Flexi-Van’s Refinancing

Paul Hastings LLP advised Flexi-Van Leasing, Inc. as issuer in the private offering of $300 million aggregate principal amount of 10.00% senior secured second lien notes due 2023 and as borrower in a $185 million asset-based revolving facility.

Flexi-Van intends to use the proceeds of the offering, together of borrowings under the Revolving Credit Facility, to redeem its existing 7.875% senior notes, repay all outstanding indebtedness under its existing revolving credit facility and pay related fees and expenses.

Flexi-Van is one of the largest chassis lessors in North America with a current fleet of 130,000+ units. The company, led by George Elkas, is based in Kenilworth (NJ).

Leveraged Finance partners Lindsay Sparks (Picture), John Cobb and Doug Getten (Securities and Capital Markets) led the team which included associates Jason Ewart, Brian Carter, Cecilia Wang, Bianca Lee and Stephen Perry.

Involved fees earner: Lindsay Sparks – Paul Hastings; John Cobb – Paul Hastings; Doug Getten – Paul Hastings; Jason Ewart – Paul Hastings; Brian Carter – Paul Hastings; Cecilia Wang – Paul Hastings; Bianca Lee – Paul Hastings; Stephen Perry – Paul Hastings;

Law Firms: Paul Hastings;

Clients: Flexi-Van Leasing, Inc.;

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Author: Ambrogio Visconti