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Transactional

Finance

  • Intelsat Amends $3.75 Billion
    Senior Secured Credit Facilities

    Finance

    Paul, Weiss client Intelsat (NYSE: I), a leading global provider of fixed satellite services, amended its existing senior secured credit agreement, which governs its approximately $3.1 billion senior secured term loan facility and $500 million revolving credit facility. The amendment reduced the interest rates applicable to borrowings under the term loan facility and extended the maturity of the term loan facility. In addition, the amendment also reduced the interest rates applicable to $450 million of the $500 million total revolving credit facility and extended the maturity of such portion of the revolving credit facility. Bank of America Merrill Lynch, J.P. Morgan and Credit Suisse served as joint lead arrangers and joint bookrunners.

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  • Oaktree Closes $1.8 Billion
    in Leveraged Loan Vehicles

    FinanceInvestment ManagementEmployee BenefitsTax

    Paul, Weiss client Oaktree Capital Management, L.P.'s (Oaktree) Oaktree Enhanced Income Fund (EIF), a private equity fund investing in leveraged loan assets, closed Oaktree Enhanced Income Funding Series III, Ltd., a $655.2 million collateralized loan-type obligation. This is EIF's third fund series, having already closed the $379.5 million Oaktree Enhanced Income Funding Series I, Ltd. on October 26, 2012 and the $761.6 million Oaktree Enhanced Income Funding Series II, Ltd. on March 28. Wells Fargo Securities, LLC, Mitsubishi UFJ Securities (USA), Inc., and GreensLedge Capital Markets LLC acted as placement agents.

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  • Ply Gem Closes $930 Million Refinancing

    FinanceEnvironmentalReal EstateTax

    Paul, Weiss client Ply Gem Industries, Inc., a leading manufacturer of exterior building products in North America, closed a $430 million term loan facility and a private offering of $500 million 6.50% Senior Notes due 2022. The net proceeds of the offering and the term loan, as well as cash on hand, were used to refinance in full Ply Gem's outstanding Senior Secured Notes and old Senior Notes. With this refinancing the company has lowered its interest cost and extended maturities on all of its funded debt.

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  • Las Vegas Sands Closes VML Refinancing

    FinanceReal Estate

    Venetian Macau Limited, a subsidiary of Paul, Weiss client Las Vegas Sands Corp., closed an amended and restated credit agreement for the dollar equivalent of approximately $5.2 billion, consisting of the dollar equivalent of $2 billion of new revolving commitments, the dollar equivalent of approximately $2.4 billion of extended initial term loans and the dollar equivalent of approximately $0.8 billion non-extended initial term loans.

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  • Spectrum Brands Refinances
    U.S. Tranche B Term Loans

    FinanceReal EstateTax

    Paul, Weiss client Spectrum Brands, Inc. (SPB) closed on its previously announced issuance of a $215 million U.S. term loan due September 2019 and a new €225 million Euro term loan due September 2019. Spectrum Brands Europe GmbH, a German subsidiary of SPB, incurred such new Euro term loans. Net proceeds from the term loans were used to replace SPB's existing $513 million U.S. term loan B due December 2019. Concurrently with the closing of the new term loans, SPB entered into an Eighth Amendment to its ABL Loan and Security Agreement. This is SPB's third significant refinancing in 366 days.

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  • Wendy's International
    Completes Debt Repricing

    FinanceTax

    Paul, Weiss advised Wendy's International, Inc., a subsidiary of The Wendy's Company, the second-largest quick-service restaurant company in the United States, in completing a refinancing transaction in which a portion of its existing $1.125 billion in term B loans was refinanced with a new tranche of term A loans in an aggregate principal amount of $350 million. Bank of America, N.A. acted as administrative agent for the refinancing.

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  • Hillman Agrees to Acquire H. Paulin

    CanadaFinanceMergers & AcquisitionsCorporateTax

    Paul, Weiss client The Hillman Companies Inc. announced it has entered into a definitive agreement to acquire H. Paulin & Co., Limited, pursuant to a plan of arrangement under the Business Corporations Act (Ontario), of all the issued and outstanding Class A common shares of Paulin for Cdn$27.60 per share. The purchase price, payable in cash, represents a total enterprise of approximately Cdn$103 million.

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  • Emmis Closes Credit Facility

    FinanceCorporateTax

    Paul, Weiss client Emmis Communications Corporation and its subsidiaries completed a new $100 million senior secured credit facility. The facility includes a $20 million revolving credit facility and an $80 million term loan. The proceeds were used to repay approximately $41.4 million of outstanding indebtedness under Emmis's existing senior credit facility and approximately $43.5 million of its outstanding unsecured notes.

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  • Oak Hill Advisors Completes a $318
    Million Refinancing of Intrepid CLO

    FinanceTax

    Paul, Weiss client Oak Hill Advisors. L.P., as portfolio manager of OHA Intrepid Leveraged Loan Fund, Ltd., a cash flow Collateral Loan Obligation (CLO) fund, completed a precedent-setting refinancing transaction in which $318 million of three classes of secured notes issued by the CLO were simultaneously redeemed and refinanced with proceeds from the issuance of new secured notes. The transaction is one of the few CLO refinancings to be completed in the market and allowed the client to obtain a significantly lower cost of capital.

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