Cahill Represents the Initial Purchasers and Lead Arrangers in Connection with CD&R’s $5.8 Billion Acquisition of Cornerstone Building Brands
Date: 07/25/22
Cahill represented the initial purchasers in connection with a $710 million senior secured notes offering, and the administrative agent and the lead arrangers in connection with a $300 million senior secured term loan facility, for Camelot Return Merger Sub, a Clayton, Dubilier & Rice owned entity that merged into Cornerstone Building Brands in connection with a transaction that saw CD&R acquire the approximately 51% of the publicly listed company (NYSE: CNR) that it did not already own. Cahill also represented the administrative agent and the lead arrangers in connection with a $239 million incremental asset-based revolving credit facility and a new $95 million FILO asset-based revolving credit facility for Cornerstone. Proceeds of the notes and term loans were used to finance the acquisition. Proceeds of the incremental asset-based revolving credit facility and new FILO facility will be used for general corporate purposes. Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America.
The Cahill team on the secured notes and the term loans was led by partners John Tripodoro, Jon Frankel and Steve Harper and associates Marc Shepsman, Davis Frank, Stephen Wasserfall, Luisa Marin and Taegan Clarke. The Cahill team on the incremental ABL facility and new FILO ABL facility was led by partners Jon Frankel and Darren Silver, counsel Juliana Obregon and associates Bruna Amaral, Maria Vlasie and Angelica Body-Lawson.