Davis Polk is advising JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger under a $500 million superpriority debtor-in-possession credit facility to Exide Technologies and certain of its non-debtor subsidiaries, consisting of a $225 million first-out asset-based revolving credit facility and a $275 million second-out term loan, which are secured by collateral in the United States and 17 foreign jurisdictions. The DIP facility has been approved by the bankruptcy court on an interim basis and is subject to final bankruptcy court approval and various other conditions. Under the terms of the interim approval, Exide Technologies has full access to the revolver and immediate access to $170 million of the term loan. The final hearing to approve the DIP facility has been scheduled for July 11, 2013.

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Davis Polk advised Credit Suisse AG, as administrative agent and collateral agent, and Credit Suisse Securities (USA) LLC, as sole bookrunner and sole lead arranger, in connection with a $145 million senior secured term loan credit facility for School Specialty, Inc. to finance the company’s emergence from bankruptcy protection. In January 2013, School Specialty, Inc. and certain of its U.S. subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. Proceeds of the exit financing, along with proceeds from an asset-based revolving credit facility arranged by Bank of America, N.A., were used to repay in full all of the company’s obligations under its prior revolving credit facility and repay in part its obligations under its prior term loan facility, as well as transaction costs, and for other general corporate purposes.

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National law firm Wilson Elser is pleased to announce that Elizabeth M. Young, partner, has joined the firm’s New York City office. Ms. Young practices in the areas of product liability and mass tort litigation, as well as commercial and business litigation.

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Skadden is representing The Travelers Companies, Inc. in its $1.1 billion acquisition of The Dominion of Canada General Insurance Company from E-L Financial Corp. Ltd., announced on June 10.

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Skadden is representing Doughty Hanson & Co. in its $1.4 billion sale of Vue Entertainment Ltd., an operator of movie theaters, to Alberta Investment Management Corporation and OMERS Private Equity, announced on June 10.

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