BioFuel Energy’s Acquisition of JBGL
June 11, 2014
On June 11, 2014, BioFuel Energy Corp. announced that it has entered into a definitive agreement with certain affiliates of Greenlight Capital, Inc. and James R. Brickman, pursuant to which BioFuel Energy will acquire the equity interests of JBGL Builder Finance LLC and certain subsidiaries of JBGL Capital, LP from Greenlight and Brickman. Cravath represented BioFuel Energy in connection with this transaction, which is subject to certain conditions and is expected to close in October 2014. JBGL is a series of real estate entities involved in the purchase and development of land for residential purposes, construction lending and home building operations. JBGL is currently owned and controlled by Greenlight and Brickman.
Pursuant to the terms of the agreement, BioFuel Energy will acquire JBGL for US$275 million, payable in cash and BioFuel Energy common stock. The cash portion of the purchase price will be funded from the proceeds of a US$70 million rights offering to be conducted by BioFuel Energy and approximately US$150 million in debt financing provided to BioFuel Energy by Greenlight.
The Cravath team included partner Craig F. Arcella and associate Jacquelyn N. Arcati on corporate and securities matters; associates Wenying Zhang and Jennifer L. Tanaka on M&A matters; partner Andrew W. Needham and associate Sara L. Lykken on tax matters; partner Eric W. Hilfers, practice area attorney M. C. Tania Balthazaar and associate Amy C. Benford on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and senior attorney John Gerhard on real estate matters.
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People
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J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 1995, Duke University
- New York
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J.D., 1998, University of Chicago Law Schoolwith Honors
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A.B., 1995, Princeton University
- New York
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J.D., 1997, Columbia Law SchoolHarlan Fiske Stone Scholar
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M.S., 1994, University of Pennsylvania
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B.A., 1990, University of Pennsylvania
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B.A.S., 1990, University of Pennsylvania
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M.B.A., 1992, The Wharton School of the University of Pennsylvania
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LL.M., 1990, Georgetown University Law Center
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J.D., 1986, Georgetown University Law Center
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B.A., 1982, University of Arizona College of Law
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