Simpson Thacher represented Blackstone in an investment in AZZ Inc. (“AZZ”) in connection with AZZ’s acquisition of Precoat Metals from Sequa Corporation for approximately $1.28 billion. Investment vehicles affiliated with Blackstone agreed to purchase $240 million in aggregate principal amount of AZZ’s 6% Convertible Subordinated Notes due 2030, which, upon receipt of the approval of AZZ’s shareholders, will be exchanged for 240,000 shares of AZZ’s Series A Convertible Preferred Stock. The transaction closed on May 13, 2022.
AZZ is a global provider of galvanizing and a variety of metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services to a broad range of markets, including, but not limited to, the power generation, transmission, distribution, refining and industrial markets.
The Simpson Thacher team included Anthony Vernace, Michael Chao and Chelsea Penther (M&A); Jonathan Ozner, Lia Toback and Anna Jarman (Capital Markets); Jennifer Nadborny (Public Company Advisory Practice); Jonathan Goldstein, Sophie Staples and Edward Grais (Tax); Matthew Leighton and Javier Rivera-Alvarado (Funds); Brian Gluck (Credit); Jonathan Lindabury, Jennifer Levitt and Mimi Cheng (Derivatives/Backleverage); Greg Grogan and Jeffrey Penn (Executive Compensation & Employee Benefits); Jeanne Annarumma and Alex Kharash (ERISA); Peter Guryan, Kelly Karapetyan and Jamie C. Logie (Antitrust); Lori Lesser, Rachelle Broida and Benjamin Hart (Intellectual Property); and Toby Chun and Deepa Sarkar (Environmental).