Pike Corporation’s $500 Million Notes Offering and $396 Million Refinancing and Incremental Facilities
8/26/2020

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A/Regulation S offering of $500 million aggregate principal amount of 5.500% senior notes due 2028 by Pike Corporation. The notes are guaranteed on a senior unsecured basis by certain of Pike Corporation’s wholly owned subsidiaries.

In addition, Davis Polk advised the administrative agent and lead arranger in connection with (i) a $336 million refinanced term loan facility, (ii) $60 million of incremental revolving commitments and (iii) an extension of the maturity to a portion of the revolving credit facility for Pike Corporation. The proceeds from the facilities will be used to repay existing indebtedness and for general corporate purposes.

Founded in 1945, Pike Corporation is a leading, integrated provider of construction, repair and engineering services for distribution and transmission power lines and substations, with a growing portfolio of turnkey and renewable projects.

The Davis Polk capital markets team included partner Michael Kaplan and associate John H. Runne. The finance team included partner Jeong M. Lee, counsel Ilona C. Potiha and associates Jeffrey Hon and Stephen H. Karp. The tax team included partner Mario J. Verdolini and associate Bradford Sherman. The environmental team included counsel Loyti Cheng and associate Michael Comstock. All members of the Davis Polk team are based in the New York office.