Paul, Weiss client Swiss Reinsurance Company Ltd completed an offering of $750 million of subordinated contingent write-off loan notes with a scheduled maturity in 2024. The loan notes can be permanently written down to zero, and investors lose their principal if the solvency ratio of Swiss Reinsurance Company Ltd falls below a predetermined threshold. The loan notes were issued through a so-called “repackaging vehicle.” The offering was Regulation S only.

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The Firm represented Cedar Fair, L.P. (“Cedar Fair”) in restructuring its secured bank and high yield debt profile. The concurrent refinancing transactions by Cedar Fair included (i) the termination of its existing senior secured credit facilities and the entry into a new $630 million senior secured term loan credit facility and a new $255 million senior secured revolving credit facility; and (ii) a private placement, including registration rights for the investors, of $500 million aggregate principal amount of 5.25% Senior Notes due 2021 conducted in reliance on Rule 144A and Regulation S.

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The Firm recently advised the underwriters, led by Citigroup Global Markets Inc. and Goldman, Sachs & Co., on the initial public offering of Class A common stock of Artisan Partners Asset Management Inc. Artisan Partners’ shares are now listed on the New York Stock Exchange under the ticker symbol “APAM”.

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Mayer Brown, a leading global law firm, announced today that Joel Moss has joined the firm in New York as a partner in the Restructuring, Bankruptcy & Insolvency practice. Previously, Mr. Moss was a director at Barclays in New York, where he handled bankruptcy and restructuring matters in the US.

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