Shearman & Sterling advised Fortistar LLC and PERC Holdings 1 LLC, a newly-formed company owned by a consortium led by Fortistar LLC, in connection with an arrangement agreement for, and debt and equity commitments for, the acquisition of all of the outstanding common shares of Primary Energy Recycling Corporation. The total consideration for the transaction will be $5.40 per common share. The $215 million senior secured facility will be arranged by Investec USA Holdings Corp., with the balance through equity commitments from Fortistar and its partners, including John Hancock Life Insurance Company (U.S.A.) and Prudential Capital Group. Following completion of the Arrangement, the Common Shares of Primary Energy Recycling Corporation will be de-listed from the TSX and no longer traded publicly.

The Team