On May 28, 2013, TECO Energy, Inc. announced that it has entered into a definitive stock purchase agreement with Continental Energy Systems LLC, and its subsidiary New Mexico Gas Intermediate, Inc., to acquire New Mexico Gas Company for an aggregate value of $950 million, including the assumption of $200 million of New Mexico Gas Company debt, subject to customary closing adjustments. Cravath represented Continental Energy Systems, a portfolio company of Lindsay Goldberg LLC, in connection with this transaction. The transaction is expected to close in the first quarter of 2014, and is subject to regulatory approvals.

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Omthera Pharmaceuticals and AstraZeneca announced today that the companies entered into a merger agreement under which AstraZeneca will acquire all of the outstanding stock of Omthera for an upfront payment of $12.70 in cash per share, approximately $323 million aggregate value ($260 million after subtracting cash), plus a contingent value right for up to $4.70 per share, equaling approximately $120 million and for a total value of up to $443 million. Covington & Burling LLP advised Omthera on the transaction.

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The Firm represented PPL Corporation (“PPL”) and PPL Capital Funding, Inc. (“PPL Capital Funding”) in the remarketing of $1.15 billion of junior subordinated notes (the “junior notes”) of PPL Capital Funding related to the equity units originally issued by PPL in June 2010. In connection with the remarketing, PPL Capital Funding issued $250 million 1.90% Senior Notes due 2018, $600 million 3.40% Senior Notes due 2023 and $300 million 4.70% Senior Notes due 2043 (collectively, the “senior notes”), which were sold to the purchasers of the junior notes (the “purchasers”) in exchange for the junior notes. The senior notes were sold by the purchasers in an SEC-registered secondary offering, managed by Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBS Securities Inc. and Wells Fargo Securities, LLC.

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The Firm recently represented the initial purchasers in connection with Cinemark USA, Inc.’s private placement of $530 million aggregate principal amount of 4.875% Senior Notes due 2023. Barclays Capital Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC acted as joint book-running managers in connection with the senior notes offering. Cinemark USA, Inc. intends to use the net proceeds from the senior notes offering, together with cash on hand, to redeem all of its outstanding 8.625% Senior Notes due 2019 and for fees and expenses related to the refinancing transactions.

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