© 2014 The Texas Lawbook.
By Natalie Posgate – (October 29) – Richardson-based Lennox International has obtained a $250 million short-term loan facility that was provided by JPMorgan Chase Bank, NA and Morgan Stanley Bank, NA.
The proceeds of the financing will be used to partially fund a $450 million accelerated share repurchase of Lennox’s outstanding common stock. JP Morgan and Morgan Stanley will also act as dealers for that transaction.
Jones Day advised Lennox, a global provider of climate control solutions for the heating, air conditioning and refrigeration markets. Dallas partner Katherine Ettredge led the transaction and received assistance from Dallas partners Jim O’Bannon and Charlie Haag, New York partners Lewis Grimm and Colleen Laduzinski and New York associates Sheel Patel and Kelly Latta.
In-house counsel for Lennox who were involved include Chief Legal Officer John Torres and Jim Markey, who is Lennox’s chief counsel for SEC and corporate law and head lawyer of the company’s heatcraft/refrigeration business.
In March, Jones Day advised Lennox when it sold its service experts business to American Capital, Ltd.
Dallas partner Melissa Stewart and associate Erika Larson of Winstead advised JPMorgan, which served as administrative agent and a lender in the deal.
It is unknown at this time who represented Morgan Stanley, which served as a lender in the deal.
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