Citi’s $25 Billion Private Credit, Direct Lending Program with Apollo

Cravath represented QUALCOMM Incorporated in connection with its $4 billion revolving credit. QUALCOMM Incorporated is a global leader in the development and commercialization of foundational technologies for the wireless industry. The transaction closed on August 8, 2024.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $3.1 billion of credit facilities made available to Aptiv PLC and certain of its subsidiaries. Aptiv PLC is a leading global technology and mobility architecture company primarily serving the automotive sector. The facilities consisted of a $2.5 billion bridge credit facility, used to partially finance the accelerated share repurchase of up to $3.0 billion of Aptiv PLC’s ordinary shares, and a $600 million term loan facility. The transactions closed on August 1, 2024, and August 19, 2024.

On August 14, 2024, Mars, Incorporated, a family-owned, global leader in pet care, snacking and food, announced it has signed a definitive agreement to acquire Kellanova, a leading company in the manufacture and marketing of snacks and convenience foods, in a $35.9 billion all cash transaction, including assumed net leverage. Cravath is representing the lead arrangers and bookrunners of committed debt financing in connection with the transaction.

On August 1, 2024, Outbrain, a technology platform that drives business outcomes through engagement, announced it has entered into a definitive agreement to acquire Teads, the global omnichannel video platform, from Altice. Total estimated consideration for the Teads acquisition is approximately $1 billion, on a cash free, debt free basis, including an upfront payment of $725 million, subject to standard adjustments, and a deferred cash payment of $25 million. Outbrain intends to finance the transaction with existing cash resources and $750 million in committed debt financing, subject to customary funding conditions. Outbrain will also issue to Altice 35 million shares of common stock, valued at approximately $169 million based on a one‑month volume‑weighted average price of Outbrain’s common stock as of July 30, 2024, of $4.82, and $105 million in convertible preferred equity. Additionally, Outbrain obtained commitments for a $100 million revolving credit facility, a portion of which will be available to pay a portion of the cash consideration for the transaction and related fees and expenses, and which will otherwise be available for working capital and general corporate purposes. Cravath is representing Outbrain in connection with the financing of the transaction.