Four Decades for Justice
Cravath represented Credit Suisse as dealer manager in DJO Finance LLC and DJO Finance Corporation’s US$300 million Reg D exchange offer with the holders of their senior subordinated notes for new third‑lien notes. Cravath also represented the initial purchasers, led by Credit Suisse, in connection with the US$1.02 billion 144A/Reg. S high‑yield debt offering of second‑lien notes of DJO Finco Inc., a subsidiary that was merged into DJO Finance LLC. Finally, Cravath represented Macquarie Capital in connection with a new US$1.055 billion first‑priority term loan agreement with DJO Finance LLC and DJO Finance Corporation. All these transactions were coordinated with a new ABL facility as part of a complete recapitalization of the outstanding debt of DJO.
DJO Finance LLC is a global developer, manufacturer and distributor of high‑quality medical devices that provide solutions for musculoskeletal health, vascular health and pain management. DJO Finance LLC is a portfolio company of private equity sponsor Blackstone Group, L.P. All the transactions closed on May 7, 2015. Proceeds of the offering and the term loans were used to refinance outstanding debt of DJO.
The Cravath team included partner Kris F. Heinzelman and associates Raffael M. Fiumara, Matthew G. Jones, William F. Roegge and Hyatt M. Howard on securities matters and partner Paul H. Zumbro, senior attorney Sarah F. Rosen and associates Ryan M. Farha and Caitlin M. Hyduke on banking matters. Sean M. Gholz also worked on securities matters.
Deals & Cases
November 27, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14 billion of credit facilities made available to RTX Corporation, an aerospace and defense company that provides systems and services for commercial, military, and government customers worldwide. The facilities consisted of a $10 billion bridge credit facility and a $4 billion term loan facility. The transactions closed on October 24, 2023 and November 7, 2023.
Deals & Cases
October 06, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $2.4 billion of credit facilities made available to Cencora, Inc., a leading global pharmaceutical solutions organization committed to improving patient access to products and enhance patient care. The facilities consisted of a $355 million tranche one revolving credit facility and a $2.045 billion tranche two revolving credit facility. The transaction closed on October 6, 2023.
Deals & Cases
August 30, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with an $800 million revolving credit facility made available to Albany International Corp. and certain of its subsidiaries. Albany International Corp. is a leading provider in the textile and materials processing business. The transaction closed on August 16, 2023.
Deals & Cases
August 30, 2023
Cravath represented the lead arrangers in connection with senior facilities to finance the pending acquisition of Palex Medical by funds advised by the private equity firms Apax Partners LLP and Fremman Capital. Palex Medical is a leading provider of high value‑added medical technology equipment and solutions in Southern Europe.
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