McDermott Represents ABC in Acquisition of L&W Supply Corporation
CHICAGO, IL International law firm McDermott Will & Emery represented American Builders & Contractors Supply Co., Inc. ("ABC") in connection with the financing of ABC's acquisition of L & W Supply Corporation ("L&W Supply"), a Delaware corporation, from USG Corporation (United States Gypsum Corporation) ("USG") and refinancing of ABC's existing term loan credit facility, which included the structuring, negotiation and execution of a new $1.875 billion senior secured term loan facility.
Deutsche Bank AG New York Branch acted as administrative agent, certain financial institutions acted as lenders and Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets acted as joint lead arrangers.
In August 2016, ABC entered into a Sale and Purchase Agreement with USG, the holder of all of the outstanding capital stock of L&W Supply. Pursuant to the terms and conditions of the Sale and Purchase Agreement, ABC purchased from USG all of the outstanding capital stock of L&W Supply for an aggregate purchase price of $670 million in cash.
ABC is the largest wholesale distributor of roofing in the United States and one of the nation's largest distributors of siding, windows and other select exterior building products, tools and related supplies.
The McDermott team which advised ABC on the financing included partners Stephanie McCann and Kathy Schumacher and associates George Houhanisin, Jeffery Stephens and Carly Knue.