DALLAS, Texas – Thompson & Knight LLP advised Atlas Technical Consultants, Inc., a leading provider of professional testing, inspection, engineering, environmental, and consulting services, in a significant recapitalization and simplification of the company’s capital structure. Atlas has replaced its current debt and preferred equity agreements with a new, more economically favorable term loan credit agreement funded by funds and accounts managed or advised by Blackstone Credit or its affiliates, consisting of $432 million of long-term debt maturing in 2028 and a $75 million committed delayed draw term loan. The company also replaced its existing revolving credit facility with a new five-year, $40 million asset based revolving credit agreement with JPMorgan Chase Bank, N.A. The company used a portion of net proceeds from the new debt to repay all of its $270 million of outstanding borrowings under its existing term loan, including by rolling nearly $62 million of its existing term loans into the new term loan facility, and to redeem in full the company’s $154 million of outstanding Series A preferred equity units at a redemption price of par plus accrued and unpaid dividends.
The Thompson & Knight team was led by Cassandra Mott, Doug Lionberger and James Brown, and included Parker Pritchett, Brandon Davidson, Matt Alexander, Kelsie Knight, Leslie Smith, Ashley Phillips, Jason Loden and Katie Gerber.