Davis Polk Advises CVS Caremark on Its Acquisition of Universal American’s Medicare Part D Business

Wednesday, January 5, 2011

Davis Polk is advising CVS Caremark Corporation on its approximately $1.25 billion acquisition of the Medicare Part D business of Universal American Corp. Upon completion of the transaction, CVS Caremark will become one of the nation’s largest providers of prescription drug services for Medicare beneficiaries enrolled in Medicare Part D. The transaction, which is expected to close by the end of the second quarter, is subject to customary closing conditions, including necessary regulatory approvals. 

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Tags:  Davis Polk & Wardwell LLP

Davis Polk – El Paso Corporation Debt Tender Offers

Wednesday, January 5, 2011
Davis Polk advised Citigroup Global Markets Inc. and RBC Capital Markets, LLC as dealer managers in connection with tender offers for seven series of outstanding notes issued by El Paso Corporation. The aggregate amount of the consideration paid for the notes accepted for purchase was approximately $800 million. 

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Tags:  Davis Polk & Wardwell LLP

Nelson Mullins Team Assists in Ericsson-Optimi Deal

Wednesday, January 5, 2011
An Atlanta-based team of Nelson Mullins Riley & Scarborough attorneys recently represented Optimi, a U.S.-Spanish telecommunications vendor of networks optimization and management products and services, in its sale to Ericsson, a world-leading provider of telecommunications equipment and related services to mobile and fixed network operators globally.

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Norton Rose advises on financing for Fondo Immobiliare – Comune di Milano II

Wednesday, January 5, 2011
International legal practice Norton Rose Studio Legale has advised Banca Nazionale del Lavoro S.p.A. as sole arranger and lender of the debt package supporting the creation of Fondo Immobiliare – Comune di Milano II (the “Fund”). The Fund has been set up to maximise the value of a large real estate portfolio owned by the Municipality of Milan, which includes 65 assets located mainly in the Province of Milan. On full completion of the transaction, the Fund will own assets with an aggregate estimated value of not less than €120,000,000.

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Tags:  Norton Rose Fulbright

Simpson Thacher Represents JPMorgan in Chapter 11 Restructuring of Metro-Goldwyn-Mayer Studios Inc. and in Post-Emergence Credit Facility

Wednesday, January 5, 2011
The Firm represented JPMorgan Chase Bank, N.A. as agent under Metro-Goldwyn-Mayer’s $4 billion senior secured credit facility in MGM’s prepackaged Chapter 11 case. The restructuring took over a year and ended with a plan of reorganization that transferred ownership of the movie studio to JPMorgan and the syndicate lenders. The Firm worked closely with both JPMorgan and a steering committee of hedge funds that included Highland Capital, Anchorage Capital, DK Acquisition and Solus Capital. 
 

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Shearman & Sterling Advises Banks on €455 Million Cavern Financing

Tuesday, January 4, 2011

Shearman & Sterling advised a group of banks led by Commerzbank AG on a financing of Euro 455 million for the acquisition of a cavern portfolio by an investment fund structured by IVG Institutional Funds GmbH. These caverns – which are still to be developed for the most part – are oil and gas deposits that are leased to, inter alia, companies in the energy sector.

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Tags:  Shearman & Sterling LLP