FR EA
1005-00001 · Nexford Industrial Holdings · Closing
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Contract analysis Extract to table

[sheet: Cover]

FieldValue
TransactionNexford Industrial Holdings Inc. — $1,400,000,000 Senior Secured Term Loan B Refinancing and Dividend Recapitalization
BorrowerNexford Industrial Holdings Inc.
Administrative Agent / Collateral AgentCrescent Harbor Bank, N.A.
Lead Left Arranger and BookrunnerCrescent Harbor Bank, N.A.
Joint Lead ArrangersIronwood Capital Markets, LLC; Northvane Securities, Inc.
Borrower's CounselCalderwood & Harkness LLP
Arranger's / Agent's CounselWhitfield & Gage LLP
Sponsor's CounselKellner Brandt & Associates LLP
Illinois Local CounselHargrove & Whitmore LLP
Delaware Local CounselBriarcliff Legal Group PA
C&H Matter No.1005-00001
C&H Billing CodeIBL-NIH-2025-031
Responsible PartnerClaudia Merritt
Billing PartnerIan Blackwood
Lead AssociateMarcus Leung
Working AssociateSophie Tremblay
Tax PartnerSylvia Hartwell
Target Closing DateMarch 28, 2025
Facility Amount$1,400,000,000
Governing LawState of New York
Prepared BySophie Tremblay
Last UpdatedMarch 27, 2025
VersionFinal

[sheet: Conditions Precedent]

Item No.CategoryCondition Precedent / Deliverable DescriptionCredit Agreement Section ReferenceResponsible PartyTarget Delivery DateActual Delivery DateStatusNotes / Comments
STATUS SUMMARYTotal Items: 77Complete: 77Pending: 0In Progress: 0Waived: 0N/A: 0
1I. Credit and Loan DocumentsCredit Agreement — Execution Version, dated as of March 28, 2025, among Nexford Industrial Holdings Inc., as Borrower, the Guarantors party thereto, Crescent Harbor Bank, N.A., as Administrative Agent and Collateral Agent, Ironwood Capital Markets, LLC and Northvane Securities, Inc., as Joint Lead Arrangers, and the Lenders party theretoSection 4.01(a)C&H / W&G2025-03-282025-03-28CompleteExecution version finalized March 24, 2025; signature pages circulated March 25, 2025; executed March 28, 2025. $1,400,000,000 Term Loan B. SOFR + 400 bps; SOFR floor 0.75%; maturity March 28, 2032. CUSIP: 65432X AA1; LoanX ID: LX-234567.
2I. Credit and Loan DocumentsGuarantee Agreement — Execution Version, dated as of March 28, 2025, among Granite Peak NIH Holdings, LLC (Holdings Guarantor) and each Subsidiary Guarantor in favor of Crescent Harbor Bank, N.A. as Collateral AgentSection 4.01(a)C&H2025-03-282025-03-28CompleteGuarantors: Holdings + 11 Subsidiary Guarantors (NPC, NES, NCST, NMS, NP LLC, NIH Intl, Clearfield, Summit, Ridgepoint, Lakeshore)
3I. Credit and Loan DocumentsSecurity Agreement (Personal Property) — Execution Version, dated as of March 28, 2025, among Borrower, Guarantors, and Crescent Harbor Bank, N.A. as Collateral AgentSection 4.01(a)C&H2025-03-282025-03-28CompleteFirst-priority lien on substantially all personal property assets of Borrower and each Guarantor
4I. Credit and Loan DocumentsHoldings Pledge Agreement — Execution Version (Granite Peak NIH Holdings, LLC pledging 100% equity in Nexford)Section 4.01(a)C&H2025-03-282025-03-28Complete
5I. Credit and Loan DocumentsBorrower Pledge Agreement — Execution Version (Nexford pledging 100% equity in direct domestic subsidiaries)Section 4.01(a)C&H2025-03-282025-03-28Complete
6I. Credit and Loan DocumentsSubsidiary Pledge Agreements — Execution Versions (each Subsidiary Guarantor pledging equity in lower-tier subs)Section 4.01(a)C&H2025-03-282025-03-28CompleteCovers NPC, NES, NCST, NMS, NP LLC, NIH Intl, Clearfield, Summit, Ridgepoint, Lakeshore — 10 agreements
7I. Credit and Loan DocumentsCFC Holdco Limited Pledge Agreement — Execution Version (Nexford International Holdings, Inc. pledging 65% voting / 100% non-voting equity in Nexford Canada Holdings ULC)Section 4.01(a)C&H2025-03-282025-03-28CompleteLimited to 65% voting equity and 100% non-voting equity of first-tier foreign subsidiary per CFC rules
8I. Credit and Loan DocumentsIntellectual Property Security Agreement — Execution VersionSection 4.01(a)C&H2025-03-282025-03-28CompleteCovers all patents, trademarks, copyrights of Borrower and Guarantors
9I. Credit and Loan DocumentsIntercreditor Agreement (First Lien / Unsecured) — Execution Version, among Crescent Harbor Bank, N.A. as First Lien Collateral Agent, Pinnacle Trust Company as Unsecured Notes Trustee, and NexfordSection 4.01(a)C&H / W&G2025-03-282025-03-28CompleteGoverns priority between $1.4B first lien secured claims and $250M 7.250% Senior Unsecured Notes due 2028
10I. Credit and Loan DocumentsDeposit Account Control Agreements — Execution Versions (Crescent Harbor Bank accounts and Redstone National Bank operating accounts ending -4471, -4472, -6633)Section 4.01(a)C&H2025-03-282025-03-28Complete
11I. Credit and Loan DocumentsSecurities Account Control Agreements — Execution VersionsSection 4.01(a)C&H2025-03-282025-03-28Complete
12I. Credit and Loan DocumentsIntercompany Note (Nexford to Subsidiaries) — Execution Version, endorsed and pledged to Collateral AgentSection 4.01(a)C&H2025-03-282025-03-28Complete
13II. UCC Financing StatementsUCC-1 — Delaware Secretary of State: Nexford Industrial Holdings Inc. (DE File No. 5765432), Debtor; Crescent Harbor Bank, N.A., Secured PartySection 4.01(b)C&H2025-03-282025-03-28Complete
14II. UCC Financing StatementsUCC-1 — Delaware Secretary of State: Granite Peak NIH Holdings, LLC (DE File No. 7234891), Debtor; Crescent Harbor Bank, N.A., Secured PartySection 4.01(b)C&H2025-03-282025-03-28Complete
15II. UCC Financing StatementsUCC-1 — Delaware: Nexford Precision Components, Inc.Section 4.01(b)C&H2025-03-282025-03-28Complete
16II. UCC Financing StatementsUCC-1 — Delaware: Nexford Engineered Systems, LLCSection 4.01(b)C&H2025-03-282025-03-28Complete
17II. UCC Financing StatementsUCC-1 — Delaware: Nexford Coatings & Surface Technologies, Inc.Section 4.01(b)C&H2025-03-282025-03-28Complete
18II. UCC Financing StatementsUCC-1 — Illinois Secretary of State: Nexford Manufacturing Services, LLCSection 4.01(b)C&H2025-03-282025-03-28CompleteIllinois LLC — filed in Illinois
19II. UCC Financing StatementsUCC-1 — Delaware: Nexford Properties, LLCSection 4.01(b)C&H2025-03-282025-03-28Complete
20II. UCC Financing StatementsUCC-1 — Delaware: Nexford International Holdings, Inc.Section 4.01(b)C&H2025-03-282025-03-28Complete
21II. UCC Financing StatementsUCC-1 — Pennsylvania Department of State: Clearfield Tool & Die, Inc.Section 4.01(b)C&H2025-03-282025-03-28CompletePennsylvania corporation
22II. UCC Financing StatementsUCC-1 — South Carolina Secretary of State: Summit Industrial Fabrication Co.Section 4.01(b)C&H2025-03-282025-03-28CompleteSouth Carolina corporation
23II. UCC Financing StatementsUCC-1 — Texas Secretary of State: Ridgepoint Specialty Coatings, LLCSection 4.01(b)C&H2025-03-282025-03-28CompleteTexas LLC
24II. UCC Financing StatementsUCC-1 — Michigan Department of State: Lakeshore Precision Engineering, Inc.Section 4.01(b)C&H2025-03-282025-03-28CompleteMichigan corporation
25III. Closing CertificatesClosing Certificate of the Borrower (Nexford) — certifying satisfaction of all conditions precedent, accuracy of representations and warranties, absence of defaults, no material adverse effectSection 4.01(c)C&H / Nexford2025-03-282025-03-28Complete
26III. Closing CertificatesOfficer's Certificate of the Borrower — Representations and Warranties; No Default (signed by Michelle Kaplan, CFO)Section 4.01(c)C&H / Nexford2025-03-282025-03-28CompleteCertifies all reps true and correct in all material respects; no Event of Default or Default
27III. Closing CertificatesSecretary's Certificate of the Borrower — Incumbency, Resolutions (adopted January 13, 2025), Organizational Documents (signed by David Engstrom, General Counsel & Corporate Secretary)Section 4.01(c)C&H / Nexford2025-03-282025-03-28CompleteAttaches board resolutions, certificate of incorporation, bylaws; certified March 28, 2025
28III. Closing CertificatesSecretary's / Authorized Person's Certificate of Granite Peak NIH Holdings, LLC (Holdings Guarantor) — incumbency, manager/member resolutions (adopted January 13, 2025), certificate of formation, LLC agreementSection 4.01(c)C&H / KB&A2025-03-282025-03-28Complete
29III. Closing CertificatesSecretary's / Authorized Person's Certificates — each of 11 Subsidiary Guarantors (NPC, NES, NCST, NMS, NP LLC, NIH Intl, Clearfield, Summit, Ridgepoint, Lakeshore, Nexford Manufacturing Services)Section 4.01(c)C&H / Nexford2025-03-282025-03-28Complete11 certificates total; one per Subsidiary Guarantor
30III. Closing CertificatesSolvency Certificate — executed by Michelle Kaplan (CFO), certifying consolidated solvency of Nexford and subsidiaries after giving effect to the transactionsSection 4.01(d)C&H / Nexford2025-03-282025-03-28CompleteFair value of assets exceeds liabilities; able to pay debts as they become due; adequate capital
31III. Closing CertificatesBorrower's Certificate — Pro Forma Compliance with Financial Covenants (signed by Michelle Kaplan, CFO)Section 4.01(e)C&H / Nexford2025-03-282025-03-28CompletePro forma first lien net leverage: ~3.38x (($1.4B – $100M) ÷ $385M); total net leverage: ~4.03x (($1.4B + $250M – $100M) ÷ $385M); max covenant: 5.00x springing
32III. Closing CertificatesBorrower's Certificate — Use of Proceeds Compliance (Sanctions / OFAC / Anti-Corruption / Anti-Money Laundering)Section 4.01(f)C&H / Nexford2025-03-282025-03-28CompleteCertifies proceeds used solely for permitted purposes; compliance with OFAC, FCPA, USA PATRIOT Act, Bank Secrecy Act
33IV. Good Standing and Organizational DocumentsGood Standing Certificates — all Loan Parties (Nexford, Holdings, 11 Subsidiary Guarantors), from respective Secretaries of State, dated within 5 business days of closingSection 4.01(g)Sophie Tremblay / C&H2025-03-282025-03-27CompleteOrdered from DE, IL, PA, SC, TX, MI Secretaries of State / Departments of State
34IV. Good Standing and Organizational DocumentsCertified Copies of Organizational Documents — all Loan Parties (certificates of incorporation / formation, bylaws / LLC agreements) from respective Secretaries of StateSection 4.01(g)Sophie Tremblay / C&H2025-03-282025-03-27Complete
35IV. Good Standing and Organizational DocumentsBoard Resolutions of the Borrower (Nexford) — adopted January 13, 2025, authorizing the $1.4B TLB, refinancing, dividend recapitalization, and execution of all transaction documents; certified by David Engstrom as of March 28, 2025Section 4.01(g)C&H / Nexford2025-03-282025-03-28Complete
36IV. Good Standing and Organizational DocumentsManager/Member Resolutions of Granite Peak NIH Holdings, LLC — adopted January 13, 2025, authorizing guarantee, pledge, and related actions; certified as of March 28, 2025Section 4.01(g)KB&A2025-03-282025-03-28Complete
37IV. Good Standing and Organizational DocumentsBoard/Manager Resolutions of each Subsidiary Guarantor — authorizing Guarantee Agreement, Security Agreement, pledge and collateral documents; certified as of March 28, 2025Section 4.01(g)C&H / Nexford2025-03-282025-03-28Complete
38V. Legal OpinionsLegal Opinion of Calderwood & Harkness LLP — Enforceability, No Conflicts (NY law) — addressed to Crescent Harbor Bank, N.A. as Administrative AgentSection 4.01(h)C&H (Claudia Merritt)2025-03-282025-03-28CompleteCovers Credit Agreement, Guarantee Agreement, and related Loan Documents
39V. Legal OpinionsLegal Opinion of Calderwood & Harkness LLP — Security Interest Perfection under NY UCC — addressed to Crescent Harbor Bank, N.A. as Collateral AgentSection 4.01(h)C&H (Claudia Merritt)2025-03-282025-03-28CompletePerfection upon UCC-1 filing and delivery of pledged collateral
40V. Legal OpinionsLegal Opinion of Hargrove & Whitmore LLP — Illinois Law Enforceability and Perfection Opinion (Robert Kimura, lead partner)Section 4.01(h)H&W2025-03-282025-03-28CompleteCovers Illinois-organized entities (Nexford Manufacturing Services, LLC)
41V. Legal OpinionsLegal Opinion of Briarcliff Legal Group PA — Delaware Law Entity Opinions: Organization, Good Standing, Authority (Catherine Ellsworth, lead partner)Section 4.01(h)Briarcliff2025-03-282025-03-28CompleteCovers all Delaware-organized Loan Parties
42V. Legal OpinionsOpinion Back-Up Certificate of Borrower (factual matters for opinion reliance)Section 4.01(h)C&H / Nexford2025-03-282025-03-28Complete
43VI. Lien Searches and ReleasesUCC Search Results — all filing jurisdictions (DE, IL, PA, SC, TX, MI) confirming no intervening liensSection 4.01(i)C&H2025-03-272025-03-27CompleteBring-down lien search confirmation dated March 27, 2025
44VI. Lien Searches and ReleasesIP Lien Search Results — USPTO and U.S. Copyright OfficeSection 4.01(i)C&H2025-03-272025-03-27CompleteNo adverse filings identified
45VI. Lien Searches and ReleasesPayoff Letter from Atlas Meridian Bank, N.A. — payoff amount of $879,375,000 ($875,000,000 principal + ~$4,375,000 accrued interest); received via Sandra Vickers (MD, Portfolio Management)Section 4.01(j)C&H / Nexford2025-03-252025-03-25CompleteReviewed and commented by C&H; existing revolver $0 drawn, commitment to be terminated
46VI. Lien Searches and ReleasesLien Release Authorization Letter — Atlas Meridian Bank, N.A. authorizing release of all liens and security interests upon receipt of payoffSection 4.01(j)C&H2025-03-272025-03-27Complete
47VI. Lien Searches and ReleasesUCC-3 Termination Statements — prepared for filing to terminate all Atlas Meridian UCC-1 filings (DE, IL, PA, SC, TX, MI)Post-Closing (Section 5.14)C&H2025-03-282025-03-28CompleteFiled March 31, 2025 — see Post-Closing tab
48VII. Funds Flow and Wire InstructionsFunds Flow Memorandum — Execution Version (signed by all parties, March 27, 2025)Section 4.01(k)C&H / Nexford / CHB2025-03-272025-03-27CompleteSources: $1,400,000,000 TLB proceeds. Uses: $879,375,000 Atlas Meridian payoff; ~$335,000,000 dividend to Granite Peak NIH Holdings, LLC; ~$38,625,000 fees & expenses; $147,000,000 cash to balance sheet
49VII. Funds Flow and Wire InstructionsWire Transfer Instructions — Nexford designated bank accountsSection 4.01(k)Nexford (Priya Mehta)2025-03-262025-03-26Complete
50VII. Funds Flow and Wire InstructionsWire Transfer Instructions — Atlas Meridian Bank, N.A. (payoff wire)Section 4.01(k)Atlas Meridian (Sandra Vickers)2025-03-262025-03-26Complete
51VII. Funds Flow and Wire InstructionsWire Transfer Instructions — Granite Peak NIH Holdings, LLC (dividend payment ~$335,000,000)Section 4.01(k)KB&A / Granite Peak2025-03-262025-03-26Complete
52VIII. Financial and Ratings DeliverablesAudited financial statements for fiscal years ended December 31, 2022, 2023, and 2024 (audited by Ashworth & Kendrick LLP; engagement partner: Helen Yamamoto, CPA)Section 4.01(l)Nexford (Michelle Kaplan)2025-03-142025-03-14Complete
53VIII. Financial and Ratings DeliverablesPro forma financial statements giving effect to the transactionsSection 4.01(l)Nexford / Stonebridge Advisory (Andrew Castellano)2025-03-142025-03-14CompleteLTM Adjusted EBITDA: $385,000,000 ($357M reported + $28M add-backs). LTM Revenue: $2,100,000,000. CapEx: $78,000,000.
54VIII. Financial and Ratings DeliverablesRating agency confirmations — Keystone Ratings Group, Inc.: B1 CFR / B1 facility rating; Sentinel Credit Analytics, LLC: B+ CCR / BB- facility ratingSection 4.01(m)Stonebridge Advisory / Nexford2025-02-262025-02-26CompleteRatings assigned February 26, 2025 following presentations on February 19, 2025
55IX. Collateral Appraisals and EnvironmentalAppraisal reports — Greystone Valuation Services, Inc. (Daniel Pritchard, MAI) for four mortgaged propertiesSection 4.01(n)C&H / Nexford2025-03-142025-03-14CompleteTotal appraised value: $193,000,000. (1) 1400 Industrial Pkwy, Schaumburg, IL: $85M; (2) 2750 Commerce Dr, Rockford, IL: $42M; (3) 600 Manufacturers Row, Greenville, SC: $38M; (4) 9100 Westpark Industrial Blvd, Houston, TX: $28M
56IX. Collateral Appraisals and EnvironmentalPhase I Environmental Site Assessment reports — Clearwater Environmental Sciences, Inc. (Dr. Nathan Foley, project manager) for four mortgaged propertiesSection 4.01(n)C&H / Nexford2025-02-222025-02-22CompleteReviewed by C&H; memorandum dated February 22, 2025
57X. InsuranceEvidence of insurance compliance — property & casualty (Continental Shield Underwriters, Inc.), D&O (Meridian Specialty Insurance Co.) per credit agreement requirements; reviewed with Vantage Risk Advisors, LLC (Rachel Sorensen)Section 4.01(o)C&H / Nexford / Vantage Risk2025-03-212025-03-21CompleteInsurance program review memorandum dated February 24, 2025
58X. InsuranceLender loss payee / additional insured endorsements naming Crescent Harbor Bank, N.A. as Collateral AgentSection 4.01(o)Vantage Risk / Nexford2025-03-262025-03-26Complete
59XI. Tax DeliverablesW-9 forms — all domestic Loan Parties (Nexford EIN: 36-4178552; Holdings EIN: 85-3291047; each Subsidiary Guarantor)Section 4.01(p)Sophie Tremblay / Sylvia Hartwell2025-03-282025-03-27CompletePer W-8/W-9 collection checklist dated March 14, 2025
60XI. Tax DeliverablesW-8BEN-E / W-8IMY forms — foreign subsidiaries (Nexford Canada Holdings ULC; Nexford Canada Manufacturing, Inc.) as applicableSection 4.01(p)Sophie Tremblay / Sylvia Hartwell2025-03-282025-03-27Complete
61XII. Syndication DeliverablesCommitment letter executed by Crescent Harbor Bank, N.A. ($1,400,000,000)Commitment LetterC&H / CHB2025-02-142025-02-14CompleteExecuted February 14, 2025
62XII. Syndication DeliverablesFee letter executed between Nexford and Crescent Harbor Bank, N.A. (arrangement fee: 50 bps / $7,000,000; upfront fee to lenders: 100 bps; OID: 50 bps / $7,000,000)Commitment LetterC&H / CHB2025-02-182025-02-18Complete
63XII. Syndication DeliverablesLender allocations finalized — lead arrangers and anchor investorsCommitment LetterCHB (Thomas Nakamura) / Ironwood / Northvane2025-03-142025-03-14CompleteCHB target final hold: $175M; Ironwood: $200M; Northvane: $150M; Ridgeline: $125M; Halcyon: $100M; Verdant: $100M; Cascadia III: $75M; Bluewater: $75M; remaining ~$400M general syndication
64XII. Syndication DeliverablesGeneral syndication completed — final lender commitments receivedCommitment LetterCHB (Elaine Prescott / Thomas Nakamura)2025-03-212025-03-21CompleteFull $1,400,000,000 committed
65XII. Syndication DeliverablesBank meeting / lender presentation completedCommitment LetterCHB / Stonebridge Advisory2025-02-272025-02-27Complete
66XIII. Signature PagesSignature Pages — Credit Agreement (Borrower, all Guarantors, Administrative Agent / Collateral Agent, all Lenders)Section 4.01(a)C&H / W&G / All parties2025-03-282025-03-28CompleteCirculated March 25, 2025
67XIII. Signature PagesSignature Pages — Guarantee Agreement (Holdings + 11 Subsidiary Guarantors)Section 4.01(a)C&H2025-03-282025-03-28Complete
68XIII. Signature PagesSignature Pages — Security Agreement, all Pledge Agreements, IP Security AgreementSection 4.01(a)C&H2025-03-282025-03-28Complete
69XIII. Signature PagesSignature Pages — Intercreditor Agreement (Crescent Harbor as First Lien Collateral Agent; Pinnacle Trust Company as Unsecured Notes Trustee; Nexford)Section 4.01(a)C&H / W&G2025-03-282025-03-28Complete
70XIV. Bring-Down ConfirmationsBring-Down Good Standing Certificates — all Loan Parties, dated within 5 business days of closingSection 4.01(g)Sophie Tremblay / C&H2025-03-272025-03-27CompleteObtained March 27, 2025
71XIV. Bring-Down ConfirmationsBring-Down Lien Search Confirmation — no intervening liens since initial search dateSection 4.01(i)C&H2025-03-272025-03-27CompleteUpdated UCC searches in all filing jurisdictions
72XIV. Bring-Down ConfirmationsConfirmation of no Material Adverse Effect since December 31, 2024Section 4.01(c)Nexford2025-03-282025-03-28CompleteCovered by Closing Certificate and Officer's Certificate
73XIV. Bring-Down ConfirmationsConfirmation that no Default or Event of Default exists or would result from the borrowingSection 4.01(c)Nexford2025-03-282025-03-28Complete
74XV. Miscellaneous Closing DeliverablesClosing Agenda — Final Version (dated March 27, 2025)N/AC&H (Marcus Leung)2025-03-272025-03-27Complete
75XV. Miscellaneous Closing DeliverablesOFAC / Sanctions screening confirmation for all Loan PartiesSection 4.01(f)C&H / CHB2025-03-282025-03-28CompleteNo Loan Party or known agent is a Sanctioned Person; reviewed per C&H regulatory compliance memorandum dated February 27, 2025
76XV. Miscellaneous Closing DeliverablesKYC / USA PATRIOT Act and Bank Secrecy Act documentation for Borrower and GuarantorsSection 4.01(q)Nexford (Priya Mehta) / CHB2025-03-212025-03-21Complete
77XV. Miscellaneous Closing DeliverablesEvidence that the existing prepayment premium on the Atlas Meridian term loan was waived (Fourth Amendment dated September 12, 2024)Section 4.01(j)C&H / Nexford2025-03-142025-03-14CompleteConfirmed per review of Fourth Amendment to Existing Credit Agreement

[sheet: Post-Closing Obligations]

Item No.Post-Closing DeliverableCredit Agreement Section ReferenceResponsible PartyDeadlineActual Delivery DateStatusNotes / Comments
STATUS SUMMARY: Total Items: 10Complete: 1In Progress: 6Pending: 3
1UCC-3 Termination Statements — filed to terminate all Atlas Meridian Bank, N.A. UCC-1 filings in Delaware, Illinois, and PennsylvaniaSection 5.14C&H2025-03-312025-03-31CompleteFiled March 31, 2025; covers DE Secretary of State, IL Secretary of State, PA Department of State
2Delivery of original executed transaction documents to Administrative AgentSection 5.14C&H2025-03-31In ProgressTarget: March 31, 2025
3Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing — 1400 Industrial Parkway, Schaumburg, IL 60173 (Cook County, IL; appraised value: $85,000,000)Section 5.14C&H / H&W2025-04-30In ProgressRecording in Cook County; prepared with input from Hargrove & Whitmore LLP
4Mortgage — 2750 Commerce Drive, Rockford, IL 61101 (Winnebago County, IL; appraised value: $42,000,000)Section 5.14C&H / H&W2025-04-30In ProgressRecording in Winnebago County
5Mortgage — 600 Manufacturers Row, Greenville, SC 29607 (Greenville County, SC; appraised value: $38,000,000)Section 5.14C&H2025-04-30In ProgressRecording in Greenville County
6Mortgage — 9100 Westpark Industrial Boulevard, Houston, TX 77063 (Harris County, TX; appraised value: $28,000,000)Section 5.14C&H2025-04-30In ProgressRecording in Harris County
7Lender's title insurance policies for all four mortgaged properties — issued by Landmark Title Assurance CompanySection 5.14C&H / Nexford2025-04-30In ProgressTitle insurance commitments under review; memorandum forthcoming April 2025
8Post-Closing Certificate — Delivery of recorded mortgages and title policies to Crescent Harbor Bank, N.A. as Collateral AgentSection 5.14Nexford / C&H2025-04-30PendingTo be delivered upon completion of mortgage recordings and title policy issuance
9UCC-3 Termination Statements — additional filings in South Carolina, Texas, and Michigan for Atlas Meridian liensSection 5.14C&H2025-03-31In ProgressTo be filed promptly
10Closing Binder compilation and delivery to clientN/AC&H (Sophie Tremblay)2025-04-30PendingClosing binder index prepared; compilation instructions issued

[sheet: Key Dates Timeline]

DateEvent / MilestoneCategoryKey Parties / ContactsStatus
2019-01-15Granite Peak Capital Partners, LP acquisition of Nexford (EV: $1,650,000,000; equity investment: $725,000,000)HistoricalGranite Peak (Derek Calloway, Vanessa Liu)Complete
2019-06-14Existing Credit Agreement executed (Atlas Meridian Bank, N.A. as Admin Agent; $875M TL + $190M Revolver)HistoricalAtlas Meridian (Sandra Vickers)Complete
2021-11-08Senior Unsecured Notes issued ($250,000,000 at 7.250% due 2028; Pinnacle Trust Company as Trustee); prior dividend recap ($275,000,000); Second Amendment to Existing Credit AgreementHistoricalPinnacle Trust CompanyComplete
2023-04-15Third Amendment to Existing Credit AgreementHistoricalAtlas MeridianComplete
2024-09-12Fourth Amendment to Existing Credit Agreement (prepayment premium waived)HistoricalAtlas MeridianComplete
2024-12-31LTM financial reporting date (Revenue: $2.1B; Adj. EBITDA: $385M; CapEx: $78M)FinancialNexford (Michelle Kaplan)Complete
2025-01-06Granite Peak board approval of dividend recapitalizationApprovalGranite Peak (Ryan Ostrowski)Complete
2025-01-13Nexford board of directors approval of refinancing and dividendApprovalNexford (James Thornton, David Engstrom)Complete
2025-01-22Engagement of Stonebridge Advisory Group, LLC as financial advisor (Andrew Castellano, MD)EngagementStonebridge AdvisoryComplete
2025-01-27Mandate letter executed with Crescent Harbor Bank, N.A.DocumentationCrescent Harbor (Elaine Prescott)Complete
2025-02-03C&H matter opened (No. 1005-00001); engagement letter executedAdministrativeC&H (Claudia Merritt, Ian Blackwood)Complete
2025-02-05Initial term sheet delivered by Crescent HarborDocumentationCrescent Harbor / W&GComplete
2025-02-10C&H marked term sheet delivered to Whitfield & GageDocumentationC&H (Marcus Leung)Complete
2025-02-14Commitment letter executed ($1,400,000,000)DocumentationCrescent Harbor / NexfordComplete
2025-02-18Fee letter executedDocumentationCrescent Harbor / NexfordComplete
2025-02-19Rating agency presentations to Keystone Ratings Group and Sentinel Credit AnalyticsSyndicationStonebridge Advisory / NexfordComplete
2025-02-24First draft credit agreement circulated by Whitfield & Gage LLPDocumentationW&G (Margaret Ashby, Jonathan Ferris)Complete
2025-02-26Ratings assigned: Keystone B1 CFR / B1 facility; Sentinel B+ CCR / BB- facilitySyndicationKeystone / SentinelComplete
2025-02-27Bank meeting / lender presentationSyndicationCrescent Harbor (Elaine Prescott, Thomas Nakamura)Complete
2025-03-03C&H returned marked first draft credit agreementDocumentationC&H (Marcus Leung)Complete
2025-03-05Second draft credit agreement circulated by W&GDocumentationW&GComplete
2025-03-07Ironwood Capital Markets and Northvane Securities join as joint lead arrangersSyndicationIronwood / NorthvaneComplete
2025-03-10First draft security agreement, guarantee, and pledge agreements circulated by C&HDocumentationC&HComplete
2025-03-12First draft intercreditor agreement circulated by W&GDocumentationW&GComplete
2025-03-14Lead arranger / anchor investor allocations finalizedSyndicationCrescent HarborComplete
2025-03-17Third draft credit agreement circulated; key commercial terms substantially agreedDocumentationW&GComplete
2025-03-19C&H marked intercreditor agreement returned to W&GDocumentationC&HComplete
2025-03-21General syndication target close; final lender commitments receivedSyndicationCrescent HarborComplete
2025-03-24Execution-ready documents targetedDocumentationC&H / W&GComplete
2025-03-25Pre-closing; signature pages begin circulatingClosingAll counselComplete
2025-03-26Closing certificate and officer's certificate preparation; wire instructions finalizedClosingC&H / NexfordComplete
2025-03-27Final version of this checklist; bring-down good standing and lien searches; funds flow memo signedClosingSophie Tremblay / C&HComplete
2025-03-28TARGET CLOSING DATE — funding; repayment of existing facilities ($879,375,000 to Atlas Meridian); dividend payment (~$335,000,000 to Holdings); cash to balance sheet ($147,000,000)ClosingAll partiesComplete
2025-03-31Post-closing: original documents delivered; UCC-3 termination filings for Atlas Meridian liensPost-ClosingC&HComplete
2025-04-30Post-closing deadline: delivery of mortgages and title policies (Landmark Title Assurance Company) for four mortgaged propertiesPost-ClosingC&H / H&W / NexfordUpcoming
2025-06-30First quarterly amortization payment due ($3,500,000 = $1.4B × 1.00% ÷ 4)Loan AdministrationNexford (Priya Mehta)Upcoming
2032-03-28Maturity date (7 years from closing)Loan AdministrationN/AUpcoming

[sheet: Parties and Contacts]

RoleFull Legal NameShort NameEntity TypeJurisdictionAddressKey ContactTitleCounsel
BorrowerNexford Industrial Holdings Inc.Nexford / NIHCorporationDelaware1400 Industrial Parkway, Schaumburg, IL 60173James Thornton (CEO); Michelle Kaplan (CFO); David Engstrom (GC); Priya Mehta (VP Treasury)See prior columnCalderwood & Harkness LLP
Holdings / Direct Parent / Holdings GuarantorGranite Peak NIH Holdings, LLCHoldingsLimited Liability CompanyDelawarec/o Penmark Industries, 1209 Orange Street, Wilmington, DE 19801Ryan OstrowskiPrincipal, Deal Team Lead (Granite Peak)Kellner Brandt & Associates LLP
Private Equity SponsorGranite Peak Capital Partners, LPGranite PeakLimited PartnershipDelaware600 Steamboat Road, Suite 300, Greenwich, CT 06830Derek Calloway; Vanessa Liu; Ryan OstrowskiCo-Founders & Managing Partners; PrincipalKellner Brandt & Associates LLP
Fund VehicleGranite Peak Capital Fund IV, LPFund IVLimited PartnershipDelaware600 Steamboat Road, Suite 300, Greenwich, CT 06830
Co-Investment VehicleGP Fund IV Co-Invest, LPCo-Invest VehicleLimited PartnershipDelaware600 Steamboat Road, Suite 300, Greenwich, CT 06830
Lead Left Arranger / Admin Agent / Collateral AgentCrescent Harbor Bank, N.A.CHBNational Banking AssociationUnited States (OCC)320 Federal Street, Boston, MA 02110Elaine Prescott (MD, Lev Fin); Thomas Nakamura (Dir, Syndication)Whitfield & Gage LLP
Existing Lender Agent (to be refinanced)Atlas Meridian Bank, N.A.Atlas MeridianNational Banking AssociationUnited States (OCC)500 Liberty Avenue, Pittsburgh, PA 15222Sandra VickersMD, Portfolio Management
Joint Lead Arranger / BookrunnerIronwood Capital Markets, LLCIronwoodLLCDelaware1100 Avenue of the Americas, New York, NY 10036
Joint Lead ArrangerNorthvane Securities, Inc.NorthvaneCorporationDelaware200 South Wacker Drive, Chicago, IL 60606
Syndicate Lender (CLO/Institutional)Ridgeline Asset Management, LPRidgelineLPDelaware55 East 52nd Street, New York, NY 10055
Syndicate Lender (Direct Lending Fund)Halcyon Credit Partners, LLCHalcyonLLCDelaware2000 K Street NW, Washington, DC 20006
Syndicate Lender (Insurance/Institutional)Verdant Institutional Investors, LPVerdantLPConnecticutOne Financial Center, Hartford, CT 06103
Syndicate Lender (CLO Vehicle)Cascadia Loan Fund III, LPCascadia IIILPDelaware888 SW Fifth Avenue, Portland, OR 97204Managed by Cascadia Credit Advisors, LLC
Syndicate Lender (Credit Fund)Bluewater Fixed Income Fund, LPBluewaterLPDelaware300 Biscayne Boulevard, Miami, FL 33131
Unsecured Notes TrusteePinnacle Trust CompanyPinnacle TrustTrust CompanyNew York101 Park Avenue, New York, NY 10178
Borrower's CounselCalderwood & Harkness LLPC&HLLPNew York425 Lexington Avenue, New York, NY 10017Claudia Merritt (Partner); Ian Blackwood (Billing Partner); Marcus Leung (Lead Associate); Sophie Tremblay (Associate); Sylvia Hartwell (Tax Partner)
Arranger's / Agent's CounselWhitfield & Gage LLPW&GLLPNew York51 West 52nd Street, New York, NY 10019Margaret Ashby (Partner); Jonathan Ferris (Associate)
Sponsor's CounselKellner Brandt & Associates LLPKB&ALLPNew York900 Third Avenue, New York, NY 10022Patricia Voss (Partner)
Illinois Local CounselHargrove & Whitmore LLPH&WLLPIllinois233 South Wacker Drive, Suite 4500, Chicago, IL 60606Robert Kimura (Partner)
Delaware Local CounselBriarcliff Legal Group PABriarcliffPADelaware1000 North King Street, Wilmington, DE 19801Catherine Ellsworth (Partner)
Financial AdvisorStonebridge Advisory Group, LLCStonebridgeLLCDelaware277 Park Avenue, New York, NY 10172Andrew Castellano (MD)
Independent AuditorAshworth & Kendrick LLPA&KLLPIllinois200 South Michigan Avenue, Chicago, IL 60604Helen Yamamoto, CPA (Engagement Partner)
Collateral AppraiserGreystone Valuation Services, Inc.GreystoneCorporationPennsylvania1700 Market Street, Philadelphia, PA 19103Daniel Pritchard, MAI
Insurance BrokerVantage Risk Advisors, LLCVantage RiskLLCIllinois350 North Clark Street, Chicago, IL 60654Rachel Sorensen (Account Executive)
Environmental ConsultantClearwater Environmental Sciences, Inc.Clearwater EnvironmentalCorporationIllinois8500 West Bryn Mawr Avenue, Chicago, IL 60631Dr. Nathan Foley (Project Manager)
Rating AgencyKeystone Ratings Group, Inc.KeystoneCorporationDelaware7 World Trade Center, New York, NY 10007CFR: B1 / Facility: B1
Rating AgencySentinel Credit Analytics, LLCSentinelLLCDelaware55 Water Street, New York, NY 10041CCR: B+ / Facility: BB-
Title Insurance UnderwriterLandmark Title Assurance Company
D&O Insurance CarrierMeridian Specialty Insurance Co.
Property & Casualty Insurance CarrierContinental Shield Underwriters, Inc.

[sheet: Guarantor and Collateral Summar]

Entity Full Legal NameShort NameEntity TypeJurisdiction of OrganizationGuarantor TypeUCC Filing JurisdictionUCC Filing OfficeUCC-1 Filed DateEquity PledgeOwned Real Property Above $10M ThresholdMortgage Recording JurisdictionAppraised ValueNotes
Nexford Industrial Holdings Inc.Nexford / NIHCorporationDelawareBorrowerDelawareSecretary of State2025-03-28N/A (Borrower)1400 Industrial Parkway, Schaumburg, IL 60173Cook County, IL85000000Corporate HQ and primary manufacturing facility; DE File No. 5765432; EIN: 36-4178552
Granite Peak NIH Holdings, LLCHoldingsLLCDelawareHoldings GuarantorDelawareSecretary of State2025-03-28100% equity in NexfordNone0DE File No. 7234891; EIN: 85-3291047; registered at c/o Penmark Industries, 1209 Orange Street, Wilmington, DE 19801
Nexford Precision Components, Inc.NPCCorporationDelawareSubsidiary GuarantorDelawareSecretary of State2025-03-28100% pledged by Borrower2750 Commerce Drive, Rockford, IL 61101Winnebago County, IL42000000Precision Components plant
Nexford Engineered Systems, LLCNESLLCDelawareSubsidiary GuarantorDelawareSecretary of State2025-03-28100% pledged by Borrower600 Manufacturers Row, Greenville, SC 29607Greenville County, SC38000000Engineered Systems plant
Nexford Coatings & Surface Technologies, Inc.NCSTCorporationDelawareSubsidiary GuarantorDelawareSecretary of State2025-03-28100% pledged by BorrowerNone0
Nexford Manufacturing Services, LLCNMSLLCIllinoisSubsidiary GuarantorIllinoisSecretary of State2025-03-28100% pledged by BorrowerNone0Illinois LLC — UCC filed in Illinois
Nexford Properties, LLCNP LLCLLCDelawareSubsidiary GuarantorDelawareSecretary of State2025-03-28100% pledged by BorrowerNone0Real property holding entity
Nexford International Holdings, Inc.NIH IntlCorporationDelawareSubsidiary GuarantorDelawareSecretary of State2025-03-28100% pledged by Borrower; limited pledge of 65% voting / 100% non-voting equity in NCH ULCNone0CFC Holdco; pledge of foreign sub equity limited
Clearfield Tool & Die, Inc.ClearfieldCorporationPennsylvaniaSubsidiary GuarantorPennsylvaniaDepartment of State2025-03-28100% pledged by BorrowerNone0Acquired 2021; 175 Clearfield Avenue, Clearfield, PA 16830
Summit Industrial Fabrication Co.SummitCorporationSouth CarolinaSubsidiary GuarantorSouth CarolinaSecretary of State2025-03-28100% pledged by BorrowerNone0Acquired 2022; 820 Summit Drive, Spartanburg, SC 29303
Ridgepoint Specialty Coatings, LLCRidgepointLLCTexasSubsidiary GuarantorTexasSecretary of State2025-03-28100% pledged by Borrower9100 Westpark Industrial Blvd, Houston, TX 77063Harris County, TX28000000Acquired 2023; Coatings facility
Lakeshore Precision Engineering, Inc.LakeshoreCorporationMichiganSubsidiary GuarantorMichiganDepartment of State2025-03-28100% pledged by BorrowerNone0Acquired 2024; 3200 Lakeshore Boulevard, Muskegon, MI 49441
TOTAL APPRAISED VALUE193000000Count of Guarantors: 12 (1 Holdings + 11 Subsidiary)