Additionally, Kirkland counseled Jefferies Finance LLC in its arrangement of a $650 million senior secured term loan facility and $300 million senior secured revolving credit facility for ITT Holdings LLC. The offering of the notes and the credit facilities are expected to close on or about July 8, 2021, subject to customary closing conditions. ITT Holdings intends to use the gross proceeds of the offering of the notes and the borrowings under the credit facilities (i) to redeem all of its outstanding private placement notes, (ii) to redeem all of its tax-exempt bonds, (iii) to repay certain other indebtedness, including outstanding borrowings under a term loan credit facility at RS Ivy Holdco, Inc., (iv) to pay related premiums and accrued and unpaid interest on such indebtedness and fees, and expenses in connection therewith and (v) to fund a distribution to its equity owners.
The Kirkland team was led by debt finance partners Will Bos, Andy Veit and Chad Davis and associates Mahalia Doughty, Keegan Bobholz and Graham Owen; and capital markets partners Michael Rigdon and Julian Seiguer and associates Justin Bosworth and Samantha Siegler.
