Yak Access, LLC, a leading provider of temporary access roads and related services, has announced its completion of a major recapitalization led by its principal equity holder, Platinum Equity. Akin served as legal counsel to an ad hoc group of existing first lien term loan lenders.
Through this transaction, Yak obtained $121 million of new money investments, largely from Platinum Equity, which remains in control of a majority of Yak's common equity. All lenders across the Company's capital structure supported the transaction, which resulted in an exchange of their existing loans into a combination of equity and approximately $419 million in takeback loans maturing in March 2028. Yak also entered into a new $75 million revolving credit facility led by MidCap Financial. Click here to learn more.
The Akin team was led by special situations & private credit practice co-head Dan Fisher and financial restructuring partner Scott Alberino. The deal team included corporate & finance partners Jaisohn Im and Iain Wood; corporate senior counsel Sasha Shulzhenko and Erica McGrady and counsel Matt Alexander; and financial restructuring counsel Kate Doorley and Alex Antypas.