Shearman & Sterling represented the initial purchasers in connection with Aggreko’s €450 million offering of 5.250 percent senior secured notes due 2026 and $565 million offering of 6.125 percent senior secured notes due 2026 by Albion Financing 1 S.à r.l. and Aggreko Holdings Inc. and $450 million offering of 8.750 percent senior notes due 2027 by Albion Financing 2 S.à r.l. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on October 22, 2021.
Shearman & Sterling also advised the banks in connection with the company’s new revolving facility agreement and intercreditor agreement. In addition, Shearman and Sterling advised the arrangers, in connection with the company’s senior term loan B facility in an aggregate principal amount of $750 million and €500 million.
The proceeds of the offering of the notes together with the proceeds from the senior term loan B facility were used to refinance outstanding borrowings under the bridge facilities, which were used together with the senior term loan B and certain other funding, to finance the acquisition of Aggreko Limited (formerly known as Aggreko plc prior to its re-registration as a private limited company) and its subsidiaries (collectively, the “Aggreko Group”) by Albion Acquisitions Limited, to refinance certain of the existing indebtedness of the Aggreko Group and to pay costs, expenses and fees in connection with the foregoing, as well as to pay costs, expenses and fees in connection with the financing transactions related thereto.
Aggreko is a leading global provider of mobile modular power, temperature control and energy solutions and services. The company provides complete, reliable power solutions to global customers, with strong diversification across customers, geographies, and end markets. On August 10, 2021, Albion Acquisitions Limited acquired the entire issued ordinary share capital of Aggreko plc by means of a scheme of arrangement effected under Part 26 of the UK Companies Act 2006. In connection with this acquisition, Aggreko plc’s shares were delisted from the London Stock Exchange, and Aggreko plc was re-registered as a private limited company, named Aggreko Limited, on August 16, 2021.
The Shearman & Sterling team below included associates Iain Sneddon, Irene Mainar Borao, Connor Anear (all London-Finance), Gina Eum (New York-Finance) and Eugene Kim (Washington, D.C.-Tax).