Granite Global Solutions Corp. Completes Senior Refinancing and New Mezzanine Financing 

 

May 31, 2011

On May 31, 2011, Granite Global Solutions Corp. ("Granite") completed the refinancing of its existing senior secured credit facility in the amount of up to $180 million provided by a syndicate of lenders led by National Bank of Canada, as administrative agent (the "Senior Refinancing").  Simultaneously with the closing of the Senior Refinancing, Granite entered into a note purchase agreement with Solar Capital Ltd. and The Manufacturers Life Insurance Company providing for the issuance, subject to conditions, of up to $62 million of subordinated secured notes, of which approximately $20 million were issued at closing (collectively, the "Mezzanine Financing").  The funds under the Senior Refinancing and the Mezzanine Financing were used to repay existing sponsor indebtedness owed to Genstar Capital, LLC and to permit Granite to continue its acquisition of businesses supporting the insurance business.

Granite and its subsidiaries were represented inhouse by Vice-President, General Counsel and Corporate Secretary Will Chang and, in Canada, by McMillan LLP, with a team that consisted of Bindu Cudjoe, Clifton Jarin, Amanda Sutton (finance) and Sarah Candy (law clerk).