Shearman & Sterling represented Credit Suisse Securities (USA) LLC as joint lead arranger and joint bookrunner in connection with a $750 million senior secured financing for LSP Madison Funding, LLC collateralized by a portfolio of LS Power power plants located throughout the United States. The proceeds of the financing are used to pay a one-time dividend to LS Power Equity Partners II, L.P., with the remainder to be applied to refinance existing debt and for other general corporate purposes.

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On July 9, long-time client DiamondRock Hospitality Company announced that it has entered into a purchase and sale agreement to acquire a portfolio of four hotels from affiliates of Blackstone Real Estate Partners for a contractual purchase price of approximately $495 million. The hotels under contract are the Hilton Boston, the Westin Washington D.C., the Westin San Diego and the Hilton Burlington. DiamondRock intends to fund the acquisition with a combination of borrowings under the company’s senior unsecured credit facility, cash on hand, net proceeds from a public offering and issuance of shares of the company’s common stock to Blackstone. DiamondRock expects to complete the acquisition of the portfolio later this month.

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The Firm recently represented Cengage Learning Acquisitions, Inc. (“Cengage Learning”) in connection with a privately-negotiated debt exchange with certain holders of its outstanding 10.50% Senior Notes due 2015 (the “Existing Notes”), in which Cengage Learning exchanged $710,002,000 aggregate principal amount of the Existing Notes for $710,002,000 aggregate principal amount of its newly issued 12% Senior Secured Second Lien Notes due 2019 (the “New Notes”). In connection with such exchange, Cengage Learning also purchased for cash from the same holders $28,719,000 aggregate principal amount of the Existing Notes.

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The Firm is representing J.P. Morgan as a lead arranger, the administrative agent and as financial advisor to SBA Communications Corporation (“SBA”) in its acquisition of TowerCo II Holdings LLC. SBA intends to finance the transaction, valued at $1.45 billion, with $1.2 billion in cash and $250 million in SBA Class A common stock. The cash consideration will be paid with cash on hand, proceeds of loans under existing credit facilities and up to $900 million of proceeds under a new credit facility for which J.P. Morgan is acting as a lead arranger and the administrative agent.

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WilmerHale hired Drew G.L. Chapman for a New York legal job, according to a press release.

Hired as a partner, Chapman joins the securities department and the investment management group. He also will head the alternative investment practice.

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