April 14, 2010

Paul, Weiss Client Talbots Acquires BPW Acquisition

On April 7, Paul, Weiss client The Talbots, Inc. and BPW Acquisition Corp. (BPW), jointly announced the closing of Talbots' acquisition of BPW, a special purpose acquisition company (SPAC). In addition to the closing of the BPW acquisition, Talbots also successfully completed related transactions which include: (i) the repurchase of approximately 29.9 million shares held by Talbots' former majority stockholder, Aeon (U.S.A.), Inc.; (ii) the repayment of all outstanding debt to Aeon totaling approximately $486.5 million plus accrued interest and other costs; and (iii) a new up to $200 million senior secured revolving credit facility arranged by GE Capital Markets and agented by GE Capital, Corporate Retail Finance. Paul, Weiss collaborated with counsel to the Audit Committee of Talbots' board and the Paul, Weiss team representing Talbots included corporate partners Toby Myerson and Steve Williams, and corporate and litigation partner Stephen Lamb.