White & Case Represents Freeport LNG in $3.85 Billion Debt Financing

Global law firm White & Case LLP represented Freeport LNG Expansion, L.P. (Freeport LNG) and its subsidiary FLNG Liquefaction, LLC (FLIQ1) in its recently signed $3.85 billion debt financing for the development of the first liquefaction train (Train 1) of Freeport LNG’s multi-train liquefaction and export facility at Quintana Island near Freeport, Texas.

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Stibbe advises Tornier

Stibbe advises Tornier N.V. on its merger with Wright Medical Group, Inc. in an all stock transaction with a combined equity value of approximately $3.3 billion.

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Ropes & Gray Represents CRC Health Group in $1.175 Billion Sale to Acadia Healthcare

Ropes & Gray represented CRC Health Group Inc. in its planned $1.175 billion acquisition by Acadia Healthcare announced Oct. 29. CRC is a California-based substance abuse treatment provider operating 120 facilities dedicated to the service of approximately 40,000 patients each day. The deal is scheduled to be completed in the first quarter of 2015.

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Milbank Advises on Momentive’s Restructuring

Momentive Performance Materials Inc. (with its subsidiaries “Momentive”) is one of the world’s largest producers of silicones and silicone derivatives, and is a global leader in the development and manufacture of products derived from quartz and specialty ceramics. Milbank represented an ad hoc committee of creditors (the “Ad Hoc Committee”), collectively holding over $400 million of the second lien notes issued by Momentive. The company encountered severe liquidity issues in 1Q 2014 as the continued slowdown of global economic growth and increasing over-capacity in its industry negatively impacted the results of both the silicones and quartz businesses.

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INEOS Group Holdings S.A.’s High-Yield Senior Debt Offering

Cravath represented INEOS Group Holdings S.A. in connection with its €600 million and US$590 million 144A/Reg. S high‑yield senior debt offering, guaranteed by INEOS Luxembourg S.A., INEOS Holdings Limited and certain of their subsidiaries. INEOS is one of the world’s largest chemical companies and has highly integrated, world‑class chemical facilities and production technologies. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 18, 2014.

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Cahill Represents Financing Sources in Pending Acquisition of Tim Hortons by Burger King

Cahill represented JPMorgan Chase Bank as administrative agent, J.P. Morgan Securities and Wells Fargo Securities as lead arrangers and the other arrangers in connection with the $6,750,000,000 Term B loan, and $500,000,000 revolving credit facility for 1011778 B.C. Unlimited Liability Company (an entity that will own existing Burger King and Tim Hortons if the acquisition is consummated) and New Red Finance, Inc. Proceeds from the facility will be used to finance a portion of the acquisition, to repay existing indebtedness and for general corporate purposes. The facility closed into escrow, subject to the closing of the acquisition.

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Allen & Overy LLP advises Vivendi on the sale of its subsidiary GVT for EUR7.450 billion

The Supervisory Board of Vivendi decided to enter into exclusive negotiations with Telefonica, after having received two binding offers: one from Telefonica and another from Telecom Italia.

The Telefonica offer represents a total enterprise value of EUR7.450 billion. It includes a part in cash (EUR4.663 billion) as well as a part in Telefonica Brasil shares (12%) of which about one third can be exchanged at Vivendi’s discretion for 5.7% of the share capital and 8.3% of the voting rights in Telecom Italia.

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Prudential Announces $1.4 Billion Pension Risk Transfer Transaction with Bristol-Meyers Squibb

Willkie recently advised Prudential in its $1.4 billion pension risk transfer transaction with Bristol-Myers Squibb Co. The transaction, which was announced on September 30, 2014, comes on the heels of the September 25 announcement of the pension risk transfer transaction between Prudential and Motorola Solutions. Read Willkie’s Announcement. Under the terms of this transaction, Bristol-Meyers Squibb has agreed to purchase a group annuity contract from The Prudential Insurance Company of America that will transfer to Prudential responsibility for the administration and payment of $1.4 billion of retirement benefits to approximately 8,000 Bristol-Meyers Squibb retirees. The transfer to Prudential is expected to occur in December 2014 and is subject to satisfaction of closing conditions.

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