Davis Polk is advising Neovia Logistics on the launch of its marketing for a first-lien financing as part of its efforts to complete a comprehensive recapitalization and refinancing. The first-lien financing is expected to consist of a $75 million super-senior revolver and a $325 million first-lien term loan. In addition to the first-lien financing, the recapitalization will include a $200 million second-lien term loan investment from Neovia’s existing unsecured note holders and a preferred equity investment of up to $165 million of new equity from Neovia’s existing sponsors, Goldman Sachs Merchant Banking Division and Rhône Capital. The recapitalization is subject to certain conditions including the marketing and completion of the first-lien financing and execution of definitive documentation with respect to the first-lien financing and second-lien financing.

Based in Irving, Texas, Neovia is a global non-asset-based provider of service parts logistics, offering customized solutions to assist its clients in designing, managing and optimizing their supply chains. Neovia provides fully integrated supply chain solutions to approximately 55 large and mid-sized clients, primarily in the automotive and industrial service parts industries.

The Davis Polk restructuring team includes partners Marshall D. Huebner and Darren S. Klein and associate Angela M. Libby. The mergers and acquisitions team includes partners John D. Amorosi and Brian Wolfe and associate Elyka A. Anvari. The finance team includes partner Joseph P. Hadley and associate Sanders Witkow. Partners Jonathan Cooklin and William A. Curran are providing tax advice. Members of the Davis Polk team are based in the New York and London offices.

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