Yak Access, a provider of temporary access roads and related services, completed a major recapitalization led by its principal equity holder, Platinum Equity, on March 10, 2023.

Through this transaction, Yak obtained $121,000,000 of new money investments, largely from Platinum Equity, which remains in control of a majority of Yak's common equity. All lenders across the Company's capital structure supported the transaction, which resulted in an exchange of their existing loans into a combination of equity and approximately $419,000,000 in new loans maturing in March 2028. Yak also entered into a new $75,000,000 revolving credit facility led by MidCap Financial. By eliminating over $500,000,000 of net debt and substantially reducing leverage and debt service, Yak has emerged from this transaction with ample liquidity and a healthy, sustainable balance sheet.

Jonathan Duhon, the chief executive officer of Yak, commented, "I continue to appreciate the unanimous support of Platinum Equity and our lenders, as well as the cooperation of Yak's vendors and customers throughout this process and the hard work of our employees. With ample liquidity from Friday's transaction, Yak is strongly positioned to capture burgeoning demand for its best-in-class services."

Jacob Kotzubei, co-president of Platinum Equity, added, "We are pleased to take this step forward in our partnership with Yak and its other stakeholders. Our new investment in Yak demonstrates Platinum Equity's confidence in its operational foundation, its core values, and its ability to drive organic growth through continuous innovation."