On May 6, 2011, the New Mexico State Investment Council (“SIC”), the trustee for New Mexico’s $15 billion Permanent Funds, filed lawsuits in both federal and state district courts, seeking to hold multiple individuals and a partnership accountable for their role in “pay-to-play” and kickback schemes involving the SIC during the period 2003 to 2009. The suits seek monetary damages and recovery of ill-gotten gains acquired by the defendants at the expense of the New Mexico Permanent Funds.

The Firm recently represented HCA Inc. in steps designed to increase its flexibility and options and to extend the maturities of certain of its term loans.  To effect these changes, HCA Inc. entered into restatement agreements with the lenders under its existing $13.55 billion/€1.0 billion senior secured cash flow credit facility and $2.0 billion senior secured asset-based credit facility, pursuant to which the credit agreements were amended and restated to among other things, remove certain restrictions on HCA Inc.’s ability to issue new first lien, second lien and unsecured debt.

Simpson Thacher is representing Microsoft Corporation in connection with its acquisition of Skype Global S.à r.l. for $8.5 billion in cash from the investor group led by Silver Lake.  Completion of the transaction is subject to satisfaction of customary conditions to closing, including the receipt of applicable regulatory approvals.  The transaction will be Microsoft’s largest acquisition to date.

Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. as lead arrangers and Bank of America, N.A. as administrative agent of $1.7 billion in secured credit facilities provided to an investor group comprised of, among others, Maju Investments (Mauritius) Pte Ltd, a wholly owned investment holding company of Temasek Holdings (Private) Limited, Chesapeake Energy Corporation and Senja Capital Ltd. in connection with their acquisition of Frac Tech Services, LLC.

Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. as lead arrangers and Bank of America, N.A. as administrative agent of $1.7 billion in secured credit facilities provided to an investor group comprised of, among others, Maju Investments (Mauritius) Pte Ltd, a wholly owned investment holding company of Temasek Holdings (Private) Limited, Chesapeake Energy Corporation and Senja Capital Ltd. in connection with their acquisition of Frac Tech Services, LLC.

Norton Rose (Asia) LLP, the international legal practice, has advised BNP Paribas, Citibank Global Markets Singapore Pte Ltd, DBS Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation Limited and Sumitomo Mitsui Banking Corporation on a US$1.5 billion revolving credit facility for Wii Pte. Ltd, a wholly owned subsidiary of Wilmar International Limited.

Shearman & Sterling represented BB&T Capital Markets, a division of Scott & Stringfellow, LLC, and Deutsche Bank Securities Inc. in connection with the offering by BB&T Corporation under its existing Medium-Term Note Program of $1,000,000,000 aggregate principal amount of Medium-Term Notes, Series A (Senior), consisting of $700,000,000 aggregate principal amount of 2.05% Senior Notes due 2014 and $300,000,000 aggregate principal amount of Floating Rate Senior Notes due 2014.