Kirkland & Ellis Archives - Page 7 of 16

Blackstone, Ares, PSP and Thoma Bravo Credit Support Thoma Bravo’s Acquisition of Stamps.com

Thoma Bravo completed its acquisition of Stamps.com for approximately $6.6 billion in cash. Blackstone Credit, credit funds managed by Ares Management, PSP Investments Credit II and Thoma Bravo Credit provided debt financing for the transaction.

IPC Systems Enters Agreement to Reduce Debt by More Than $400MM

IPC Systems entered into a transaction support agreement with its key stakeholders that will reduce the company’s debt by more than $400 million, extend its debt maturity schedule by five years and provide new capital of $125 million to deliver resources for investment in long-term growth strategies.

CitiGroup & Goldman Sachs Provide Financing to Support Avantor’s Acquisition of Masterflex

Avantor entered into a definitive agreement to acquire the Masterflex bioprocessing business and related assets of Antylia Scientific, a privately held, portfolio company of investment firms GTCR and Golden Gate Capital.

JPMorgan Chase Supports Vesey Street Capital Partners’ Recapitalization of Safecor Health

Vesey Street Capital Partners completed a recapitalization of Safecor Health, a provider of pharmaceutical unit dose packaging services for hospitals and health systems. JPMorgan Chase Bank provided debt financing to support the transaction.

Intelsat Gains Support of Nearly 75% of Funded Debt Holders for Financial Restructuring

Intelsat achieved the support of key creditor groups on the terms of a financial restructuring. The company also filed an amended plan of reorganization in its Chapter 11 proceedings. The amended plan has the support of holders of approximately $11 billion, or nearly 75%, of the company’s funded debt.

August 25, 2021 Alvarez & Marsal | Intelsat | Kirkland & Ellis | PJT Partners Ian Koplin

Barclays and Credit Suisse Support US LMB’s Acquisition of American Construction Source

US LBM completed its acquisition of American Construction Source from Angeles Equity Partners and Clearlake Capital Group. Barclays and Credit Suisse led the debt financing for the transaction. Financial terms were not disclosed.

Washington Prime Group Enters Chapter 11, Secures $100MM in DIP Financing

Washington Prime Group filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. Washington Prime Group also secured $100 million in new money debtor-in-possession financing.

Portage Point Partners Advises Alex and Ani on Restructuring, Chapter 11 Filing

Alex and Ani entered into a restructuring support agreement with its debt holders and equity sponsors and commenced Chapter 11 proceedings. Portage Point Partners is serving as Alex and Ani’s financial advisor in connection with the restructuring.

June 10, 2021 Alex and Ani | Kirkland & Ellis | Klehr Harrison Harvey Brazenburg | Robert Trabucco | United States Bankruptcy Court for the District of Delaware Ian Koplin

J.P. Morgan, BofA, KKR Provide Debt Financing to Support Acquisition of Cloudera

Cloudera entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice and KKR in an all-cash transaction valued at approximately $5.3 billion. J.P. Morgan, Bank of America and KKR Capital Markets committed to provide debt financing for the transaction.

Apollo Global Management Pays $5B for Verizon Media

Apollo Global Management entered into an agreement to acquire Verizon Media from Verizon for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by Guru Gowrappan as CEO.

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