EQT’s Acquisition of FirstGroup Investment Corporation and First Transit

Simpson Thacher advised First Student Bidco Inc. and First Transit Parent Inc. on the deal.

First Student Bidco Inc. and First Transit Parent Inc. completed its Rule 144A/Regulation S offering of $800 million aggregate principal amount of 4% Senior Secured Notes due 2029. First Student and First Transit also executed their Term Loan B Facility of $1.49 billion, Term Loan C Facility of $550 million and Revolving Facility of $500 million.

The net proceeds from the offering, the term loan facilities, and the revolving facility financed in part the previously announced acquisition of FirstGroup Investment Corporation and First Transit, Inc. by EQT Infrastructure (“EQT”).

Headquartered in Cincinnati, Ohio, First Student and First Transit are market leading providers of essential transportation services to schools and communities in North America. First Student is the largest student transportation service provider in North America, providing over 900 million student journeys a year to approximately 1,000 school districts. First Transit is a leading public transit management operator that transports 315 million passengers annually across approximately 300 locations in North America.

The Simpson Thacher team included Hui Lin (Picture), Kirsten Harmon, Adriana Estor, Evan Zuckerman and Jack Nalen (Capital Markets); Eli Isak, Dorothy Hector, Kal Venkatraj and Abdulyekinni Fasinro (Credit); Jeannine McSweeney and Caitlin M. Fitzgerald (Executive Compensation and Employee Benefits); Jonathan Goldstein and Scott Grundei (Tax); Genevieve Dorment and Kate Mirino (Intellectual Property); and Jonathan Pall (Collateral). 

Involved fees earner: Genevieve Dorment – Simpson Thacher & Bartlett; Adriana Estor-Restrepo – Simpson Thacher & Bartlett; Abdulyekinni Fasinro – Simpson Thacher & Bartlett; Caitlin Fitzgerald – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Scott Grundei – Simpson Thacher & Bartlett; Kirsten Harmon – Simpson Thacher & Bartlett; Dorothy Hector – Simpson Thacher & Bartlett; Eli Isak – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Kalyan Venkatraj – Simpson Thacher & Bartlett; Evan Zuckerman – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: EQT Infrastructure;

Author: Martina Bellini