Oaktree Capital Management, L.P.'s Oaktree Enhanced Income Fund (EIF), a private equity fund investing in leverage loan assets, closed Oaktree Enhanced Income Funding Series II, Ltd., a $761.6 million collateralized loan type obligation. This is EIF's second fund series, having already closed on October 26, 2012, Oaktree Enhanced Income Funding Series I, Ltd., a $379.5 million fund. Wells Fargo Securities, LLC and GreensLedge Capital Markets LLC acted as placement agents. 

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.

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.

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.

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.

Paul, Weiss client Tekni-Plex, Inc., a portfolio company of Oaktree Capital Management, L.P., entered into a $100 million term loan facility as part of a refinancing transaction to redeem a portion of the $485 million senior secured notes previously issued by Tekni-Plex, Inc. on May 24, 2012 at an interest rate of 9.75%. Financing for the transaction was provided by a syndicate of banks and institutional investors, with Bank of America, N.A. acting as administrative agent.

Paul, Weiss client Caesars Entertainment Corporation (CEC) and its indirect subsidiary, Corner Investment Propco, LLC, entered into a $185 million credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent.  The proceeds of the credit facility will be used to finance the redevelopment of Bill's Gamblin' Hall & Saloon, which will include a hotel, a restaurant, a club, a new parking garage structure and various other support facilities. 

Paul, Weiss represented Barclays Capital as sole structuring advisor and lead bookrunner, and Citigroup as joint bookrunner, in the completion of a $257 million offering of Secured Billboard Revenue Notes for Fairway Outdoor Funding, LLC, a special purpose securitization subsidiary of Fairway Outdoor Advertising. 

Paul, Weiss client Oak Hill Advisors priced its collateralized loan obligation (CLO) fund, Oak Hill Credit Partners VII. The total capitalization of the fund is $770 million, making it the largest broadly syndicated CLO of 2012 thus far. The CLO was hailed as "groundbreaking" by Creditflux, a leading news source for the credit markets, which also noted that Oak Hill Advisor's CLO is the largest arbitrage CLO since the beginning of the credit crisis.

Paul, Weiss advised Global Brass and Copper, a leading North American converter, fabricator, distributor and processor of specialized copper and brass products and a portfolio company of our long-time client KPS, in a Rule 144A/Regulation S offering of $375 million 9.50% senior secured notes due 2019. Goldman, Sachs & Co. and Morgan Stanley acted as joint bookrunners for the offering, which closed June 1.