We advised the administrative and collateral agent on the prepetition credit facility

Davis Polk advised the prepetition administrative agent, collateral agent, lender and issuing bank in connection with a $125 million post-petition super priority senior secured multiple draw term loan credit facility (the “DIP Facility”) for Phoenix Services Topco, LLC and certain of its debtor subsidiaries (collectively, “Phoenix Services”, or the “Company”). On September 29, 2022, the U.S. Bankruptcy Court for the District of Delaware entered an order approving the DIP Facility on an interim basis. The DIP Facility consists of $50 million in new money term loans and $75 million in rolled up prepetition loans, with an additional $75 million roll-up of prepetition loans to be addressed at the Second Day Hearing in connection with entry of a final order approving the DIP Facility.

Phoenix Services was founded in 2007 and is headquartered in Radnor, Pennsylvania. The Company provides mission-critical services to leading, global steel-producing companies at 39 sites throughout the United States, Europe, South America and Africa, including the removal, handling and processing of molten slag (a co-product of the steel-making process), as well as the preparation and transportation of metal scraps, raw materials and finished products. Phoenix Services is the second-largest services provider to steel mills domestically and the third largest globally based on market position.

The Davis Polk restructuring team included partner Brian M. Resnick, counsel Erika D. White and associates Jonah A. Peppiatt, Hailey W. Klabo and Cole M. Hanson. The finance team included partner Meyer C. Dworkin and counsel Sanders Witkow. All members of the Davis Polk team are based in the New York office.