June 22, 2021

Milbank Represents Initial Purchasers and Arrangers in $3.56B Acquisition of Nortek Air Management Businesses by Madison IAQ LLC


Milbank LLP represented Goldman Sachs & Co. LLC as representative of the initial purchasers in connection with Madison IAQ LLC’s offering of $1.735 billion in aggregate principal amount of notes, consisting of $700 million in senior secured notes and $1,035 million in senior notes, and the arrangers in connection with a $1,825 million term loan and $200 million revolving credit facility, to finance the acquisition of Nortek Air Management Businesses (“Nortek Air”) and refinance existing indebtedness.

Headquartered in Chicago, Madison IAQ is a leading, diversified global manufacturer of indoor air quality solutions. The company provides products and solutions for commercial and residential dehumidification, whole house ventilation, water damage restoration, hygienic air and modular indoor heating and cooling. Madison IAQ operates through 36 manufacturing and research and development facilities across seven countries, operated by more than 8,000 employees. Nortek Air is a leading provider of critical air management, thermal and HVAC solutions and serves over 14,000 customers.

The Global Capital Markets team was led by partners Rod Miller and Jonathon Jackson and associates Alexander Becker, Jasmine Khaneja and Tiffany Han. The Global Leveraged Finance team was led by partner Lauren Hanrahan and associates Gabrielle Paolini, Jenny Saufley and Ray Andrada.