Shearman & Sterling Advises ArcelorMittal in $1.1 Billion Sale of Interest in ArcelorMittal Mines Canada to Consortium Led by POSCO and China Steel Corporation

Shearman & Sterling is advising ArcelorMittal in its agreement pursuant to which ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada (AMMC) and a consortium led by POSCO and China Steel Corporation (CSC) will enter into a joint venture partnership that will own ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets. The consortium will acquire a 15% interest in the joint venture for total consideration of $1.1 billion in cash, with AMMC and its affiliates retaining an 85% interest. The transaction is subject to various closing conditions, including regulatory clearance by the Taiwanese Government, and is expected to close in two installments in the first and second quarters of 2013.

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Tags:  Shearman & Sterling LLP | New York

Morgan Lewis Advises Pearson on $89M Investment in Barnes & Noble’s Nook Media Subsidiary

Pearson, the world’s leading learning company, is today announcing a strategic investment in NOOK Media, LLC, a new company consisting of Barnes & Noble’s digital businesses including its NOOK e-reader and tablets, the NOOK digital bookstore and its 674 college bookstores across America. Pearson will invest $89.5 million in cash in NOOK Media, gaining a five per cent equity stake.

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Tags:  Morgan Lewis & Bockius LLP | New York

Paul Hastings Represents Cequel Communications in $1 Billion High Yield Bond Offering

Paul Hastings LLP, a leading global law firm, announced today that the firm represented Cequel Communications Holdings I, LLC, which does business as Suddenlink Communications, in connection with its $1.0 billion offering of Senior Notes. Cequel intends to use the proceeds from the sale of the notes to, among other things, refinance certain of its outstanding debt.

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Tags:  Paul Hastings LLP | New York

Paul Hastings Represents Morgan Stanley on North American Breweries Holdings, LLC Facilities

Paul Hastings LLP, a leading global law firm, announced today that the firm represented Morgan Stanley, as administrative agent and lead arranger, in connection with $190,000,000 senior secured term and asset-based revolving credit facilities, the proceeds of which at closing were used to finance Cerveceria Costa Rica, S.A.’s purchase of substantially all of the outstanding equity interest of North American Breweries Holdings, LLC through CCR American Breweries Inc.

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Tags:  Paul Hastings LLP | New York

SRZ Advises BAWAG and Cerberus on €200 Million Capital Increase and Recapitalization

SRZ advised BAWAG P.S.K. and its controlling shareholder, Cerberus Capital Management LP and its affiliates, on BAWAG’s €200 million capital increase as well as its recapitalization to conform to the anticipated new Basel III regulatory environment. BAWAG, which stands for Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft, is one of Austria’s leading banks.

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Tags:  Schulte Roth & Zabel LLP | New York

Willkie Represents Ventas in $925 Million Bond Offering

Willkie client Ventas, Inc. recently closed on its public offering of $700 million aggregate principal amount of 2.00% Senior Notes due 2018 at 99.739% of principal amount and $225 million principal amount of 3.25% Senior Notes due 2022 at 98.509% of principal amount. The notes are being issued by the company’s operating partnership, Ventas Realty, Limited Partnership, and a wholly owned subsidiary, Ventas Capital Corporation. Louisville, Ky.-based Ventas has a diverse portfolio of more than 1400 assets in 47 states (including the District of Columbia) and two Canadian provinces, consisting of seniors housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties.

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Tags:  Willkie Farr & Gallagher LLP | New York

Shearman & Sterling Advises on Bank and Bond Financing for Tops Markets

Shearman & Sterling represented Tops Markets, LLC, a portfolio company of Morgan Stanley Capital Partners and Graycliff Partners, in connection with a $125 million asset-based revolving credit facility arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Capital Finance, LLC. Concurrently, the firm also advised Top Markets, LLC and its Co-Issuer Tops Holding Corporation in the issuance of $460 million of senior secured notes placed by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC. The credit facility and the notes have an intercreditor arrangement with cross priority on collateral and were put in place in connection with a refinancing and a dividend recapitalization.

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Tags:  Shearman & Sterling LLP | New York