Paul Hastings Advised on the Financing of First Reserve's Acquisition of Utilities Services Associates, Inc.
New York, NY-- Paul Hastings LLP, a leading global law firm, announced today that it advised RBC Capital Markets, BNP Paribas Securities Corp. and Macquarie Capital (USA) Inc. as joint lead arrangers and Royal Bank of Canada as administrative agent in connection with the financing for the completion of First Reserve’s acquisition of Utility Services Associates, Inc. First Reserve Fund XII, in partnership with management and Michael Lennon, acquired Utility Services Associates, Inc. (“USA”), which consists of C.W. Wright Construction Company, Incorporated, Booth & Associates, Inc., and Coastal Power & Electric, Inc.
The financing consisted of a $185 million term loan and a $30 million revolving credit facility.
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