Cleary Gottlieb represented Doosan Bobcat Inc. (DBI) and its subsidiary Clark Equipment Company (CEC) in the refinancing of their existing term loan credit facility and termination of their existing ABL credit facility.
The new senior secured credit facilities, which closed on April 20, 2022, consist of a seven-year $850 million U.S. secured term loan B credit facility and a five-year $595 million revolving credit facility. The proceeds of the new credit facilities are being used to refinance in full the existing credit facilities. The new cash flow-based revolving credit facility replaces the existing asset-based revolving credit facility. The new credit facilities also significantly improve the company’s flexibility under their negative covenants and eliminate foreign equity from the collateral.
The Doosan Bobcat group manufactures and sells compact, heavy, and portable equipment, including under the market-leading Bobcat brand, principally in North America and Europe.