Tropicana, Naked and Other Select Juice Brands’ $2.73 Billion of First Lien and Second Lien Credit Facilities
February 08, 2022
Cravath represented the administrative agents, lead arrangers and bookrunners in connection with the arrangement of $2.73 billion of first lien and second lien credit facilities to finance the acquisition of a majority interest in the Tropicana, Naked and other select juice brands that were previously wholly owned by PepsiCo Inc., by PAI Partners, a leading global private equity firm with significant experience in the food and beverage space. PepsiCo will retain a 39% non‑controlling interest in a joint venture with PAI Partners. The facilities included a $1.82 billion first lien term loan facility, a $350 million revolving credit facility, a $105 million delayed draw term loan facility and a $450 million second lien term loan facility. The transaction closed on January 24, 2022.
The Cravath team included partner Craig F. Arcella, senior attorney Isaac C. Beerman and associate Rachael E. Joseph on banking matters, and partner J. Leonard Teti II, senior attorney Andrew Carlon and associate Sonia Katharani‑Khan on tax matters. Christopher G. Doherty also worked on banking matters.
Related Practices & Industries
People
- Photo
-
-
J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.A., 1995, Duke University
- New York
Education
Admitted In
- Photo
-
-
J.D., 2010, Harvard Law School
-
B.A., 2006, University of North Carolina at Chapel HillPhi Beta Kappa, cum laude
- New York
Education
Admitted In
- Photo
-
-
J.D., 2005, University of Virginia School of LawOrder of the Coif
-
A.B., 1999, Princeton Universitywith Honors
- New York
Education
Admitted In
Related News & Insights
Deals & Cases
January 03, 2025
iBanFirst’s Amendment and Restatement of its Senior Facilities Agreement
Cravath represented iBanFirst, a portfolio company of Marlin Equity Partners, in connection with the amendment and restatement of its senior facilities agreement to implement a new term loan facility. Marlin Equity Partners is a leading global investment firm. The transaction closed on December 19, 2024.
Deals & Cases
December 02, 2024
DraftKings Inc.’s Credit Facility
Cravath represented Morgan Stanley, as administrative agent, joint lead arranger, joint bookrunner and collateral agent, in connection with a $500 million revolving credit facility made available to DraftKings Inc. and certain of its subsidiaries. DraftKings Inc. operate as a digital sports entertainment and gaming company in the United States and internationally. The transaction closed on November 7, 2024.
Deals & Cases
October 29, 2024
Reynolds Consumer Products Inc.’s Revolving Credit Facility
Cravath represented the lead bookrunner in connection with a $700 million revolving credit facility made available to Reynolds Consumer Products Inc. Reynolds Consumer Products Inc. produces and sells products in cooking, waste and storage, and tableware product categories in the United States and internationally. The transaction closed on October 17, 2024.
Deals & Cases
October 29, 2024
Gannett Holdings LLC’s Term Loan Facility
Cravath represented Gannett Holdings LLC in connection with its $900 million senior secured term loan facility. Gannett Holdings LLC is a wholly owned subsidiary of Gannett Co., Inc., a leading diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. The transaction closed on October 15, 2024.
