American Capital, Ltd. (NASDAQ: ACAS) announced today that it has closed on the formation of American Capital Equity III, LP, a new $1.1 billion private equity fund, and related acquisition of a portfolio of equity and equity-related investments from American Capital with an agreed upon value of approximately $640 million. Another $445 million will be used to fund new control equity and equity-related investments. More >>
Tags: Kirkland & Ellis LLP | Chicago
Linklaters advised the Managers in connection with the CNY 1 billion 3.50%. Notes due 2017 issued by Agricultural Bank of China Limited Dubai Branch, under Agricultural Bank of China Limited’s US$ 15 billion Medium Term Note Programme. Agricultural Bank of China is China’s third largest by assets. This transactions marks the first Reminbi offering in Dubai by a non-Dubai entity and the first Chinese fixed income bond on an Arab stock market.
One of the stated aims of the transaction was to contribute to the continuing global expansion of the Chinese currency. More >>
Tags: Linklaters LLP | Dubai
Cadwalader is pleased to have advised Acorda Therapeutics, Inc., a leading biotechnology company, on its execution of a merger agreement to acquire Civitas Therapeutics, Inc., a privately-held biopharmaceutical company, for $525 million in an all cash transaction. More >>
Tags: Cadwalader, Wickersham & Taft LLP | New York
Herbert Smith Freehills has advised the Investment Board of the Government of Nepal on its project development agreement (PDA) with a consortium led by Indian infrastructure company GMR (the GMR Group) to develop the 900 megawatt, US$1.4 billion hydroelectric Upper Karnali Hydro Power Project (the Project). The Project was awarded to the GMR Group through an international competitive bidding process in 2008 on a build-own-operate-transfer basis. More >>
Tags: Herbert Smith Freehills Kramer LLP | London
Hunton & Williams LLP advised Carlyle Infrastructure Partners in its $327 million sale of Western Water Holdings LLC, and its water distribution utility Park Water Company and its subsidiaries, to Liberty Utilities, the regulated utility business of Algonquin Power & Utilities Corp. Western Water Holdings is a wholly owned investment of Carlyle Infrastructure Partners, the infrastructure investment business of the Carlyle Group. Park Water Company owns and operates three regulated water utilities engaged in the production, treatment, storage, distribution, and sale of water in Southern California and Western Montana. More >>
Tags: Hunton Andrews Kurth LLP | New York
Shearman & Sterling represented Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as Joint Lead Managers and Joint Bookrunners, in connection with the Republic of El Salvador’s Regulation S/Rule 144A offering of US$800,000,000 aggregate principal amount of 6.375% Notes due 2027. More >>
Tags: Shearman & Sterling LLP | New York | WashingtonDresser-Rand Group Inc. (“Dresser-Rand” or the “Company”) (NYSE: DRC), a global supplier of rotating equipment and aftermarket parts and services, announced yesterday that it has entered into a definitive merger agreement with Siemens under which Siemens will acquire all of the outstanding shares of Dresser-Rand common stock for $83.00 per share in cash.
The transaction is valued at approximately $7.6 billion, including the assumption of debt. The price represents a premium of 37.4 percent over Dresser-Rand’s closing share price of $60.42 on July 16, 2014, the day before speculation in the press appeared regarding interest in Dresser-Rand. Additional per share cash consideration of $0.55 shall be applied on the first day of each month starting March 1, 2015, until the closing occurs. More >>
Tags: Washington
Paul Hastings LLP, a leading global law firm, announced today that the firm represented Citigroup Global Markets, Inc., Barclays, Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc. and Natixis, New York Branch as lead arrangers and Citibank, N.A. as administrative agent in connection with a $550 million incremental add-on to Templar Energy LLC’s second lien credit facility. The proceeds were used primarily for the purchase of Granite Wash assets from Newfield Exploration Co. More >>
Tags: Paul Hastings, LLP | New York
SorinRand, leading advisor to early stage and emerging growth companies in technology and tech-enabled industries and the investors who support them, is joining forces with McCarter & English. The transaction, which becomes effective October 1, will give the combined firm nine offices and approximately 425 attorneys. It will continue to be known as McCarter & English. More >>
Tags: McCarter & English, LLP
Milbank, Tweed, Hadley & McCloy LLP, led by Global Securities partner Arnold Peinado, Transportation and Space partners Hugh Robertson and Jim Pascale and Global Securities special counsel Kevin MacLeod, acted as US counsel to the underwriters in a public offering of $956 million aggregate face amount of enhanced equipment trust certificates (“EETCs”) by American Airlines, Inc. (“American”). More >>
Tags: Milbank LLP | New York