Milbank, Tweed, Hadley & McCloy LLP represented HPS Investment Partners, LLC as lead lender in a $180 million senior secured first lien term loan facility for Liberty Tire Recycling Holdco, LLC, a leading rubber mulch manufacturer and tire recycling company. Proceeds of the term loan were used, in part, to refinance Liberty Tire’s existing first lien credit facilities in connection with a comprehensive restructuring of Liberty Tire’s existing indebtedness, involving an exchange of PIK Notes for 100% of the equity in Liberty Tire and newly issued second lien PIK Notes. Pursuant to the restructuring, funds managed by Carlyle became the majority equity holders of Liberty Tire.
Milbank's Direct Lending team was led by Practice Group Leader Al Pisa and special counsel John Britton and included associates Yigal Gross and Jasmine Li.
