As reported in The Wall Street Journal and The Deal Pipeline on Wednesday, Paul, Weiss client Quiznos has concluded a comprehensive restructuring deal with a group of lenders led by hedge fund Avenue Capital Group. All of the company’s second-lien debt will be converted into equity and Avenue Capital will inject $150 million of new equity capital into the quick serve franchise business. The company’s first-lien debt also was restructured as were certain other liabilities. According to Quiznos’ chief executive, Greg MacDonald, “improving our balance sheet and putting our capital structure issues behind us are major steps forward to strengthening the Quiznos brand and our customer experience.”
Tags: Paul, Weiss, Rifkind, Wharton & Garrison LLP | New York Cahill Represents Financing Sources in $1.5 Billion Acquisition of SunGard Higher Education by Datatel
Cahill represented Bank of America as administrative agent and Merrill Lynch, Pierce, Fenner & Smith and Barclays Captial as joint lead arrangers in connection with the $1,200,000,000 credit facility comprised of a $1,075,000,000 Term B loan and a $125,000,000 revolving credit facility for Sophia L.P. (a newly formed company that also owns Datatel). The proceeds were used to partially finance the acquisition of SunGard Higher Education by Sophia L.P. and to refinance existing indebtedness of Datatel.
Tags: Cahill Gordon & Reindel LLP | New York Davis Polk Advises Roche on Its Offer to Acquire Illumina
Davis Polk is advising Roche on its proposal to acquire Illumina, Inc. for $44.50 per share in cash, or approximately $5.7 billion on a fully diluted basis. In addition, Roche will nominate a slate of highly qualified, independent candidates for election to Illumina’s board of directors and propose certain other matters for the consideration of Illumina’s shareholders at Illumina’s 2012 annual meeting, which, if adopted, would result in Roche-nominated directors comprising a majority of the Illumina board. Roche’s offer will be subject to customary conditions, including the tender of a majority of Illumina’s shares of common stock.
Tags: Davis Polk & Wardwell LLP | New York DLA Piper Enhances Private Equity Practice with Addition of Leading Private Equity Lawyer Daniel J. Eisner
Kasowitz Expands IP Litigation Group in New York with Michael Eisenberg
Kasowitz, Benson, Torres & Friedman LLP is pleased to announce that Michael Eisenberg has joined the law firm’s intellectual property litigation group as a partner in the firm’s New York office. He was formerly counsel with the patent litigation group at Weil, Gotshal & Manges LLP.
Tags: Kasowitz Benson Torres LLP | New York Latham & Watkins Real Estate Practice Bolstered with Arrival of Prominent New York Partner
Latham & Watkins LLP is pleased to announce that David Broderick has joined the firm’s New York office as a partner in the Finance Department. Broderick has almost twenty years of experience handling complex real estate transactions representing private equity funds and financial institutions. His practice focuses on all aspects of real estate finance, including mortgage and mezzanine origination, debt syndication, preferred equity, bridge financing and other structured financings, foreclosures and restructurings, private equity investments, and the restructuring and workout of intercreditor and co-lender arrangements as well as the negotiated resolution of disputes across the capital structures of a borrower.
Tags: Latham & Watkins LLP | New York Hogan Lovells Expands New York Finance Practice with Addition of Partners Peter Humphreys and Robert Koster
Hogan Lovells announced today that it is expanding its Finance practice in New York with the addition of partners Peter Humphreys and Robert Koster.
Tags: Hogan Lovells | New York Hogan Lovells Adds Francis R. Monaco to Global Corporate Practice in New York
Hogan Lovells announced today that Francis R. Monaco is joining its global Corporate practice as a partner in the New York office.
Tags: Hogan Lovells | New York White & Case Boosts Its Global Capital Markets Expertise With New Partners in New York and Stockholm
Global law firm White & Case LLP has bolstered its international capital markets capabilities with the addition of F. Holt Goddard and Rikard Stenberg as partners in New York and Stockholm, respectively. With their arrival, White & Case has added seven partners in recent months to its Global Capital Markets Practice, which is a strategic priority of the Firm.
Tags: White & Case LLP | New York Paul, Weiss Advises Pembina Pipeline Corp. in the Purchase of Provident Energy Ltd.
As has been widely reported in Bloomberg Businessweek; The Deal Pipeline; The New York Times Dealbook; and The Wall Street Journal MarketWatch, Paul, Weiss client Pembina Pipeline Corp., an operator of Canadian gas and oil pipelines, has agreed to buy Provident Energy Ltd. for $3.1 billion.
Tags: Paul, Weiss, Rifkind, Wharton & Garrison LLP | New York