Latham & Watkins advised Carlyle Global Credit on Turn/River Capital's take-private acquisition of Tufin

Latham & Watkins advised Carlyle Global Credit on Turn/River Capital's take-private acquisition of Tufin

Latham & Watkins advised Carlyle Global Credit on the financing in support of Turn/River Capital's take-private acquisition of Tufin®.

On April 6, Tufin and Turn/River Capital announced an agreement to take Tufin private; as part of the transaction, Tufin took advantage of Carlyle's recently launched Decarbonization-Linked Financing Program. As a result, Tufin may access a certain reduction in the applicable interest rate if the Company meets applicable greenhouse gas emissions reduction targets contained in an Environmental, Social & Governance (ESG) schedule.

"Our decarbonization-linked financing program provides another avenue for Carlyle to support its borrowers in a decarbonizing world, and we believe it will help drive meaningful action on carbon emissions reductions. Credit markets have historically lacked the tools equity investors have to drive improvements on material ESG topics. We believe this strategy represents a new approach to tackling that challenge," said Meg Starr, Global Head of Impact at Carlyle.

The Latham & Watkins team included Betty Huber, the New York-based Global Co-Chair of Latham's ESG practice, and New York associate Karmpreet "Preeti" Grewal, along with Washington DC partner Manu Gayatrinath and New York partner Stelios Saffos, advising on ESG matters, and a financing team led by Los Angeles partner Jason Bosworth and Bay Area partner Haim Zaltzman, with London partner Hendrik Smit, Houston finance partner Pamela Kellet, and Los Angeles associates Hai Pham, Yesenia Barberena, and Gina Han.

The transaction was closed and funded on August 25, 2022.