MANSFIELD, Mass., Jan. 7, 2022 /PRNewswire/ -- TMK Hawk Parent Corp.—parent to TriMark USA, LLC, one of the country's largest providers of design services, equipment, and supplies to the foodservice industry—and certain of its lenders who are holders of its outstanding term loan issued pursuant to its First Lien Credit Agreement (the "First Lien Term Debt") have reached a mutually agreed resolution of a dispute arising from a September 2020 transaction in which the Company raised $120 million in new liquidity by issuing two tranches of new loans that ranked senior to First Lien 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 First Lien Term Debt on a dollar-for-dollar basis for Tranche B Loans pursuant to the company's Super Senior Credit Agreement. Tranche A Loans outstanding under the Company's Super Senior Credit Agreement will retain their position in the Company's capital structure, senior to the Tranche B Loans. The Company currently expects to complete the proposed exchange on or prior to January 31, 2022, after which the pending litigation relating to the September 2020 transaction would be dismissed.
This resolution, reached with the assistance of David Brodsky as mediator, simplifies the Company's capital structure and creates a strong foundation for the Company to continue with its business plans for 2022. TriMark USA is pleased to have resolved this matter, appreciates the support of its lenders, and looks forward to the new year and its robust pipeline of opportunities.
About TriMark USA
TriMark USA is one of the country's largest providers of design services, equipment, and supplies to the foodservice industry. We proudly serve our customers by providing design services, commercial equipment, and foodservice supplies across a wide range of industries and business sectors. Headquartered in Massachusetts, we have locations across the country which offer foodservice operators an unparalleled level of service by combining our unique design capabilities and our expert market knowledge with the purchasing strength, delivery, installation and after sales service capabilities of a national company. Our employees are focused on creating customized solutions for our customers to ensure they achieve their culinary goals. For more information, please visit: www.trimarkusa.com.
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SOURCE TriMark USA
