Debevoise Advises White Cap Parent in $300 Million Toggle Note Offering to Fund Dividend Transaction

22 February 2021

Debevoise & Plimpton LLP is advising White Cap Parent, LLC in the offer and sale of $300 million of 8.25%/9.00% Senior pay-in-kind (PIK) toggle notes due 2026 to fund a dividend payment to the company's equity holders, including their financial sponsors, Clayton Dubilier & Rice and The Sterling Group.

White Cap Parent is a parent holding company of White Cap Supply Holdings, LLC, a leading North American distributor of specialty concrete and construction accessory, safety, and building products.

The Debevoise team is led by capital markets partner Steven Slutzky and includes associates Jonathan Miu and Ben Pedersen and law clerk Charlotte Walkovik, finance partner Jeff Ross and associate Wesley Moore, tax partner Erin Cleary and associate David Rock and M&A partner Chris Anthony and associates Erik Andrén, Spencer Gilbert and Alec Smith.