Paul Weiss – Swiss Re Completes $750 Million Offering

Paul, Weiss client Swiss Reinsurance Company Ltd completed an offering of $750 million of subordinated contingent write-off loan notes with a scheduled maturity in 2024. The loan notes can be permanently written down to zero, and investors lose their principal if the solvency ratio of Swiss Reinsurance Company Ltd falls below a predetermined threshold. The loan notes were issued through a so-called “repackaging vehicle.” The offering was Regulation S only.

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Tags:  Paul, Weiss, Rifkind, Wharton & Garrison LLP | New York

Simpson Thacher Represents Cedar Fair, L.P. in Comprehensive Refinancing

The Firm represented Cedar Fair, L.P. (“Cedar Fair”) in restructuring its secured bank and high yield debt profile. The concurrent refinancing transactions by Cedar Fair included (i) the termination of its existing senior secured credit facilities and the entry into a new $630 million senior secured term loan credit facility and a new $255 million senior secured revolving credit facility; and (ii) a private placement, including registration rights for the investors, of $500 million aggregate principal amount of 5.25% Senior Notes due 2021 conducted in reliance on Rule 144A and Regulation S.

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Tags:  Simpson Thacher & Bartlett LLP | New York

Dechert Advises Travelport in Litigation Settlement with American Airlines

Travelport, a leading provider of critical transaction processing solutions and data to global travel companies, and American Airlines, a wholly owned subsidiary of AMR Corporation, today announced that they have resolved all litigation between the two companies, and that they have reached a new long-term, global distribution agreement that enables continued access to shop and book American Airline flights via Travelport. Dechert LLP represented Travelport with respect to the two-year old litigation and advised the company with regard to the new commercial agreement. The terms of the settlement agreement require review and approval by the bankruptcy court presiding over AMR Corporation’s restructuring.

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Tags:  Dechert LLP | New York

McDermott Welcomes Leading Dealmaker to New York Office

McDermott Will & Emery LLP today announced that leading corporate dealmaker Brian Hoffmann has rejoined the Firm as a partner based in its New York office. Mr. Hoffmann, who was previously Co-Chair of the M&A practice in the Americas at another international law firm, has more than 30 years of experience advising clients on dozens of public and private transactions.

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Tags:  McDermott, Will & Emery | New York

Simpson Thacher Represents Underwriters in $200 Million Debt Offering by Tupperware Brands Corporation

The Firm represented the underwriters, led by J.P. Morgan and Wells Fargo Securities, in an offering of an additional $200 million of 4.750% Senior Notes due 2021 by Tupperware Brands Corporation (“Tupperware”). The additional notes constituted a reopening of the $400 million aggregate principal amount of notes initially issued on June 3, 2011. The notes are guaranteed on a senior secured basis by Tupperware’s wholly-owned subsidiary, Dart Industries Inc. The collateral securing the Guarantee consists of certain Tupperware® trademarks and service marks owned by Dart.

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Tags:  Simpson Thacher & Bartlett LLP | New York

Simpson Thacher Represents Catalent in Repricing and Refinancing

Simpson Thacher recently represented Catalent Pharma Solutions, Inc. in connection with an amendment of Catalent’s senior secured credit facility in order to refinance approximately $1.45 billion aggregate principal amount of certain tranches of term loans. As part of the refinancing, lenders agreed to reduce the pricing and extend the maturity of certain term loans.

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Tags:  Simpson Thacher & Bartlett LLP | New York