Closing Date: April 2, 2015
Allen McDonald LLP acted for Integrated Private Debt Fund IV LP which advanced a CAD $29,000,000 senior secured term loan to fund a portion of the acquisition cost.
Radiant Logistics, Inc. (Radiant) (NYSE MKT: RLGT), through its wholly-owned subsidiary, Radiant Global Logistics Ltd. (the Purchaser), acquired Wheels Group Inc. (Wheels) (TSX:WGI) by way of a court approved arrangement under the Business Corporations Act (Ontario). Pursuant to the plan of arrangement, the Purchaser acquired all of the outstanding common shares of Wheels at a price of $0.77 per common share, payable in cash and/or common shares of Radiant. The total acquisition cost was approximately CAD$100.0 million and includes the repayment of certain debt held by Wheels concurrent with closing.
Radiant financed the transaction through advances under (i) a new USD$65.0 million senior secured revolving cross-border credit facility with Bank of America, N.A. and Bank of Montreal (replacing its exiting USD$30.0 million facility), (ii) a CAD$29.0 million senior secured Canadian term loan from Integrated Private Debt Fund IV LP, and (iii) a USD$25.0 million subordinated secured term loan from Alcentra Capital Corporation and Triangle Capital Corporation.
Bennett Jones LLP acted as counsel to Wheels.
Katten Muchin Rosenman LLP acted for Wheels in the United States. Fox Rothschild LLP represented Radiant in the United States.
Norton Rose Fulbright Canada LLP acted for Radiant in Canada.
Morgan, Lewis & Bockius LLP acted for Bank of America, N.A. in the United States.
McMillan LLP acted for Bank of America, N.A. in Canada.
Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP acted for Alcentra Capital Corporation and Triangle Capital Corporation.