Shearman & Sterling advised Jefferies Finance on a $2.15 billion acquisition financing for Mavis Tire Express Services, consisting of $1.915 billion first-lien term loan facility and $200 million revolving credit facility, to finance a portion of the purchase price for the acquisition of Mavis Tire by an investor group led by BayPine, in partnership with TSG Consumer Partners. Jefferies Finance, Apollo Global Funding, Ares Capital Management, BofA Securities, Blackstone Alternative Credit Advisors, KKR Capital Markets, Golub Capital and Stifel Nicolaus & Company acted as arrangers on the transaction.
Shearman & Sterling also advised Jefferies, Apollo Global Securities, BofA Securities, KKR Capital Markets and Stifel Nicolaus & Company as initial purchasers on a concurrent Rule 144A/Regulation S offering of $740 million senior unsecured notes, the net proceeds of which were also used to finance the acquisition.
Shearman & Sterling also advised Ares Capital Management and certain funds managed by Ares as members of the investor group acquiring equity in Mavis Tire.
Mavis, headquartered in Birmingham, Alabama, is an independent tire and service retailer with 1,106 company-operated retail service centers and 84 franchised service centers.
The Shearman & Sterling team below was supported by Gina Eum and Katie Rumer.