Paul Hastings Represents Lead Arrangers in Pharmaceutical Research Associates, Inc. Refinancing

Paul Hastings LLP, a leading global law firm, announced today that the firm represented UBS AG, Stamford Branch, as administrative agent, and UBS Securities LLC, Wells Fargo Securities, LLC and GE Capital Markets, Inc., as joint lead arrangers, in connection with the amendment and restatement of the $375 million dollar equivalent first lien credit facilities and the entry into a new $135 million second lien term loan credit facility of Pharmaceutical Research Associates, Inc. for the purposes of, among other things, refinancing existing indebtedness and the payment of a shareholder dividend.

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Tags:  Paul Hastings, LLP | New York

Shearman & Sterling Advises Singapore Airlines on Sale of Virgin Atlantic Stake to Delta Airlines

Shearman & Sterling is advising Singapore Airlines in the sale of its 49 percent stake in Virgin Atlantic to Delta Airlines. Delta will invest $360 million in Virgin Atlantic, acquiring the 49 percent stake currently held by Singapore Airlines. Virgin Group and Sir Richard Branson will retain the majority 51 percent stake.

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Orrick Advises Gamesa on Simultaneous Sale of Two Wind Power Facilities

Orrick, Herrington & Sutcliffe LLP represented Spanish wind turbine manufacturer Gamesa Energy USA, LLC in the simultaneous $238 million sale of the 200 megawatt Minonk project located in Illinois and the 150 megawatt Senate project located in Texas to Algonquin Power & Utilities and a separate tax equity investment by J.P. Morgan Chase & Co. and Morgan Stanley. The multifaceted transaction also included a complex energy hedging transaction with J.P. Morgan Ventures Energy Corporation for the clean, renewable energy of the projects. The Minonk and Senate projects were part of a three-project portfolio that also included the 50 megawatt Sandy Ridge project located in Pennsylvania which reached financial closing and commercial operation earlier this year.

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Tags:  Orrick, Herrington & Sutcliffe LLP | New York

Cravath – Delta’s Acquisition of 49% of Virgin Atlantic in Connection with Joint Venture

On December 11, 2012, Delta Air Lines and Virgin Atlantic Airways Ltd. reached an agreement for a new joint venture that will create an expanded trans-Atlantic network and enhance competition between the U.K. and North America, offering greater benefits for customers traveling on those routes. Cravath represented Delta in connection with this transaction.

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Tags:  Cravath, Swaine & Moore LLP | New York

Simpson Thacher Represents Siris Capital Group in Forming and Raising its Private Equity Fund

Simpson Thacher represented Siris Capital Group in connection with forming and raising its $640.9 million private equity fund. Siris is a newly-established private equity firm founded by Frank Baker, Peter Berger and Jeffrey Hendren. Siris, based in New York, will focus principally on North American, middle-market, investment opportunities initially in technology, telecommunications and technology-enabled business services.

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Tags:  Simpson Thacher & Bartlett LLP | New York