Davis Polk is advising Sandler O’Neill + Partners, L.P. as dealer manager for First BanCorp., in connection with the offer by First BanCorp. to exchange up to 10,087,488 newly issued shares of its common stock, par value $0.10, for any and all of its issued and outstanding shares of five series of preferred stock. To participate in the exchange offer, tendering holders of shares of preferred stock must grant a proxy in favor of an amendment to the certificate of designation for the preferred stock. The exchange offer is expected to expire on March 18, 2013.

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Paul Hastings LLP, a leading global law firm, announced today that the firm represented RBC Capital Markets, UBS Securities LLC, HSBC Securities (USA) Inc. and The Bank of Nova Scotia as joint lead arrangers in connection with new $550 million senior secured credit facilities consisting of a $440 term loan facility and a $110 million revolving loan facility, the proceeds of which were used, among other things, to refinance existing indebtedness of SES Intermediate Holdings Limited, Saxon Enterprises LLC and Saxon Energy Services Inc., an international oilfield services company.

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Cahill represented Praxair, Inc. in connection with its public offering of $900,000,000 comprised of $500,000,000 aggregate principal amount of 2.70% Notes due 2023 and $400,000,000 aggregate principal amount of 0.75% Notes due 2016. Proceeds from the offering will be used for general corporate purposes.

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Paul, Weiss clients PJ Solomon and Morgan Stanley acted as joint financial advisers to Office Depot in its agreement to merge with OfficeMax for $1.2 billion. Terms of the deal call for Boca Raton, Florida-based Office Depot to issue 2.69 shares for each share of OfficeMax, valuing the smaller company at $13.50 per share. Naperville, Illinois-based Officemax will have the ability to pay dividends of up to $131 million, or $1.50 per share, before closing.

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Paul Hastings, a leading global law firm, announced today that the firm represented Peru’s second largest commercial bank BBVA Banco Continental issue $300 million worth of bonds in the international markets.

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Richards Kibbe & Orbe LLP attorneys William Q. Orbe and Jonas L. Blank represented the lead investor in a $200 million round of equity financing of Pinterest, Inc.

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Renee Gabbard has joined the international law firm Bryan Cave LLP as a partner in the firm’s Irvine office. She will practice with the firm’s Private Client Service Group.

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Davis Polk is advising Crestview Partners on its $246 million acquisition of Victory Capital Management Inc. from KeyCorp. The transaction, which is subject to receipt of regulatory approvals and other customary closing conditions, is expected to close in the third quarter of 2013.

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The Firm is representing Best Buy Co., Inc. (NYSE: BBY) in connection with the announced agreement by Citigroup to purchase from Capital One Financial Corporation (NYSE: COF) and issue and manage for Best Buy the $7 billion portfolio of Best Buy-branded private label and co-branded credit cards in the United States. The transaction is subject to customary conditions.

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Simpson Thacher represented JPMorgan Chase Bank, N.A. as administrative agent in connection with a $375 million senior secured term loan facility and a $225 million asset-based loan facility for Beechcraft Holdings, LLC in its emergence from Chapter 11 bankruptcy.

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