Milbank Represents Lenders in Financing of 660-MW Transmission Project

The international law firm Milbank, Tweed, Hadley & McCloy LLP, led by Jonathan Green, co-chair of the Firm’s Global Project Finance Group, represented institutional and bank lenders in the debt and equity financing of more than $850 million for construction of the 660-MW Hudson Transmission Project, an underwater transmission cable connecting New Jersey and Manhattan. The Hudson Project was developed by Hudson Transmission Partners LLC. Equity financing for the Hudson Project was provided by private equity funds managed by Energy Investors Funds and Starwood Energy Group Global, LLC. SG Americas Securities, LLC and RBS Securities, Inc. acted as placement agents for the financing.

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Tags:  Milbank LLP

Davis Polk – Caterpillar Inc. $4.5 Billion Acquisition Financing

Davis Polk advised J.P. Morgan Securities LLC, Barclays Capital Inc. and RBS Securities Inc. as joint book-running managers and representatives of the underwriters on an SEC-registered offering by Caterpillar Inc. of $4.5 billion aggregate principal amount of notes. The notes were issued in five tranches: $500 million principal amount of floating-rate notes maturing in 2012, $750 million principal amount of floating-rate notes maturing in 2013, $750 million principal amount of 1.375% notes maturing in 2014, $1.25 billion principal amount of 3.9% notes maturing in 2021, and $1.25 billion principal amount of 5.2% notes maturing in 2041. Caterpillar will use the net proceeds from the sale of the notes to fund a portion of the cash consideration payable in connection with its acquisition of Bucyrus International Inc. for $8.6 billion. In the event that the Bucyrus acquisition is not consummated on or prior to June 30, 2012 or the merger agreement is earlier terminated, Caterpillar will redeem the notes at a redemption price equal to 101% of the principal amount, plus accrued interest.

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Tags:  Davis Polk & Wardwell LLP

Freshfields Advises Braathens Leasing and Malmo Aviation on Significant Jetliner Order

International law firm Freshfields Bruckhaus Deringer has advised Braathens Leasing and Malmo Aviation, two companies part of Braathens Aviation, a long established and well known Nordic based transportation group with various interests in the aviation sector, on an order for five Bombardier CS100 and five CS300 mainline jetliners, plus options on an additional 10 CSeries aircraft to Braathens Leasing Limited.

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Simpson Thacher Represents Initial Purchasers in Inaugural U.S.$1 Billion Debt Offering by Comisión Federal de Electricidad of Mexico

The Firm represented BofA Merrill Lynch, Deutsche Bank Securities and Goldman, Sachs & Co., as initial purchasers, in connection with an offering of U.S.$1 billion of 4.875% Notes due 2021 issued by Comisión Federal de Electricidad (Federal Electricity Commission) of Mexico, which is known as CFE.  The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933 and constituted CFE’s inaugural securities offering in the broader international capital markets.

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Tags:  Simpson Thacher & Bartlett LLP | Mexico City