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Latham & Watkins Advises the Initial Purchasers in Enerflex’s US$625 Million Offering of Senior Secured Notes

October 26, 2022
An Austin-based corporate team advised on the offering.

Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (the “Issuer”), a leading supplier of vertically integrated products and services to the global energy industry, announced that it closed its offering of US$625 million aggregate principal amount of 9% Senior Secured Notes due 2027 (the “Offering”) on October 12, 2022. The Offering was made in anticipation of a business combination pursuant to which the Issuer has acquired Exterran Corporation (Exterran), a leader in natural gas processing and treatment and compression products and services (the “Acquisition”). The Acquisition closed on October, 13, 2022. The Issuer used the net proceeds from the Offering, together with cash on hand and other borrowings, to refinance existing debt of the Issuer and Exterran, to pay the cash portion of the purchase price of the Acquisition, and to pay fees and expenses incurred in connection with the Offering and Acquisition.

Latham & Watkins LLP represented the initial purchasers in the Offering, with an Austin-based corporate team led by partners Michael Chambers, David Miller, and Samuel Rettew, with Houston associate Michael Pascual, Austin associate Cecilia Turchetti, Austin associate Gabi Hasson, Houston associates Wole Oluborode and Brian Bruzzo. Advice was also provided on tax matters by Houston partner Bryant Lee, with Houston associate Mike Rowe; and on environmental matters by Los Angeles/Houston counsel Joshua Marnitz, with Los Angeles associate Jennifer Garlock.