TriMark USA Announces Resolution of Litigation With Its Lenders | State
MANSFIELD, Mass., January 7, 2022 / PRNewswire / – TMK Hawk Parent Corp. — Parent of TriMark United States, LLC, one of the nation’s largest providers of design services, equipment, and supplies to the restaurant industry — and some of its lenders who hold its outstanding term loan issued pursuant to its Senior Credit Agreement (the “First Term Debt Bond”) reached a mutually agreed resolution of a dispute arising out of a September 2020 transaction in which the Company raised $ 120 million new liquidity by issuing two tranches of new priority loans relative to the senior term debt (“Tranche A Loans” and “Tranche B Loans”).
The terms of the resolution are subject to closing conditions and documentation and include an exchange of all outstanding senior term debt on a dollar-for-dollar basis for Tranche B loans in accordance with the credit agreement. super senior of the company. The outstanding Tranche A Loans under the Company’s Super Senior Credit Agreement will retain their position in the Company’s capital structure, in priority to the Tranche B Loans. The Company currently expects to achieve the ‘exchange proposed no later than January 31, 2022, after which the ongoing litigation relating to the September 2020 the transaction would be rejected.
This resolution, taken with the assistance of David Brodsky as a mediator, simplifies the capital structure of the company and creates a solid basis for the company to pursue its business plans for 2022. TriMark United States is happy to have resolved this issue, appreciates the support of its lenders, and looks forward to the new year and its strong portfolio of opportunities.
About TriMark United States
TriMark United States is one of the largest providers of design services, equipment and supplies in the country to the restaurant industry. We pride ourselves on serving our customers by providing design services, commercial equipment and catering supplies across a wide range of industries and lines of business. Based at Massachusetts, we have locations across the country that provide foodservice operators with an unmatched level of service by combining our unique design capabilities and in-depth market knowledge with purchasing strength, delivery, installation and capabilities. after-sales service from a national company. Our employees are focused on creating personalized solutions for our customers to ensure they achieve their culinary goals. For more information, please visit: www.trimarkusa.com.
SOURCE TriMark United States