The Firm recently represented Texas Competitive Electric Holdings Company LLC (“TCEH”), a subsidiary of Energy Future Holdings Corp. (“EFH Corp.”), formerly known as TXU Corp., in a refinancing and extension of the maturities in a portion of its capital structure.  To effect these changes, TCEH entered into an extension amendment with certain lenders under its existing senior secured credit facilities pursuant to which the maturity date was extended on approximately $1.38 billion of revolving commitments, $15.4 billion of term loans and $1 billion deposit letter of credit loans under such senior secured credit facilities.  TCEH also issued $1.725 billion aggregate principal amount of new 11.5% Senior Secured Notes due 2020 in reliance on Rule 144A and Regulation S. TCEH used the net proceeds of the debt offering, together with cash on hand, to repay term loans, deposit letter of credit loans and revolving loans (and permanently reduce certain revolving commitments) under its senior secured credit facilities and to pay related fees and expenses.  The Firm also represented Energy Future Intermediate Holding Company LLC, a subsidiary of EFH Corp., in an issuance of 11% Senior Secured Second Lien Notes due 2021 in an exchange offer for existing debt of EFH Corp.

Davis Polk advised CVS Caremark Corporation on its $1.5 billion registered offering of $550 million aggregate principal amount of 4.125% senior notes due 2021 and $950 million aggregate principal amount of 5.75% senior notes due 2041. Barclays Capital Inc., J.P. Morgan Securities LLC, BNY Mellon Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint book-running managers for the offering.

Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that the firm advised Yonkers Racing Corporation, a provider of video gaming machines, live harness racing, and simulcasting services in New York, in its new offering of $100 million aggregate principal amount of its 11 3/8% Senior Secured Notes due 2016.

Davis Polk advised J.P. Morgan Securities LLC and Goldman, Sachs & Co. as joint book-running managers on a Rule 144A offering by Lam Research Corporation of $450 million aggregate principal amount of 0.5% convertible senior notes due 2016 and $450 million aggregate principal amount of 1.25% convertible senior notes due 2018. In addition, Davis Polk advised an affiliate of J.P. Morgan Securities LLC and Goldman, Sachs & Co. as counterparties to convertible note hedge and warrant transactions with Lam Research Corporation in connection with the convertible senior notes offering.

Shearman & Sterling advised Morgan Stanley Senior Funding, Inc. and Barclays Capital, as joint arrangers, and Morgan Stanley Senior Funding, Inc., Barclays Capital, Goldman Sachs Lending Partners LLC, BMO Capital Markets and RBC Capital Markets, as joint bookrunners, in connection with a $1.2 billion senior secured term loan facility and a $250 million senior secured revolving credit facility for Sensata Technologies Holding N.V.

The Hong Kong and Beijing offices of the Firm represented the underwriters, led by Piper Jaffray & Co. in the US$89.1 million initial public offering and listing on the New York Stock Exchange of 7,750,000 American Depositary Shares of NetQin Mobile Inc. The ADSs of NetQin Mobile Inc. are traded on the New York Stock Exchange under the ticker symbol “NQ”. The offering raised US$89.1 million (before exercise of the green shoe option).

Proventus has established Proventus Capital Partners II – a co-investment vehicle focusing on corporate loans and corporate bonds. In addition to providing new financing directly to corporate borrowers, Proventus Capital Partners II may invest in the secondary market for loans and bonds. The ambition is to contribute with financing to Nordic companies in need of capital for growth, acquisitions, restructuring or refinancing.