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Representative Experience |
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ABL and acquisition finance. We advised on a number of complex linked cross-border facilities in seven jurisdictions and a securitization-lite of German receivables for the acquisition of the emissions technologies arm of a group of companies. This deal merged asset backed lending and securitization-lite acquisition finance facilities in order to provide a fully tailored and flexible solution to the borrower’s funding requirements across Europe and Canada.
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Caribbean acquisition financing. We advised the arrangers of an acquisition financing for the acquisition of the Caribbean regional operations of Courts plc operating in Antigua, Barbados, Belize, Bermuda, Dominica, Grenada, Guyana, Jamaica, St. Kitts, St. Lucia, St. Vincent and Trinidad and Tobago. The $320 million tender offer was one of the largest and most complex in the history of the Caribbean, involving collateral security in the United States, Europe and ten jurisdictions in the Caribbean.
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Cross-border acquisition finance. We represented Hospira, Inc. a global specialty pharmaceutical company, on the $2.425 billion financing in connection with its $2.2 billion acquisition of Mayne Pharma Limited, an international pharmaceuticals company listed on the Australian Stock Exchange. Morgan Stanley and Citibank were joint lead arrangers.
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Energy sector financing. We represented Tesoro Corporation in its $1.75 billion revolving credit facility (ABL/borrowing base revolver). $500 million of the proceeds were used in conjunction with Tesoro’s $1.76 billion acquisition of a 100,000 barrel per day refinery and 278 operating stations in Southern California from Shell. Tesoro Corporation is a Fortune 150 company.
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Gaming. We advised Bank of America as joint lead manager on its $4 billion secured revolving credit agreement for Boyd Gaming. Headquartered in Las Vegas, Boyd Gaming Corporation owns and operates 17 gaming entertainment properties across the US and is developing a major new resort on the Las Vegas Strip, expected to open in the third quarter 2010.
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Latin American acquisition financing. We advised the co-arrangers of $1.1 billion in financing for Ashmore Energy International’s acquisition of Prisma Energy International, the subsidiary of Enron Corp. that holds all of Enron’s non-US energy businesses. The total deal size of the acquisition, which was the second largest M&A transaction in Latin America in 2006, was $2.9 billion.
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Latin American acquisition financing. We advised Cemex, S.A.B. de C.V. in negotiating and documenting a $3 billion term loan facility to finance in part its $14.25 billion bid to acquire the Rinker Group Limited in Australia. This was the largest hostile offer ever made by a Latin American company for a non-Latin American company.
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Transatlantic acquisition financing. We advised Bank of America on a $1.35 billion senior secured multicurrency multi-borrower credit facility for John Wiley & Sons, Inc. to fund the acquisition of Blackwell Publishing and for general corporate purposes. The financing comprised a revolving credit facility and a term loan facility. It is guaranteed by certain subsidiaries in the United States and the United Kingdom and is secured by assets of the same subsidiaries in each jurisdiction.
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Transatlantic acquisition financing. We represented Morgan Stanley as administrative agent with respect to an acquisition financing for Mitel US Holdings, Inc., Mitel Networks Corporation and Mitel Networks, Inc. for its acquisition of Intertel (Delaware), Incorporated. This multi-jurisdictional transaction involved complex collateral issues across Europe and North America.
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One stop shop. We represented Morgan Stanley, Wachovia and JP Morgan as joint lead arrangers and joint book running managers in connection with the $3.1 billion financing for the acquisition of Swift Transportation, which included a $2.17 billion senior facility and a $835 high yield bond placement.
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