Davis Polk – ArcelorMittal $4 Billion Equity and Convertible Notes Offerings

Davis Polk advised Goldman, Sachs & Co. as sole global coordinator and joint bookrunner, and Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint bookrunners, on two concurrent SEC-registered offerings of equity and mandatorily convertible subordinated notes by ArcelorMittal.

More >>

Tags:  Davis Polk & Wardwell | New York

Willkie Advises Allstate in $500 Million Hybrid Securities Offering and Restructuring of Replacement Capital Covenants

On January 10, Willkie client The Allstate Corporation closed its $500 million offering of 5.100% Fixed-to-Floating Rate Subordinated Debentures due 2053. J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as joint book-running managers for the offering. The Subordinated Debentures received partial equity credit according to the rating agencies’ hybrid methodology.

More >>

Tags:  Willkie Farr & Gallagher LLP | New York

Kaye Scholer Advises Bank of America on $3.25B Credit Facilities

Kaye Scholer recently represented Bank of America, N.A., as administrative agent, and J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint lead arrangers and joint bookrunners, in an unsecured revolving credit facility of $2.5 billion and an unsecured term loan facility of $750 million for ERP Operating Limited Partnership, the multifamily residential property business of Equity Residential. Equity Residential focuses on the acquisition, development and management of premium apartment properties in growing North American markets. These facilities will help Equity Residential position itself for the closing of the Archstone acquisition in the first quarter of 2013.

More >>

Tags:  Arnold & Porter Kaye Scholer LLP | New York

Paul Hastings Represents RBC Capital Markets, BMO Capital Markets and Jefferies Finance LLC on $750 Million Financing for Ontario Teachers’ Pension Plan Acquisition of Heartland Dental Care

Paul Hastings LLP, a leading global law firm, announced today that the firm represented RBC Capital Markets, BMO Capital Markets and Jefferies Finance LLC, as Joint Lead Arrangers and Joint Bookrunners, and Royal Bank of Canada, as Administrative Agent, in connection with the financing for Ontario Teachers’ Pension Plan’s acquisition of Heartland Dental Care. The financing consisted of $750,000,000 in first lien and second lien senior secured credit facilities.

More >>

Tags:  Paul Hastings LLP | New York

Paul Hastings Represents RBC Capital Markets and Barclays Bank PLC in $275 Million Financing for the Jordan Company’s Acquisition of Sequa Corporation Automotive Unit

Paul Hastings LLP, a leading global law firm, represented RBC Capital Markets and Barclays Bank PLC, as Joint Lead Arrangers and Joint Bookrunners, Royal Bank of Canada, as U.S. Administrative Agent, and RBC Europe Limited, as European Administrative Agent, in connection with the financing for Sequa Corporation’s sale of its automotive unit to The Jordan Company, a New York-based private equity firm. The financing consisted of $275,000,000 in U.S. and European senior secured credit facilities.

More >>

Tags:  Paul Hastings LLP | New York

Simpson Thacher Represents Northwood in Raising $500 Million of Additional Capital for Evergreen Real Estate Private Equity Fund

Simpson Thacher represented Northwood Investors LLC (“Northwood”) in its third offering of interests in Northwood Real Estate Partners LP and its related funds, which are private equity funds focused on investing in a wide range of real estate assets worldwide. The funds closed on $500 million of capital commitments during a 90-day period that ended in December 2012, bringing total capital commitments raised to approximately $2.8 billion. The funds’ capital commitments may grow over time as the result of a unique evergreen feature that allows the funds to reinvest investment proceeds, subject to certain limitations.

More >>

Tags:  Simpson Thacher & Bartlett LLP | New York