K&L Gates LLP recently advised Evoqua Water Technologies Corp. (Evoqua) and certain of its subsidiaries on a multi-currency senior secured revolving credit facility in an aggregate principal amount of $350 million (including a letter of credit sub-facility of $60 million) and a senior secured term loan facility in the principal amount of $475 million, all agented by JPMorgan Chase Bank, N.A. (JPM). The JPM Credit Agreement incorporates positive incentive loans by allowing Evoqua to obtain reduced interest rate pricing for the revolving loans by meeting certain sustainability metrics. The K&L Gates team advising Evoqua on the JPM facilities was led by finance partner Marisa Murillo (Chicago), with assistance from finance partner Jonathan Vance (Dallas), corporate partners Bob Zinn (New York and Pittsburgh) and Megan Wotherspoon (Pittsburgh), and finance associate Kitt Ritter (Charleston).
K&L Gates simultaneously advised Evoqua in connection with a $150 million revolving accounts receivables securitization facility agented by PNC Capital Markets LLC involving two Evoqua affiliates as originators. The K&L Gates team advising Evoqua on the PNC facility was led by finance partner Donald Bingham (Chicago), with assistance from finance partner Marisa Murillo (Chicago), finance partner Anthony Nolan (New York), corporate partners Bob Zinn (New York and Pittsburgh) and Megan Wotherspoon (Pittsburgh), and finance associate Kevin Szu-Tu (Charlotte).
The proceeds of the foregoing loans will be used to repay all outstanding indebtedness under an existing credit facility, to finance or refinance working capital and capital expenditures, and for general corporate purposes.
“We appreciate the opportunity to support Pittsburgh-based Evoqua on these important transactions with multi-office finance teams led by our new partner Marisa Murillo,” said Bob Zinn, one of the leaders of K&L Gates’ global corporate practice area.
Murillo commented: “I am thrilled to have joined a firm whose finance practice is both sophisticated and collaborative, perfectly suited for high-profile growing public companies such as Evoqua.”
Evoqua is a leading provider of water and wastewater treatment solutions, offering a broad portfolio of products, services, and expertise to support industrial, municipal, and recreational customers.