Davis Polk – Warner Chilcott $1 Billion Leveraged Recapitalization

Davis Polk advised Warner Chilcott plc on its $1 billion leveraged recapitalization. Under this recapitalization, subsidiaries of Warner Chilcott borrowed $600 million of term loans under an amendment to its secured credit facility. Proceeds of the financings together with cash on hand will be used to fund a special one-time cash dividend of $4.00 per share, or approximately $1 billion in the aggregate.

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Tags:  Davis Polk & Wardwell | New York

Davis Polk – Aetna Inc. $2 Billion Senior Unsecured Bridge Facility in Connection with Its Acquisition of Coventry Health Care

Davis Polk is advising Aetna Inc. on a $2 billion senior unsecured bridge loan facility in connection with its acquisition of Coventry Health Care, Inc. The bridge facility is being arranged by Goldman Sachs Bank USA, UBS Securities LLC and UBS Loan Finance LLC. The facility would be available to Aetna to pay a portion of the cash consideration used for its purchase of Coventry Health Care, Inc. in the event Aetna has not completed a planned senior notes offering prior to the closing of the acquisition.

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Tags:  Davis Polk & Wardwell | New York

Davis Polk Advises Sterling Financial Corporation on Secondary Common Stock Offering

Davis Polk advised Sterling Financial Corporation in connection with its SEC-registered secondary offering of 5,738,637 shares of its common stock by the U.S. Department of the Treasury (Treasury) for proceeds of approximately $115 million. Treasury’s initial preferred stock investment in Sterling, made as part of the Troubled Asset Relief Program’s (TARP) Capital Purchase Program (CPP), was exchanged for common stock on August 26, 2010, as part of a larger recapitalization of the company.

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Tags:  Davis Polk & Wardwell | New York

Davis Polk Advises Aetna on Its Acquisition of Coventry Health Care

Davis Polk is advising Aetna Inc. on its acquisition of Coventry Health Care, Inc. valued at $7.3 billion, including the assumption of Coventry debt. The transaction is subject to customary closing conditions, including receipt of Coventry stockholder approval and antitrust and state regulatory approvals. The transaction is expected to close in mid-2013.

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Tags:  Davis Polk & Wardwell | New York

Cahill – H&E Equipment Services Completes $530 Million Notes Offering

Cahill represented Deutsche Bank Securities, Credit Suisse, and BofA Merrill Lynch as joint book-running managers in connection with the Rule 144A/Reg S offering of $530,000,000 Senior Notes due 2022 by H&E Equipment Services, Inc., one of the largest integrated equipment dealerships in the United States. Cahill also represented the dealer manager in connection with the consent solicitation and tender offer for any and all of H&E’s outstanding 8.375% Senior Notes due 2016.

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Tags:  Cahill Gordon & Reindel LLP | New York

Simpson Thacher Represents Underwriter in Follow-on Offering by Dunkin’ Brands Group, Inc.

The Firm recently represented the underwriter, Citigroup Global Markets Inc., in connection with a registered public offering of common stock of Dunkin’ Brands Group, Inc. A total of approximately $652.6 million in proceeds was raised in the offering. Affiliates of Bain Capital LLC, The Carlyle Group, Thomas H. Lee Partners and RGIP, LLC received all of the gross proceeds from the offering.

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Tags:  Simpson Thacher & Bartlett LLP | New York

Simpson Thacher Represents Blackstone Holdings Finance Co. L.L.C in $650 Million Senior Notes Offering

Simpson Thacher recently represented Blackstone Holdings Finance Co. L.L.C., an indirect finance subsidiary of The Blackstone Group L.P., in its issuance and sale of $400,000,000 aggregate principal amount of 4.750% Senior Notes due 2023 and $250,000,000 aggregate principal amount of 6.250% Senior Notes due 2042. The notes are guaranteed by The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. The company intends to use the net proceeds for general corporate purposes.

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Tags:  Simpson Thacher & Bartlett LLP | New York