Yak Access Receives 100% Lender Support for Restructuring and Recapitalization

Agreement will reduce debt by more than $500 million, provide ample liquidity and healthy, sustainable balance sheet

COLUMBIA, Miss., Feb. 20, 2023 /PRNewswire/ -- Yak Access, LLC ("Yak" or the "Company"), the nation's leading provider of temporary access roads and related services, announced today that it has now received the support of the holders of 100% of its funded debt obligations, as well as its principal equity holder, Platinum Equity to its previously announced Restructuring Support Agreement (the "RSA"). With this unanimous lender support for the RSA, Yak expects to rapidly conclude a recapitalization that will substantially reduce its debt and improve its liquidity.

Under the RSA, Platinum Equity has committed to backstop $121,000,000 of new money investments in Yak and will remain in control of a majority of Yak's common equity. The RSA also contemplates the placement of new revolving credit facility that will further bolster the Company's liquidity. All lenders across the Company's capital structure now support the proposed transaction, which will result in an exchange of the Company's existing loans into a combination of equity and new loans maturing in 2028, resulting in the elimination of over $500,000,000 of debt, reducing net leverage and associated debt service by more than half. As a result, Yak will emerge from its recapitalization with ample liquidity and a healthy, sustainable balance sheet.

Jonathan Duhon, the chief executive officer of Yak, commented, "The undivided support that the Company has received from its lenders and its equity sponsor means that Yak will be able to complete its recapitalization in short order. This process will provide our business with ample liquidity over the long-term and position Yak to capture increasing demand for its best-in-class services. I continue to appreciate the cooperation of Yak's vendors and customers through this process, the steadfast support of our lenders and Platinum Equity, and the continued hard work of our employees to implement our shared vision."

About Yak

Yak is a national provider of temporary roadways to remote construction sites. A dominant player in the industry, the Company specializes in selling and leasing mats that often run over rough environmental terrain. In addition to providing mats, Yak offers a suite of related services, including site design, mat installation and removal, and environmental remediation. Yak is headquartered in Columbia, Mississippi, and primarily serves the power line, renewable, industrial, and pipeline industries.

Forward-Looking Statements

Yak has included statements in this press release that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended. As a general matter, forward-looking statements are those focused on future or anticipated events or trends, expectations and beliefs including, among other things, the Company's expectations with respect to the amend and extend transaction described herein. Such statements are intended to be identified by using words such as "believe," "expect," "intend," "estimate," "anticipate," "will," "project," "plan" and similar expressions in connection with any discussion of future operating or financial performance. Any forward-looking statements are and will be based upon the Company's then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. Readers are cautioned not to put undue reliance on such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected in this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

John Hedge
Yak Access
[email protected]

Dan Whelan
Platinum Equity
[email protected]

SOURCE Platinum Equity