In a noteworthy deal aligning two prominent asset managers, Milbank, Tweed, Hadley & McCloy LLP is representing leading UK-based hedge fund Man Group PLC in its announced acquisition of Numeric Holdings LLC, an investment manager based in Boston.
Under their joint agreement, Man will pay $219 million in cash, with up to $275 million payable to Numeric management and employees following after a five-year period. The deal is expected to close in September.
Tags: Milbank LLP
Cahill represented Morgan Stanley and Barclays as joint book-running managers in connection with the public offering of $600,000,000 aggregate principal amount of 6.00% Senior Notes due 2022 by CDW LLC and CDW Finance Corporation, a leading provider of integrated information technology solutions in the United States and Canada. Proceeds from the offering were used to refinance existing indebtedness.
More >>
DLA Piper has advised GE Capital International and Ares Management Ltd on the provision of a £113.5 million unitranche facility to refinance Hillarys, the leading UK provider of domestic blinds and window fittings owned by European Capital.
The facilities include a term unitranche component, a junior term debt component and a revolving credit facility.
Tags: DLA Piper
Our energy lawyers have advised long-standing client Sumitomo Corporation, one of the World’s largest integrated trading companies, on the sale of Summit Petroleum Limited and its subsidiary companies to Ithaca Energy for $170 million.
Tags: Womble Bond Dickinson tempDavis Polk advised Credit Suisse AG, as administrative and collateral agent for the first-lien facility, and Bank of America, N.A, as administrative and collateral agent for the second-lien facility, in connection with the senior secured facilities provided to Solenis International L.P. and Solenis Holdings 3 LLC, acquisition subsidiaries of Clayton, Dubilier & Rice (CD&R), to finance CD&R’s acquisition of the Water Technologies division of Ashland Inc. The first-lien facility consists of a $630 million term loan facility, a €230 million term loan facility and a $200 million multicurrency revolving facility, each of which is secured on a first-lien basis. The second-lien facility consists of a $470 million term loan facility secured on a second-lien basis. The credit facilities are guaranteed by certain wholly owned domestic subsidiaries of Solenis International, L.P. and will be secured by substantially all of the assets of Solenis International, L.P. and Solenis Holdings 3 LLC and the guarantors thereunder.
Cahill represented Wells Fargo Securities, BofA Merrill Lynch, J.P. Morgan, RBC Capital Markets, Fifth Third Securities, and SunTrust Robinson Humphrey as joint book running managers and the co-managers in connection with the Rule 144A offering of $600,000,000 aggregate principal amount of 5.375% Senior Notes due 2022 by Alliance Data Systems Corporation, a leading global provider of data-driven marketing and loyalty solutions serving large, consumer-based businesses in a variety of industries. Proceeds were used for general corporate purposes and to refinance existing indebtedness.
More >>
The Firm represented Lexington Partners in connection with its acquisition of an 80% share of a $1.5 billion commitment from Citigroup Inc. to Metalmark Capital Partners II LP, a fund managed by midmarket buyout firm Metalmark Capital. Citigroup will offer the remaining 20% of its commitment to existing limited partners in the fund. The transaction is expected to close in the fourth quarter. Lexington Partners is a leading manager of secondary private equity and co-investment funds.
More >>
On August 1, 2014, Scientific Games Corporation and Bally Technologies, Inc. announced that the companies have entered into a definitive merger agreement whereby Scientific Games has agreed to acquire all of the outstanding Bally common stock for $83.30 in cash per share, which represents a 38 percent premium to Bally’s closing stock price on July 31, 2014. The aggregate transaction value is approximately $5.1 billion, including the refinancing of approximately $1.8 billion of existing Bally net debt. Cravath represented Scientific Games in connection with this transaction. The acquisition is subject to customary closing conditions, including receipt of Bally shareholder approval and antitrust and gaming regulatory approvals, and is currently expected to be completed in early 2015.
Tags: Cravath, Swaine & Moore LLP
Cahill represented Deutsche Bank and Barclays as administrative agents and lead arrangers in connection with the $2.6 billion multicurrency credit facility, comprised of a $1,750,000,000 Term B loan, a $800,000,000 Second Lien Term B loan, a $100,00,000 revolving credit facility and a €200,000,000 Term B loan for Amaya Gaming Group, a gaming and online gambling company. Proceeds from the loan were used in connection with Amaya’s acquisition of the parent company of the PokerStars and FullTiltPoker brands.
More >>
