Cleary Gottlieb represented Duravant, a Warburg Pincus portfolio company, in the refinancing and upsizing of its term loan credit facilities and the payment of a $350 million dividend.
The refinancing is comprised a $1.22 billion senior secured first-lien term loan facility and a $375 million senior secured second-lien incremental term loan facility.
Jefferies Finance LLC served as the administrative agent under the new first-lien and second-lien term loan facilities. The transaction closed on August 12, 2021.
Duravant is a market-leading international engineered equipment and automated machine provider to the food processing, packaging, and material handling sectors.