Paul Hastings LLP, a leading global law firm, announced today that the firm represented Patron Capital, the specialist pan-European opportunistic and distressed asset investor, as U.S. legal counsel in forming a new private investment fund, Patron Capital, L.P. IV. The Fund recently had its final closing, raising over US$ 1.1 billion from a diverse, global investor base including, among others, pension funds, endowments, private foundations and high net worth individuals. Fund IV is seeking to make investments in opportunistic distressed and undervalued properties and asset based corporate transactions, primarily across Western Europe.

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Paul Hastings LLP, a leading global law firm, announced today that the firm represented Real Estate Capital Asia Partners III and its investment manager, SC Capital Partners, in the formation of a $530 million fund that will focus on real estate investment opportunities in Asia. The fund held its final closing on August 13, 2012, raising capital from a diverse institutional investor base including, among others, public and private pension funds, funds of funds, endowments, and private foundations. Paul Hastings also represented the fund in establishing a $50 million subscription line credit facility.

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The Firm recently represented Tesoro Logistics LP and Tesoro Logistics Finance Corp., as co-issuers, in connection with a Rule 144A/Regulation S offering of $350 million aggregate principal amount of 5.875% senior notes due 2020. The proceeds of the offering were used to fund the acquisition of a marine terminal and short-haul pipelines and to repay outstanding indebtedness under Tesoro Logistics’ revolving credit facility.

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The Firm recently represented JPMorgan Chase Bank, N.A., as administrative agent, in connection with $325 million in senior secured credit facilities for National Vision, Inc. (“NVI”), which consisted of a five year $25 million revolving credit facility and a six year $300 term loan facility. The proceeds of the term loan will be used to refinance existing indebtedness and fund a dividend to Berkshire Partners LLC, NVI’s financial sponsor. This transaction expands NVI’s borrowing capacity by $100 million and reduces its borrowing spread by 475 basis points.

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Davis Polk advised the United States Department of the Treasury (Treasury) in connection with its offering of approximately 636.9 million shares of common stock of American International Group, Inc. (AIG), which included the full exercise of the underwriters’ over-allotment option, representing proceeds to Treasury of approximately $20.7 billion. AIG agreed to purchase approximately 153.8 million shares in the offering, representing approximately $5 billion of Treasury’s proceeds from the sale. The offering reduced Treasury’s remaining investment in AIG to approximately 234.2 million shares of common stock and reduced Treasury’s percentage ownership of AIG’s outstanding shares of common stock from approximately 53.4% to approximately 15.9%. The offering was the largest common stock offering (IPO or follow-on) in U.S. history.

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Davis Polk advised underwriters represented by Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated in connection with the offering of $2.5 billion aggregate principal amount of notes issued by Merck & Co., Inc. The offering consisted of $1 billion principal amount of 1.1% notes due 2018, $1 billion principal amount of 2.4% notes due 2022 and $500 million principal amount of 3.6% notes due 2042.

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