Modular Space Acquires GE Modular Space Business

On March 30, 2007, Modular Space Corporation (formerly Resun Corporation) purchased the North American modular space business of General Electric Capital Corporation. This business includes the provision of construction site trailers and similar movable structures. The purchase was sponsored by the shareholders of Modular Space Corporation, Calera Capital, ABS Capital and management. The purchase price was undisclosed. As part of the leveraged acquisition, Modular Space Corporation entered into an asset-based revolving credit facility provided by a syndicate of lenders, Bank of America, N.A., as agent and JP Morgan Chase Bank, N.A., as syndication agent. As well, Modular Space Corporation entered into a second lien term loan credit facility provided by a syndicate of lenders, KKR SCF Loan Administration, LLC, as agent and Banc of America Securities LLC, as lead arranger.

Skadden, Arps, Slate, Meagher & Flom LLP acted for Modular Space Corporation in connection with the acquisition and financing in the US. That team was led by Leif King, and included: Arm Razzak (M&A); Kristine Dunn and Carolyn Kim (banking); Eric Steiglitz and Roshan Sonthalia (real estate) and Lonny Block, Kristin Davis, Oriona Spaulding, Melissa Fallon, Lina Funasaki Wu, Gary Green, Teresa Hu, Kenton King, Jane Kroesche, Stacy Kray, Ronald Turiello, Jr., Tesesa Hu, Edward Gonzalez and Ron Kovalski.

Borden Ladner Gervais LLP acted for Modular Space Corporation in connection with the acquisition and financing in Canada. That team was led by Paul Mingay, and included Howard Silverman, Gus Karantzoulis and Will Wallace (banking); Murray Shopiro and Shelley Munro (real estate); Elinore Richardson and Beverly Gilbert (tax); Adam Fanaki and Rebecca Chan (regulatory); Sonia Mak (pensions); Mike Fitzgibbon (labour and employment); and included Andrew Powers, Dave Whelan, Ross Reaburn, Serge Lakatos, Magnus Verbrugge, Mark Lewis, Glen Bowman, Claudine Millette and Caroline Émond.

Weil, Gotshal & Manges LLP acted for General Electric Capital Corporation in the US. That team included Andrew Peken and William Gutowitz. McCarthy Tétrault LLP acted for General Electric Capital Corporation in Canada. That team included Andrew Armstrong, Peter Quinn and Jim Archer.

Ogilvy Renault LLP acted for Bank of America and JP Morgan Chase as agents and the first lien lenders and on behalf of the KKR and the second lien lenders in Canada. That team was led by Kevin Morley, and included David Amato and Serge Levy (asset based lending); John Naccarato and Pierre Crichton (real estate) and Carla Santos and Barry Segal (tax).

Parker, Hudson, Rainer & Dobbs LLP acted for the first lien lenders in the US. That team included Bobbi Accord, Mitchell Purvis, Kathleen Currey, Harrison Roberts, Travis Carter and Anthony Cianciotti.

Schulte Roth & Zabel LLP acted for the second lien lenders in the US. That team included Lawrence Goldberg, Lynn Tanner, Lyle Stein, Alexander Grishman and Geoffrey Goldstein.

Jody Langhan of Fillmore Riley LLP acted for Modular Space Corporation in Manitoba. Michael Milani of McDougall Gauley LLP acted for Modular Space Corporation in Saskatchewan. Deborah Patterson of McInnes Cooper acted for Modular Space Corporation in the Maritime provinces.