Deal Details

Advanced Drainage Systems Completes Refinancing

Industrial

Advanced Drainage Systems refinancing

Summary

Advanced Drainage Systems, Inc. (“Advanced Drainage Systems” or the “Company”) (NYSE: WMS) recently completed a private offering (the “Offering”) of $500 million aggregate principal amount 5.375% senior unsecured notes due 2034 (the “Notes”). In connection with the issuance of the Notes, the Company amended its existing senior secured credit facility to (i) increase the revolving credit facility from $600 million to $750 million, (ii) increase the term loan “B” from $408 million to $600 million and (iii) extend the maturity date (the “Amended Credit Facility”).

The Company intends to use the net proceeds from the Offering, together with the proceeds of the term loan “B” portion of the Amended Credit Facility, to refinance the outstanding balance under the existing senior secured credit facility and redeem all of the Company’s outstanding 5.000% senior notes due 2027 with the balance for general corporate purposes.

Baird served as co-documentation agent on the Term Loan B refinancing.

About

Advanced Drainage Systems is a leading manufacturer of innovative stormwater and onsite wastewater solutions that manage the world’s most precious resource: water. Advanced Drainage Systems, along with NDS and Infiltrator Water Technologies, provides superior stormwater drainage and onsite wastewater products used across commercial, residential, infrastructure and agricultural applications, while delivering unparalleled customer service. The Company operates the industry’s largest company-owned fleet, an expansive sales team and a vast manufacturing network. As one of the largest plastic recycling companies in North America, Advanced Drainage Systems keeps millions of pounds of plastic out of landfills each year. Advanced Drainage Systems is headquartered in Hilliard, Ohio.

Industrial

Advanced Drainage Systems refinancing