On November 3, 2016, American Axle & Manufacturing Holdings, Inc. (“American Axle”) and Metaldyne Performance Group Inc. (“MPG”) announced that they have entered into a definitive merger agreement under which American Axle will acquire MPG for approximately $1.6 billion in cash and stock, plus the assumption of $1.7 billion in net debt. Cravath is representing JPMorgan Chase Bank, N.A. in connection with the arrangement of $3.65 billion of credit facilities that will be made available to American Axle in order to finance the acquisition. The facilities will include a $100 million senior secured term loan A facility, a $1.55 billion senior secured term loan B facility, an $800 million senior secured revolving credit facility and a $1.2 billion senior unsecured bridge facility.
The Cravath team is led by partners George E. Zobitz and Stephen L. Burns and includes senior attorney Sarah F. Rosen and associates W. Lee Johnston and Jin‑Kyu Baek. Eric J. Zepp also worked on this matter.