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.
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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.
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Vanguard Natural Resources, LLC today announced it has entered into a definitive agreement to acquire natural gas, oil and natural gas liquids (“NGLs”) assets in North Louisiana and East Texas for a purchase price of $278 million from Hunt Oil Company. The properties consist of approximately 23,000 net acres that are currently producing approximately 17.5 MMcfe per day, with approximately 67% natural gas and 33% oil and NGLs. The effective date of the acquisition is June 1, 2014, and the anticipated closing of the acquisition is on or before October 1, 2014.
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The Firm is representing Shaw Communications Inc. in connection with its announced $1.2 billion acquisition of ViaWest, Inc. from affiliates of Oak Hill Capital Partners, affiliates of GI Partners and certain other stockholders. The transaction is subject to customary closing conditions and regulatory approvals.
Tags: Simpson Thacher & Bartlett LLP
Davis Polk is advising Solvay SA in connection with the $890 million sale of its sulfuric acid virgin production and regeneration business, Eco Services, to affiliates of CCMP Capital Advisors, LLC. The transaction, which is subject to customary closing conditions, is expected to be completed in the fourth quarter of 2014.
Tags: Davis Polk & Wardwell LLPGide has advised the arrangers and a pool of 16 lenders led by CA CIB on the provision of a €1 billion syndicated loan facility to Groupe Auchan.
Tags: Gide Loyrette Nouel
Holland & Hart LLP served on the legal team representing Silver Standard Resources Inc. in the successful purchase of Marigold mine from subsidiaries of Goldcorp Inc. and Barrick Gold Corp. Total cash consideration paid at closing was $275 million.
Tags: Holland & Hart LLP
Holland & Knight advised Maryland-based cybersecurity company, KEYW Holding Corporation, on its $130 million offering of convertible senior notes. The transaction was announced on July 15 and closed on July 21. RBC Capital Markets and Bank of America Merrill Lynch acted as joint book-running managers for the notes offering. SunTrust Robinson Humphrey acted as co-manager.
Tags: Holland & Knight LLP