Valero Energy Corporation (NYSE: VLO) entered into a drop-down transaction with Valero Energy Partners LP (NYSE: VLP), pursuant to which VLP acquired membership interests in certain subsidiaries of VLO for total consideration of about $671 million, including approximately $100 million of common and general partner units of VLP. More >>
Tags: Baker Botts L.L.P. | HoustonCahill Represents Initial Purchasers in $925 Million Notes Offering by Digicel
Cahill represented Citigroup, J.P. Morgan, Barclays, Credit Suisse, and Deutsche Bank Securities as joint book-running managers in connection with the Rule 144A offering of $925,000,000 aggregate principal amount of 6.75% Senior Notes due 2023 by Digicel Limited, a leading provider of wireless communications services in the Caribbean region. Proceeds from the offering were used to refinance existing indebtedness and for general corporate purposes. Cahill is also representing Citigroup Global Markets as dealer manager in connection with the concurrent tender offer of any and all of Digicel’s outstanding 8.250% Senior Notes due 2017.
Tags: Cahill Gordon & Reindel LLP | New YorkLeading Finance Lawyer Louis R. Hernandez Rejoins Chicago Office of Kirkland & Ellis
Kirkland & Ellis LLP is pleased to announce that Louis R. Hernandez, III, has returned to the Firm’s Chicago office as a partner in the Debt Finance Practice Group. He rejoins Kirkland from the Chicago office of Paul Hastings LLP, where he was a partner.
Mr. Hernandez concentrates his practice on financing transactions including LBO and acquisition financings, mezzanine and subordinated financings, corporate financings (secured and unsecured) and in-court and out-of-court restructuring of various types of credit facilities. More >>
Tags: Kirkland & Ellis LLP | ChicagoK&L Gates Expands Electronic Discovery Practice with Addition of Seattle Partner
The Seattle office of global law firm K&L Gates LLP has added Rachel Tausend as a partner in the e-Discovery Analysis and Technology (e-DAT) practice. Tausend joins K&L Gates from the Washington, D.C., office of Stradley Ronon Stevens & Young, LLP, where she was a co-founder and chair of the firm’s e-discovery team. More >>
Tags: K&L Gates LLP | SeattleBlackstone and CVC Complete £653 Million (US$1 Billion) Sale of Respective Remaining Stakes in Merlin Entertainments
The Firm has represented Blackstone Capital Partners and CVC Capital Partners on the sale of their respective remaining stakes in Merlin Entertainments Plc (“Merlin”). The secondary offering, which was effected pursuant to a block trade by way of an accelerated book build, raised gross sale proceeds of approximately £653 million (US$1 billion). The sale was the last in a series of block trades which has seen Blackstone and CVC reduce their stakes in Merlin from approximately 21% and 12% respectively to zero since the time of Merlin’s IPO in November 2013, raising aggregate total gross sale proceeds of approximately £1.3 billion (US$2 billion). More >>
Tags: LondonShearman & Sterling Advises Lenders on $2.5 Billion Financing for EMC Corporation
Shearman & Sterling advised Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC, as joint lead arrangers and joint bookrunners, in connection with a $2.5 billion revolving credit facility for EMC Corporation. More >>
Tags: Shearman & Sterling LLP | New York | Palo AltoNovak Druce Continues California Expansion
Building upon its existing three California offices in San Francisco, Silicon Valley and Los Angeles, Novak Druce will enter Orange County on March 1. The new Orange County office will bring to 11 the number of Novak Druce offices across the country, with California having the highest concentration.
“Overall, we have been experiencing an increased demand from clients involving strategic prosecution of large portfolios that are core to the client’s business, along with litigation and corporate work. While this demand has been strong across our national platform, demand in California has been particularly intense,” said Gregory Novak, Managing Partner and CEO of Novak Druce.
Further, Novak said, “given this demand, we were fortunate to be approached by the Fountain Law Group’s George Fountain to join Novak Druce and deliver to us an ability to better serve our existing clients and to provide George’s clients a greater depth via our national platform. Our being able to gain an Orange County office perfectly fits with our strategic growth plan and with our model of facilitating client services in the growing Orange County and San Diego area markets, reflecting the needs and demands of our high tech, medical device and biotech client base.”
“I am extremely pleased to be able to bring my practice and clients to Novak Druce and to be a part of a national law firm with such an incredible focus on all aspects of intellectual property law, including the ability to foster relationships with and guide early stage and startup companies,” said, new Novak Druce partner, George Fountain. “Having been approached by other national law firms that were more of a general practice, I was happy when a mutual and significant client put me in contact with Novak Druce. The approach towards the client and the encompassing approach on intellectual property made me feel that this is the Firm for my clients to follow me to, as my practice demanded and will significantly benefit from a larger platform.”
Fountain joins Novak Druce bringing his experience from Fountain Law Group to the Firm, where the he and the Firm will continue to provide closely tailored services to its predominately high-tech client base.
Fountain has over 20 years of experience representing high-tech companies and individuals in acquiring and protecting significant intellectual property portfolios. Fountain received his BS EE from California State Polytechnic University in 1984, where he graduated Magna Cum Laude, an MS EE from the University of Southern California in 1988, and his JD from Temple University in 1995, where he graduated Cum Laude. Fountain also brings eight years of industry experience as an engineer.
This is the second office expansion for Novak Druce in the last 9 months. In July, Novak Druce added a Philadelphia office led by veteran IP attorney Alfred W. Zaher. Novak Druce now has 11 offices across the U.S. Fountain also joins Duane H. Mathiowetz, Patricia L. Peden, and Rick C. Chang as new partners who joined Novak Druce in the last 3 months and reside in its California offices.
Tags: Novak Druce Connolly Bove + Quigg LLP | Orange CountyJohnson & Johnson’s Offer from Cardinal Health to Acquire Cordis for $1.99 Billion
Johnson & Johnson announced a binding offer from Cardinal Health to acquire its Cordis business for an aggregate value of $1.99 billion, consisting of $1.944 billion of cash proceeds from Cardinal Health plus approximately $46 million of retained net receivables. Cravath is representing Johnson & Johnson in connection with this transaction. The acceptance period for the offer will end on May 30, 2015, unless extended. If the offer is accepted, the proposed transaction would be expected to close towards the end of 2015, subject to customary closing conditions and regulatory approvals. More >>
Tags: New YorkEgorov Puginsky Afanasiev & Partners Ukraine advises on USD 500 million exchange offer by Ferrexpo
Egorov Puginsky Afanasiev & Partners Ukraine has advised Credit Suisse and Morgan Stanley as joint dealer managers on exchange offer for USD 500 million 7.875% guaranteed notes due 2016 issued by Ferrexpo Finance plc. The exchange offer completed on 24 February 2015. More >>
Tags: Egorov Puginsky Afanasiev & Partners | KyivShearman & Sterling Advises Underwriters in Ford Motor Credit Company’s $2.0 Billion Notes Offering
Shearman & Sterling represented Barclays Capital Inc., Credit Agricole Securities (USA) Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and RBC Capital Markets, LLC as joint book-running managers and Banco Bradesco BBI S.A., BB Securities Limited, Lloyds Securities Inc., Mizuho Securities USA Inc. and SG Americas Securities, LLC as co-managers in connection with Ford Motor Credit Company LLC’s offering of $500,000,000 aggregate principal amount of its Floating Rate Notes due January 9, 2018, $750,000,000 aggregate principal amount of 2.145% Notes due January 9, 2018 and $750,000,000 aggregate principal amount of 3.219% Notes due January 9, 2022. More >>
Tags: Shearman & Sterling LLP | New York