Kirkland advised ECP on the financing of its acquisition of Liberty Tire Recycling from The Carlyle Group, which closed on May 7, 2021. The transaction involved a $410 million, seven-year covenant-lite green Term Loan B (TLB), which has been cited as being among the first U.S. green term loans outside of the renewable energy sector and the first green TLB in the U.S. leveraged loan market backing a buyout. Green loans are loan instruments that exclusively finance or refinancing new and/or existing eligible green projects.
ECP is an investor with a decades-long reputation in the environmental and sustainable solutions sector, and Liberty Tire Recycling is the premier provider of tire recycling services in North America, recycling approximately 3 billion pounds of rubber annually for innovative, sustainable materials and products.
The Kirkland finance team was led by debt finance partners Lucas Spivey and Jordan Roberts and also included ESG & impact partner Jennie Morawetz, environmental transactions partner Michael Saretsky and corporate partner Bill Benitez.