On December 5, 2012, Freeport-McMoRan Copper & Gold Inc. (“FCX”), Plains Exploration & Production Company (“PXP”) and McMoRan Exploration Co. (“MMR”) announced that they have signed definitive merger agreements under which FCX will acquire PXP for approximately $6.9 billion in cash and stock. FCX will concurrently acquire MMR for approximately $3.4 billion in cash, or $2.1 billion net of 36 percent of the MMR interests currently owned by FCX and PXP. Cravath represented JPMorgan Chase Bank, N.A. as lead arranger of $9.5 billion in committed financing in connection with these transactions, which are expected to close in the second quarter of 2013.

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Cravath represented the underwriters, led by Credit Suisse, J.P. Morgan Securities, BofA Merrill Lynch, Citigroup and UBS Investment Bank, in connection with the US$1.1 billion registered high-yield debt offering of Raytheon Company, a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. The transaction closed on December 4, 2012.

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Paul Hastings LLP, a leading global law firm, represented the initial purchasers in connection with the initial public offering by FibraHotel on the Mexican Stock Exchange. FibraHotel is the very first lodging and very first sector specific Real Estate Investment Trust (REIT) in Latin America and one of only two Mexican REITS to be utilized in the wake of a comprehensive legal overhaul in Mexico that created the “FIBRA”, a new Mexican investment vehicle, which bears many similarities to the U.S. REIT. The four-times oversubscribed offering involved the issuance of approximately $300 million in FibraHotel’s stock publicly on the Mexican Stock Exchange and internationally pursuant to Rule 144A and Regulation S. The initial purchasers involved in this transaction were J.P. Morgan and BBVA.

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Paul Hastings LLP, a leading global law firm, announced today that the firm represented Cowen and Company in connection with the private exchange and purchase of $50.0 million aggregate principal amount of newly issued 6.625% senior notes due 2016 for approximately $40.3 million aggregate principal amount of Spartan Stores, Inc.’s existing 3.375% convertible senior notes and approximately $9.7 million in cash from an existing note holder of Spartan Stores, Inc.

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Cahill represented JPMorgan Chase Bank, N.A. as administrative agent and the lead arrangers in connection with the $1,250,000,000 revolving credit facility for Sirius XM Radio Inc.

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Cahill represented the joint book-running managers and co-managers in connection with the Public offering of $500,000,000 aggregate principal amount of 3.125% Senior Guaranteed Notes due 2016 for Ally Financial Inc. Proceeds from the offering will be used for general corporate purposes.

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