International law firm McDermott Will & Emery LLP represented Global Eagle Acquisition Corp. (Nasdaq: EAGLU), a special purpose acquisition company (SPAC) led by media executives Harry Sloan and Jeff Sagansky, in the closing of its initial public offering announced today.  The offering raised approximately $190 Million, making the Global Eagle IPO the largest such offering by a U.S.-based SPAC in over three years.

Shearman & Sterling has advised SIX x-clear AG (x-clear), a subsidiary of SIS Swiss Financial Services Group AG, on its groundbreaking arrangements to become an interoperable clearing house and central counterparty alongside LCH.Clearnet Limited. The FSA has recently approved the new clearing arrangements following a long period of intense scrutiny of the risk management and collateral arrangement between the two clearing houses to ensure that the arrangements adequately address and cater for any increased systemic risk. The arrangements are the first to be given the green light by regulators and are a significant step in the development of interoperable clearing arrangements in the cash markets in Europe.

The Hong Kong and Singapore teams have advised Fosun International Limited (“Fosun”), a long-standing client of Herbert Smith, on its US$300 million Rule 144A/Regulation S offering of high-yield notes.

The Firm represented the underwriters, led by Credit Suisse, Deutsche Bank Securities and RBS, as joint book-running managers, in connection with an offering by Philip Morris International Inc. of $650 million of 2.500% Notes due 2016 and $350 million of 4.125% Notes due 2021.  Banca IMI, Barclays Capital, Goldman, Sachs & Co., ING and Santander acted as co-managers for the offering. The notes were sold in a public offering and will be listed for trading on the New York Stock Exchange.

Global law firm Mayer Brown LLP advised two investment vehicles run by Arminius Funds Management S.à r.l. (“Arminius”), as existing junior lenders on their acquisition, as part of a loan restructuring, the controlling-majority stake in various SPVs. These hold 28 primarily commercial properties with a market value of approximately 1 billion Euro. The seller is Eurocastle Investment Limited.

Shearman & Sterling represented the initial purchasers in connection with Vail Resorts, Inc.’s (VRI) private placement of $390 million of its 6.50% Senior Subordinated Notes due 2019 and the dealer manager and solicitation agent in connection with VRI’s concurrent tender offer and consent solicitation for its existing 6¾% Senior Subordinated Notes due 2014. Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. acted as joint bookrunning managers for the notes offering, with Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc., Banco Bilbao Vizcaya Argentaria, S.A. and Comerica Securities, Inc. acting as co-managers. Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as dealer manager and solicitation agent in connection with the tender offer and consent solicitation.

Paul, Hastings Janofsky & Walker LLP, a leading global law firm, announced today that the firm advised Kratos Defense & Security Solutions, Inc., a provider of products and services for United States national security, in the acquisition of Integral Systems, a developer and provider of satellite system command and control software, signal monitoring, telemetry, interference identification, and military range processing products and solutions, for a total consideration of approximately $240 million, payable in cash and shares of Kratos common stock.

Gold One’s assets are located in Southern Africa.  The Chinese consortium is investing up to $250 million into Gold One and simultaneously making an off-market takeover offer.  Gold One has a total anticipated enterprise value of $794 million.  The transaction was announced today (17 May 2011)