Glimcher’s $4.3 Billion Acquisition by Washington Prime

The Firm is representing Glimcher Realty Trust in connection with its acquisition by Washington Prime Group Inc. in a stock and cash transaction valued at $4.3 billion. Glimcher shareholders will receive, for each Glimcher share, $10.40 in cash and 0.1989 of a share of WPG stock at closing. As part of the transaction, Simon Property Group, Inc. has entered into an agreement to acquire two properties currently owned by Glimcher for an aggregate cash purchase price of $1.09 billion. The transaction is expected to close in the first quarter of 2015. The combined company will be renamed WP Glimcher and will maintain Glimcher’s headquarters in Columbus, Ohio.

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Source:  www.stblaw.com

Paul Hastings Represents Banks in Axtel, S.A.B. de C.V. Bond Offering

Paul Hastings LLP, a leading global law firm, announced today that it represented Citigroup and Credit Suisse as initial purchasers in a new $150 million issuance of senior secured bonds in connection with a financing for Mexican telecommunications company Axtel, S.A.B. de C.V. The new financing of senior secured bonds was issued as a reopening of Axtel’s Senior Secured Notes due 2020, which are step-up notes that currently have a coupon of 8% that will rise to 9% on January 31, 2015. In June 2014, the company conducted a consent solicitation of the existing holders of Senior Secured Notes due 2020 to allow this new issuance and additional secured debt to be secured by the same collateral securing the existing Senior Secured Notes due 2020, and Paul Hastings represented Citigroup and Credit Suisse as solicitation agents in that successful consent solicitation.

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Source:  www.paulhastings.com

Goodwin Advises Boston Properties on $1.5 Billion Sale of Interests in Boston and New York Properties

Goodwin Procter attorneys advised Boston Properties on its announced agreement to sell a 45% interest in each of three properties – 601 Lexington Avenue (New York City), Atlantic Wharf Office Building (Boston), and 100 Federal Street (Boston) – to affiliates of Norges Bank Investment Management for an aggregate, gross purchase price of approximately $1.5 billion. Boston Properties and an affiliate of Norges Bank Investment Management will form a joint venture for each property upon closing, and Boston Properties will retain property and leasing management for the ventures. The transaction is subject to customary closing conditions and is expected to close on or about October 31, 2014.

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Source:  www.goodwinprocter.com

Kirkland & Ellis Represents TriZetto in $2.7 Billion Sale to Cognizant Technology Solutions

Kirkland & Ellis LLP advises The TriZetto Corporation, a provider of world-class healthcare information technology and service solutions owned by Apax Partners, which announced today that it has agreed to sell its majority ownership stake of TriZetto to Cognizant Technology Solutions Corp. for $2.7 billion in cash. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close during the fourth quarter of 2014. The Kirkland team was led by corporate partners Leo Greenberg and Srinivas Kaushik and associate John Kupiec, and included tax partners Patrick Gallagher and Sara Zablotney, and tax and corporate associates Vin Thorn, Solomon Eskinazi and Laura Brockelman.

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Source:  www.kirkland.com

TRW Automotive’s Proposed $13.5 Billion Sale to ZF

Simpson Thacher is representing TRW Automotive Holdings Corp. (NYSE: TRW) in connection with its proposed sale to ZF Friedrichshafen AG (“ZF”). Under the terms of the transaction, ZF will acquire all of the outstanding shares of TRW for $105.60 per share in an all-cash transaction valued at approximately $13.5 billion on an enterprise value basis. The transaction, which is expected to close in the first half of 2015, is subject to stockholder and regulatory approvals and other customary closing conditions.

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Source:  www.stblaw.com

Cahill Represents Initial Purchasers in $1.2 Billion Notes Offering by 21st Century Fox

Cahill represented J.P. Morgan Securities as lead book-running manager and the other book-runners in connection with the Rule 144A offering of $600,000,000 aggregate principal amount of 3.7% Senior Notes due 2024 and $600,000,000 aggregate principal amount of 4.75% Senior Notes due 2044, by 21st Century Fox America, Inc., a subsidiary of Twenty-First Century Fox, Inc. Proceeds were used for general corporate purposes.

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Source:  www.cahill.com

Paul Hastings Represents RBC and Credit Suisse in $300 Million High Yield Bond Offering by Sanchez Energy

Paul Hastings LLP, a leading global law firm, announced today that the firm represented RBC Capital Markets, LLC and Credit Suisse Securities (USA) LLC as joint bookrunning managers in connection with the offering of $300 million principal amount of 6.125% senior notes due 2023 by Sanchez Energy Corporation, an independent exploration and production company focused on the acquisition and development of unconventional oil resources in the onshore U.S. Gulf Coast.

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Source:  www.paulhastings.com

Simpson Thacher Represents Underwriters in Offering of $1.1 Billion of Senior Notes by Linn Energy, LLC

The Firm represented the underwriters, led by Barclays Capital Inc., in connection with a registered offering by Linn Energy, LLC and Linn Energy Finance Corp. as co-issuers of $650 million aggregate principal amount of 6.5% senior notes due 2021 and $450 million aggregate principal amount of 6.5% senior notes due 2019. The senior notes due 2019 were issued as additional notes under an indenture pursuant to which Linn Energy issued $750 million of 6.5% senior notes due 2019 on May 13, 2011. The net proceeds from the offering were used to repay the Company’s bridge loan agreement, which was entered into to finance the acquisition of certain oil and natural gas properties and related assets of Devon Energy Corporation, and to repay certain indebtedness outstanding under the Company’s revolving credit facility. The offering closed on September 9, 2014.

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Source:  www.stblaw.com