Akin Gump advised Virgin America Inc. shareholder Cyrus Capital Partners in the initial public offering of the airline’s stock, which began trading today on the New York Stock Exchange. Cyrus controls VAI Partners, one of Virgin America’s biggest shareholders. At an offering price of $23 per share, the IPO raised approximately $306 million, meeting expectations. More >>
Tags: Akin Gump Strauss Hauer & Feld LLP | New YorkJones Day is advising The Procter & Gamble Company (“P&G”) in the sale of its Duracell personal power business to Berkshire Hathaway Inc. for $2.9 billion. Following the sale of P&G’s interest in its Nanfu joint venture, which operated P&G’s battery business in China, P&G entered into a Transaction Agreement on November 13, 2014 with Berkshire Hathaway Inc. and certain of its affiliates under which P&G will transfer its Duracell business to Berkshire Hathaway in a private split-off transaction. In this unusual tax-free structure (sometimes referred to as a “cash rich private split”), P&G will convey its Duracell business (which will be infused with $1.8 billion in additional cash) to a newly formed subsidiary (SplitCo) and will exchange its shares in SplitCo for approximately $4.7 billion of outstanding P&G shares currently held by the Berkshire Hathaway group. The transaction is expected to close in the second half of calendar year 2015. More >>
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Morgan Lewis represented Susquehanna Bancshares, Inc. in specialized matters related to its acquisition by BB&T Corporation for a cash and stock transaction valued at approximately $2.5 billion.
The firm handled matters related to employee benefits, intellectual property and trademark matters. The deal was announced on November 12, 2014. More >>
Tags: Morgan, Lewis & Bockius LLP | New York
Mayer Brown represented The Dow Chemical Company in its sale of ANGUS Chemical Company to Golden Gate Capital for $1.215 billion. More >>
Tags: Mayer Brown LLP | New YorkDavis Polk advised J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC, as representatives of the several underwriters, on an SEC-registered offering by General Motors Company of $2.5 billion in aggregate principal amount of senior notes, consisting of $500 million in aggregate principal amount of 4% senior notes due 2025, $750 million in aggregate principal amount of 5% senior notes due 2035 and $1.25 billion in aggregate principal amount of 5.2% senior notes due 2045. General Motors intends to use the net proceeds from this offering to pay a portion of the redemption price to redeem outstanding shares of its Series A fixed-rate cumulative perpetual preferred stock. Any remaining proceeds will be used for general corporate purposes. More >>
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Shearman & Sterling advised Bank of America, N.A. and other lead arrangers in connection with a $19.8 billion dollar financing for Medtronic. The financing was comprised of a $11.3 billion senior unsecured bridge facility and a $5 billion senior unsecured term loan facility for Medtronic Inc.’s acquisition of Covidien plc and an amended and restated revolving credit facility for Medtronic, Inc. and Medtronic Global Holdings SCA. More >>
Tags: Shearman & Sterling LLP | New YorkAT&T announced it has entered into an agreement with Paul, Weiss client Grupo Salinas to acquire Mexican wireless company Iusacell for $2.5 billion, inclusive of Iusacell’s debt. Under the terms of the agreement, AT&T will acquire all of Iusacell’s wireless properties, including licenses, network assets, retail stores and approximately 8.6 million subscribers. The acquisition will occur after Grupo Salinas, owner of 50 percent of Iusacell, closes its announced purchase of the 50 percent of Iusacell that it does not already own. Subject to customary closing conditions and regulatory approval, the transaction is expected to close in the first quarter of 2015. More >>
Tags: New York | WashingtonThe Firm represented Hilton Worldwide Holdings Inc. in connection with a $2.6 billion secondary offering, consisting of 103,500,000 shares of common stock (including 13,500,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) at a public offering price of $25.00 per share. More >>
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Kirkland & Ellis LLP represented Wynnchurch Capital in the raising of its fourth private equity fund, Wynnchurch Capital Partners IV, L.P., which announced its final closing at $1.2 billion of limited partner commitments. The fund, which had a target of $900 million, was oversubscribed, resulting in the fund reaching its hard cap closing relatively quickly after its initial launch in September 2014. More >>
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Cahill represented Wells Fargo Securities, Citigroup, Deutsche Bank Securities, Scotiabank, HSBC, and SunTrust Robinson Humphrey as joint book-running managers and the co-managers in connection with the Rule 144A offering of $900,000,000 Senior Notes, comprised of $500,000,000 aggregate principal amount of 4.125% Senior Notes due 2020, and $400,000,000 aggregate principal amount of 4.75% Senior Notes due 2024 by Fresenius Medical Care US Finance II, Inc. Proceeds from the offering were used to refinance existing indebtedness and for general corporate purposes.
Tags: Cahill Gordon & Reindel LLP | London | New York