Toronto acted as Canadian counsel to Wilmington Savings Fund Society, FSB, as trustee and collateral agent, in connection with a secured second lien indenture issued by Castle, pursuant to which Castle issued U.S.$164,902,456 in the aggregate original principal amount of 5.00 / 7.00% Convertible Senior Secured PIK Toggle Notes due 2022.
The Second Lien Notes are five-year senior obligations of Castle and are convertible into shares of Castle common stock at the initial conversion price of U.S. 3.77 per share (subject to adjustment).
Castle is a specialty metals distribution company that operates through two segments: Metals and Plastics. In its Metals segment, Castle focuses on distributing engineered specialty grades and alloys of metals, as well as providing specialized processing services. Through Castle’s Plastics segment, Castle stocks and distributes a range of plastics in various forms and performs various processing activities.
The team consisted of David Amato, Noah Schein and Denise Gan.