Milbank, Tweed, Hadley & McCloy LLP acted as counsel to Goldman Sachs Bank USA, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc., as joint lead arrangers and joint bookrunners, in raising a $420 million senior secured first lien term loan facility and $145 million senior secured second lien term loan facility to finance the acquisition of PlayCore from Sentinel Capital Partners by an affiliate of Court Square Capital Partners. The acquisition financing also included a senior secured asset-based revolving credit facility with respect to which Milbank worked hand in hand with both the joint lead arrangers’ ABL counsel and Court Square’s counsel to ensure a seamless transaction.
PlayCore is a designer, manufacturer and seller of educational play and recreation products offering commercial playground equipment, site amenities, commercial pool equipment, surfacing solutions, fitness equipment and water recreation products, indoor and outdoor fitness products, and commercial pool accessories, competitive swim timing products, scoreboards, splash play products and architectural fountains.
The Milbank Global Leveraged Finance team was led by partner Marcus Dougherty and included special counsel Meir Hornung and associates Christopher Hahm and Juyon Kang.
Also providing advice on various points in the transaction were: Tax partner Eschi Rahimi-Laridjani and associate Archan Hazra, Intellectual Property special counsel Kristin Yohannan, Employee Benefits partner Joel Krasnow and associate Kelly Bartley, Real Estate associate Lisa Brabant, Environmental partner Matthew Ahrens and associate Lindsay Hall and Transportation and Space associates Bijan Ganji and Lafayette Greenfield.
