Morgan Stanley Senior Funding, Inc. in its US$475 million First Lien Credit Agreement and US$150 million Second Lien Credit Agreement

On May 14, 2015, WASH Multifamily Acquisition Inc. completed the acquisition of Web Service Holdings Inc.

The purchase price was financed under a US$475 million First Lien Credit Agreement and US$150 million Second Lien Credit Agreement (together, the “Credit Facilities”) among WASH Multifamily Acquisition Inc., as the US Borrower, Coinamatic Canada Inc., as Canadian Borrower, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and other parties. 

The obligations of the borrowers are guaranteed by their existing and subsequently acquired or formed wholly-owned direct and indirect subsidiaries, subject to certain exceptions. The obligations of the borrowers and each guarantor are secured by a perfected first priority security interest in their tangible and intangible assets for their obligations under the First Lien Credit Agreement and a perfected second priority security interest for the obligations under the Second Lien Credit Agreement.

Osler acted for Morgan Stanley Senior Funding, Inc. and other lenders under the Credit Facilities. The transaction involved complex lending and tax issues on a very tight timeline driven primarily by the closing timetable for the acquisition transaction.  Osler played an important role in the timely and successful completion of the transaction with a multi-disciplinary team including Michael Hart and Kashif Zaman (Financial Services) and Greg Wylie (Taxation).