Daktronics, Inc. Strengthens Financial Position by Securing $100 Million In Capital Commitments
Vinson & Elkins advised Daktronics, Inc. (“the Company”) and its Board’s Strategy and Financing Review Committee in securing $100 million in additional capital.
The additional capital is comprised by a 3-year $75 million senior secured credit facility with JPMorgan Chase and a $25 million convertible debt financing from Alta Fox Capital Management, LLC (“Alta Fox”). In connection with the financing, Vinson & Elkins also advised the Company and the Committee with respect to the standstill and voting agreement between the Company and Alta Fox entered into on March 19.
The Vinson & Elkins team was led by partners Francisco Morales Barrón, Tzvi Werzberger and Jackson O’Maley, with assistance from partners Lawrence Elbaum, Steve Gill and Patrick Gadson, counsel Carter Olson and Randy Aman, senior associates Sang Lee and Desi Baca and associates Layton Suchma, Anita Balasubramian, Lizzy Sweeny, Judy Park, Ryan Wynne, Nina Bhatia, and Chloe Schmergel. Other key team members included associates Catherine Briley; partner Ron Nardini and counsel Peter Rogers; partner Patricia Adams and senior associate Brian DeShannon; partner Becky Baker; and counsel Rajesh Patel.
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