Baker McKenzie has advised Inc on its debut $640 million senior secured second lien notes offering, while Goldman Sachs led the syndicate of 12 underwriters. This was one of the largest first time high-yield bond offerings of the year.
Goldman Sachs & Co. LLC and Wells Fargo Securities acted as lead left and lead right joint-book running managers, respectively, Capital One Securities, Citigroup, Fifth Third Securities, J.P. Morgan, Mizuho, MUFG, SMBC Nikko, and Truist Securities acted as joint-book-running managers, and Regions Securities LLC and UBS Investment Bank acted as co-managers.  
Concurrently with the bond offering, Inc upsized its senior secured asset-based revolving credit facility with Capital One Bank to $3.0 billion.  
The Baker McKenzie team was led by partners Marc Paul (Washington D.C.), Rob Mathews (London, UK) and Haden Henderson (London, UK), senior associates Adam Buehler (Miami, FL), Ben Bierwirth (London, UK) and Nicholas Brock (New York, NY), supported by associates Alexander Fields (New York, NY) and Tariq Akeel (Chicago, IL).
The bond offering closed on May 9, 2023.

“It has been a pleasure working with EquipmentShare on its debut bond offering, demonstrating the company’s dynamic management of its capital structure,” said Marc Paul, principal at Baker McKenzie’s Washington, DC office and former head of the firm’s North American transactional practice.  “It is particularly exciting to work with a company that is disrupting an entire industry.” 

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Baker McKenzie’s Global Capital Markets Practice provides issuers, investment banks, financial sponsors and selling shareholders with expert local and global legal advice across the full spectrum of equity, debt and public market solutions. Coupled with our extensive experience in delivering successful and complex cross-border transactions, we bring high-value, integrated and innovative solutions to our clients to help them execute successful, business critical transactions.
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