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Financiamiento de Adquisiciones Apalancadas
Cleary Gottlieb es pionero y líder mundial en operaciones de financiamiento apalancado. Desde sus inicios en los Estados Unidos, hemos participado activamente en torno a los diversos productos de financiamiento apalancado, incluyendo créditos sindicados combinados con capital y créditos sindicados con garantías en primer y segundo grado, así como en emisiones de bonos de alto rendimiento y en el diseño de instrumentos retributivos en especie (“PIK”). Adicionalmente, Cleary Gottlieb ha estado al frente del desarrollo de nuevas clases de activos tales como obligaciones respaldadas por créditos (“CLOs”), obligaciones respaldadas por bonos de alto rendimiento (“CBOs”) y obligaciones respaldadas por diversos tipos de deuda y activos (“CDOs”), que han crecido a partir de estos productos de financiamiento apalancado. A Marzo 2008, Cleary Gottlieb participó como asesor legal en 3 de las 4 mayores adquisiciones apalancadas (“LBO”) concluidas más grandes de la historia.
Desde los inicios de la crisis del crédito de 2007, Cleary Gottlieb ha estado involucrado en los eventos posteriores al estallido de la crisis, incluyendo el asesoramiento a nuevos Fondos crediticios, compradores de prestamos apalancados originados en “LBO” a sus colocadores, modificando estructuras de aplancamiento (“LBO”) y asesorando a los financiadotes de operaciones “LBO” a desarrollar nuevas formas de sindicar los citados prestamos LBO comprometidos antes del inicio de la crisis de crédito. También tenemos una sólida experiencia en la gestión de pólizas de crédito y sus cláusulas de suspensión. Una firma internacional desde su creación, Cleary Gottlieb es una sociedad mundial única que posee una larga tradición en la creación de nuevos productos financieros y la adaptación de productos financieros a los nuevos mercados del orbe.
Los socios del grupo de trabajo especializado en financiamientos apalancados participan en este tipo de operaciones desde las oficinas de Nueva York, Washington, Londres, Frankfurt, París, Bruselas, Roma, Milán, Moscú y Hong Kong. Estamos capacitados para llevar a cabo transacciones de financiamiento apalancado regidas por las leyes de de los Estados Unidos (New York), Inglaterra, Francia, Alemania, Bélgica, Italia y Rusia.
Cleary Gottlieb sabe que los mercados cambian rápidamente y que los abogados que trabajan en transacciones de financiamiento apalancado necesitan comprender todos los elementos que componen la estructura de capital, así como las alternativas que pueden ser incluidas de último minuto en la estructuración. Nos especializamos en abogados que tienen experiencia en más de un producto, y creemos que nuestros clientes se benefician de tal flexibilidad.
Los clientes de la práctica de financiamiento apalancado en el bufete incluyen firmas de capital privado, así como coordinadores y numerosos emisores corporativos alrededor del mundo.
Práctica de Financiamiento Apalancado en los Estados Unidos
En los Estados Unidos, Cleary Gottlieb ha participado en muchos de las transacciones más importantes en el mercado de financiamiento apalancado, incluyendo tres de las cuatro mayores compras apalancadas (“LBO”) de la historia.
Utilizando como base la experiencia acumulada por la firma a través de la practica de “structured finance” y otras áreas relacionadas, Cleary Gottlieb tenia el conocimiento para ejecutar “LBO’s” desde el principio. Imprescindible en la creación del Mercado de titulizaciones hipotecarias, incluyendo el asesoramiento en la primera colocación de una titulizacion hipotecaria, la firma ayudo en el asentamiento de los Mercados de prestamos y bonos garantizados como vehículos de inversión que ofrecen a los inversotes exposición a los prestamos apalancados y bonos de alta rentabilidad.
Actualmente, nuestros abogados asesoran con frecuencia a firmas de “Private Equity” así como a sus compañías participadas, posibles compradores e instituciones financieras en todos los aspectos de la financiación de adquisiciones apalancadas (“LBO”).
Práctica de Financiamiento Apalancado en Latinoamérica
Además de nuestra amplia trayectoria como asesor de emisores latinoamericanos con clasificación de crédito “bajo grado de inversión” en países tales como Argentina, Uruguay, Perú y la República Dominicana, Cleary Gottlieb posee una gran experiencia en transacciones de financiamiento apalancado tanto con empresas emisoras latinoamericanas, inversores de private equity, instituciones financieras en la obtención de financiación y bancos colocadores en los mercados internacionales. En México, hemos participado en los financiamientos de emisores de bonos de alto rendimiento. En Brasil, hemos trabajado en compras apalancadas recientes y regularmente asesoramos a clientes en sus financiamientos. En Argentina, hemos asesorado a numerosos emisores y prestamistas a raíz de la más reciente crisis económica de dicho país, Cleary Gottlieb asesoró a los acreedores en el refinanciamiento de dos compañías energéticas en 2002 y 2003.
Práctica de Financiamiento Apalancado en Europa
Cleary Gottlieb ha asesorado a emisores europeos y sus colocadores en operaciones de financiamiento bajo ley local y de Nueva York desde el desarrollo de los mercados de eurodólares a mediados de los años setenta, por lo que resultaba lógico que sus oficinas de Londres y Frankfurt participaran en las primeras emisiones de bonos de alto rendimiento de empresas europeas en 1995 y 1997. Fuimos los asesores de los colocadores en una de las primeras emisiones de bonos de alto rendimiento denominadas en libras esterlinas de una compañía energética en 1999. Cleary Gottlieb tiene experiencia en financiamientos puente y mezanine al estilo de Estados Unidos y Europa, tales como el financiamiento mezanine puente bajo ley inglesa y el esquema de liquidación total de inversión, regido por las leyes de Nueva York, para la adquisición de una empresa de menudeo del Reino Unido en 2004, y el financiamiento para la adquisición de una empresa londinense de desarrollo inmobiliario.
Así como brinda excelente asesoría legal conforme a derecho de Nueva York e Inglaterra, Cleary Gottlieb cuenta con abogados con experiencia en financiamientos apalancados capaces de asesorar sobre asuntos de derecho belga, francés, alemán e italiano. Los expertos de Cleary Gottlieb en financiamiento apalancado en Italia, han participado en diversas transacciones en el mercado y han asesorado a los colocadores en el financiamiento de un consorcio en la licitación por un negocio de directorios italianos. Los abogados alemanes del despacho han brindado asesoría sobre derecho alemán en numerosas emisiones de bonos de alto rendimiento y financiamientos apalancados, incluyendo aquellos para una casa de moda y una empresa de TV por cable alemanas en 2005. En Francia, Cleary Gottlieb asesoró a los colocadores en cuanto a asistencia financiera regulada bajo derecho francés para la privatización de una cadena de tiendas departamentales en 2005.
Mas allá del tradicional mercado de “LBO” en Europa, Cleary Gottlieb ha asesorado en relación con la financiación de los países de Europa de Este y en 2006 participo en el primer “autentico” LBO completado en Turquía. Cleary Gottlieb esta constantemente asesorando en la emisión de bonos high yield por emisores de países sin tradición en este tipo de productos, como por ejemplo el asesoramiento en el 2005 a una compañía Griega dedicada a la fabricación de vidrio o en 2006 a una compañía de telecomunicaciones africana. En 2007, los equipos de Londres y Nueva York asesoraron a un consorcio que pretendía adquirir una compañía aérea internacional mediante una oferta íntegramente en efectivo.
Práctica de Financiamiento Apalancado en Asia y Rusia
En Rusia, Cleary Gottlieb ha sido asesor de un antiguo cliente ruso en todas sus operaciones de deuda externa, desde la reestructuración de deuda de la época soviética hasta su reciente regreso a la calificación de grado de inversión. Cleary Gottlieb participó en el establecimiento de una estructura de bonos de participación para empresas emisoras rusas, muchas de las cuales han sido calificadas con clasificación de crédito “bajo grado de inversión”, o créditos “cross-over” con restricciones típicas de obligaciones de alto rendimiento, o con tales restricciones en forma flexibilizada, incluyendo la primera “autentica” emision de bonos “high yield” emitidos en 2006 por una compañía rusa.
En Asia, las oficinas del bufete han participado en operaciones de financiamiento apalancado en compras apalancadas (“LBO’s”), tales como el caso de un banco coreano y la licitación para la adquisición de una de las empresas manufactureras de bebidas alcohólicas más grandes del mundo. Cleary Gottlieb también asesoró en algunas de las estructuras debutantes de bonos de alto rendimiento en Asia, como en la emisión de bonos de alto rendimiento efectuada por una empresa productora de semiconductores en 2005. Nuestras oficinas en Asia asesoraron a los candidatos para la financiación de una compra para excluir del mercado a una compañía Surcoreana de semiconductores que constituye la mayor financiación obtenida para un LBO por parte de una compañía de Singapur y el segundo jumbo “covenant lite” financiado en Asia.
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Apr 15, 2013
Cleary Gottlieb is representing the Board of Directors and Special Committee of National Financial Partners Corp. in the acquisition of NFP by affiliates of Madison Dearborn Partners. The all-cash merger, which was announced on April 15 and is expected to close in the third quarter, has an equity value of approximately $1.3 billion, including the value of NFP’s convertible notes.
NFP and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP’s national scale and resources.
Oct 31, 2012
Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (“Codelco”), a Chilean state-owned company that is the world’s largest copper producer, in refinancing a $1.87 billion acquisition loan. Cleary Gottlieb also represented Codelco in the original transaction which settled a dispute between Codelco and Anglo American plc (“Anglo”) relating to certain Anglo copper interests in Chile known as Anglo American Sur (“Sur”) and in the negotiation of a new partnership between Codelco, Anglo and their respective partners, Mitsui & Co. (“Mitsui”) and Mitsubishi Corporation (“Mitsubishi”).
The original transaction followed a months-long legal battle between Codelco and Anglo over Codelco’s announced intention to exercise an option to acquire a 49% stake in Sur financed by Mitsui and by Anglo’s subsequent sale of a 24.5% stake to Mitsubishi. The parties entered into definitive documentation on August 23, 2012. The first stage of the acquisition closed on August 24, 2012 and a secondary stage closed on September 14, 2012.
Under the terms of the transaction, a Codelco and Mitsui joint venture company controlled by Codelco acquired 29.5% of Sur for a total of $2.8 billion. Codelco funded its portion of the purchase price with a $1.87 billion acquisition loan from Mitsui. On October 31, 2012, Codelco and Mitsui entered into an agreement to refinance the $1.87 billion loan with a $875 million loan with a 3.25% fixed interest rate and a 20-year amortization. In connection with the refinancing, Codelco agreed to sell to Mitsui the equivalent of a 4.5% stake of Sur.
Jan 14, 2013
Cleary Gottlieb represented CPP, a portfolio company of Warburg Pincus, in connection with its new $700 million credit facility. The financing was provided by a syndicate of banks with UBS as agent, and consisted of a $415 million senior secured first lien term loan B facility, a $100 million senior secured first lien revolving facility and a $185 million senior secured second lien term loan facility. A portion of the proceeds were used to finance CPP's acquisition of ESCO Corporation's Turbine Technologies Group, which closed simultaneously with the financing.
Mar 19, 2013
Cleary Gottlieb represented Bausch & Lomb in the financing of a new “Holdco” senior unsecured term loan facility. The $700 million term loan facility closed on March 19. The proceeds of the new facility, together with a $100 million revolver borrowing under Bausch & Lomb’s existing credit facilities, were used to finance a $772 million dividend payment to Bausch & Lomb’s shareholders and a separate payment to certain option holders. These transactions were completed in connection with the planned IPO of Bausch & Lomb, to occur later this year.
Bausch & Lomb was founded in 1853 and is one of the best-known and most respected healthcare companies in the world, with products available in more than 100 countries.
May 25, 2012
Cleary Gottlieb assisted Vivendi in the negotiation of a new €1.5 billion revolving credit facility agreement with a 5-year maturity, signed on May 25.
The bank syndicate was composed of 15 banks: ANZ Bank, Bank of America, The Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, BNP Paribas, Citibank International, Crédit Agricole Corporate and Investment Bank, Crédit Mutuel CIC (acting through Banque Fédérative du Crédit Mutuel & Crédit Industriel et Commercial), HSBC, JPMorgan Chase, Lloyds TSB, Mizuho Corporate Bank, Natixis, The Royal Bank of Scotland, and Société Générale.
This new facility refinances two existing credit lines totaling €2.7 billion, which were maturing within the next 15 months and will also enable Vivendi to maintain its average debt maturity at more than four years.
Apr 30, 2013
Cleary Gottlieb represented Citi Venture Capital International, a global private equity investment fund, in its investment and recapitalization of SourceHOV Holdings, a leading provider of Business Process Outsourcing and Knowledge Process Outsourcing solutions. CVCI’s investment was used to redeem the ownership interests of Apollo Global Management and certain minority holders of SourceHOV and to recapitalize SourceHOV’s existing debt. HOVS, a founding investor, maintained its interest as an equity partner with CVCI. The acquisition closed on April 30.
Oct 12, 2011
Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (“Codelco”), a Chilean state-owned company that is the world’s largest copper producer, in the arrangement of $6.75 billion in financing from Mitsui & Co. (“Mitsui”), a Japanese trading company. The purpose of the financing is to ensure that Codelco has the necessary financing available to exercise its option (if it elects to do so) to acquire up to 49% of the shareholding of Anglo American Sur S.A. (“Sur”), a wholly-owned subsidiary of Anglo American plc (“Anglo”). The parties entered into definitive documentation in a signing ceremony in Santiago, Chile on October 12, 2011.
Under the terms of the financing, Mitsui (or a subsidiary of Mitsui) will lend up to $6.75 billion to a wholly-owned subsidiary of Codelco to finance Codelco’s exercise of its option over Sur’s equity. The parties have also entered into an agreement which grants the borrower the right to settle part of the bridge loan with an indirect 50% interest in the Sur equity acquired by Codelco, based on a pre-determined value for the 49% interest in Sur of approximately $9.76 billion.
Codelco holds the right, exercisable every three years (with the next window opening in January 2012) to purchase up to 49% of the equity of Sur. Sur owns and operates certain properties in Chile, including the Los Bronces and El Soldado copper mines, the Chagres smelter and the Los Sulfatos and San Enrique Monolito prospects.
In addition to the financing transaction and as part of a broader relationship between Codelco and Mitsui, the two parties entered into sales contracts for the sale by Codelco to Mitsui of 30,000 tons of refined copper per year at market prices.
Oct 14, 2010
Cleary Gottlieb is representing Weather Investments, the mobile telecommunications company led by Egyptian businessman Naguib Sawiris, in its combination with Russian carrier VimpelCom in a transaction that will create the world fifth-largest mobile telecommunications carrier with $21.5 billion in pro forma net operating revenues.
Sawiris and Weather's other shareholders will receive 325,639,827 newly issued VimpelCom common shares (NYSE: VIP) representing a 20% economic interest in the enlarged VimpelCom group and $1.8 billion in cash, and will also retain certain assets to be demerged from the Weather group of companies.
Following the issuance of the new VimpelCom shares to Weather, Norwegian telecommunications group Telenor will hold 31.7% of the economic rights in VimpelCom and Altimo Holdings & Investments, a company controlled by Russia's Alfa Group, will hold 31.4%, with minority shareholders representing 17%.
VimpelCom is the second largest mobile phone operator in Russia and the largest operator in Ukraine, and also has a portfolio of telecom assets in the CIS countries and Southeast Asia. Weather's key assets include the Italian wireless carrier Wind Telecomunicazioni and a 51.7% stake in Egypt-based Orascom Telecom, which in turn holds telecom assets throughout the Middle East and Africa as well as Canada. Weather's Greek asset Wind Hellas Telecommunications was excluded from the deal.
On closing of the transaction, expected to occur in the first quarter of 2011 subject to certain conditions, VimpelCom will become the fifth largest mobile platform in the world by subscribers, with operations in 20 countries in Europe, Asia, Africa and North America.
The transaction also includes a significant financing component, with new debt raisings, refinancings and consent solicitations set to launch during the fourth quarter of this year and for which VimpelCom and Weather have received highly confident letters. The financing process is expected to include raising approximately $2.0-2.5 billion in debt, and is expected to continue to use the ring-fenced financing structures at Wind and Orascom Telecom.
Jan 29, 2011
Cleary Gottlieb is currently representing Alpha Natural Resources, Inc. in its $8.5 billion acquisition of Massey Energy Company. Under the terms of the agreement, Massey stockholders will receive, at the closing, 1.025 shares of Alpha common stock and $10.00 in cash for each share of Massey common stock. The transaction, which was announced on January 29, is expected to close later this year pending receipt of stockholder approvals of both companies and regulatory clearances.
The combined company will bring together Alpha's and Massey's highly complementary assets, which include more than 110 mines and combined coal reserves of approximately 5 billion tons, including one of the world's largest and highest-quality metallurgical coal reserve bases.
Alpha Natural Resources is one of America's premier coal suppliers with coal production capacity of greater than 90 million tons a year. Among U.S. producers, Alpha is the leading supplier and exporter of metallurgical coal used in the steel-making process and is a major supplier of thermal coal to electric utilities and manufacturing industries across the country.
Feb 26, 2010
Cleary Gottlieb represented TPG in connection with its $5.9 billion leveraged acquisition, together with CPP Investment Board Private Holdings and Leonard Green & Partners, of IMS Health Incorporated, which closed on February 26. The deal is one of the largest leveraged buyouts completed since the onset of the financial crisis. Cleary Gottlieb advised TPG on intra-consortium matters and advised the consortium on European competition law matters.
IMS Health Incorporated, headquartered in Norwalk, Connecticut, is the leading global provider of market intelligence to the pharmaceutical and healthcare industries.
Jan 21, 2009
Cleary Gottlieb represented Grupo Bimbo, S.A.B. de C.V. (Grupo Bimbo) in its acquisition of Weston Foods, Inc., the U.S. bakery division of George Weston Limited, for U.S.$2.38 billion and its acquisition of related financial assets for U.S.$125 million. The transaction closed on January 21, 2009.
Seven banks financed the transaction through a U.S.$1.9 billion dual currency term facility with a three-year tranche, a five-year tranche and a U.S.$900 million dual currency one-year bridge facility that is expected to be taken out in the local bond market. A substantial portion of the commitments were funded in Mexican Pesos, requiring Grupo Bimbo to engage in foreign exchange transactions in between funding and payment to George Weston Limited on the day of closing. This is the largest cross-border acquisition financing in recent months in Latin America.
Grupo Bimbo, which is among the world’s largest baking companies in terms of production and sales volume, has more than 80 plants and 800 distribution centers located in 18 countries throughout the Americas, Europe and Asia. Grupo Bimbo produces over 5,000 products and its direct distribution networks comprise more than 36,500 routes and 96,000 employees.
As a result of this transaction Bimbo Bakeries USA (BBU), Grupo Bimbo’s consolidated U.S. operation, becomes one of the largest baked-goods companies in the country, with a leading position in bread, buns, sweet baked goods and cakes. BBU’s brand portfolio now includes Arnold, Bimbo, Boboli, Brownberry, Entenmann’s, Francisco, Freihoffer’s, Marinella, Mrs Baird’s, Oroweat, Stroehmann, Thomas’ and Tia Rosa.
Jan 28, 2008
Cleary Gottlieb represented an investment consortium consisting of Apollo Management and Texas Pacific Group (TPG) in its approximately $27.8 billion leveraged buyout of Harrah’s Entertainment, the world's largest gambling operator by revenue. Harrah's agreed to be acquired by Apollo and TPG for $90 per share in an all-cash deal, which included the assumption of $10.7 billion in debt. The acquisition was announced on December 19 and closed on January 28, 2008.
Apollo is a recognized leader in private equity, debt and capital markets investing. Long-time Cleary Gottlieb client TPG is a private investment partnership that currently has more than $30 billion of assets under management.
Jan 09, 2009
Cleary Gottlieb represented TPG Capital and GS Capital Partners in connection with the sale of Alltel Corporation to Verizon Wireless. Verizon Wireless paid approximately $5.9 billion for the equity of Alltel and assumed approximately $22.2 billion of Alltel’s debt, net of cash. The transaction was announced on June 5, 2008, and closed on January 9. The U.S. Department of Justice approved the transaction in October 2008, the Federal Trade Commission approved it in early November 2008 and the Federal Communications Commission in early December 2008.
Verizon Wireless is the joint venture of Verizon Communications and Vodafone. The sale of Alltel increased the number of Verizon Wireless customers to more than 83.7 million, making it the largest wireless carrier in the country. Approximately 2.1 million of those customers are in markets that will be divested by Verizon Wireless in the coming months, as required by the DOJ and the FCC as a condition of the merger approval. The sale took place just over a year after TPG Capital and GS Capital Partners acquired Alltel.
TPG Capital is a leading private investment firm with more than $50 billion of capital under management. GS Capital Partners is The Goldman Sachs Group, Inc.’s private equity vehicle and a global leader in corporate equity investing.
Sep 25, 2007
Cleary Gottlieb represented a consortium of private equity investors including the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co., and Texas Pacific Group in connection with the $11.4 billion leveraged acquisition of Biomet, Inc. The acquisition was announced on December 18, 2006.
Biomet is an Indiana-based company that designs, manufactures and markets orthopedic devices such as artificial knees and hips.
Feb 14, 2007
Cleary Gottlieb represented Goldman Sachs, Bear Stearns and Bank of America in the approximately $30 billion financing of the acquisition of Equity Office Properties Trust by The Blackstone Group, the largest real estate transaction in history and one of the largest leveraged buyouts in history. The financing was divided into a senior and eight mezzanine components, which collectively were secured by real property, joint venture interests and other collateral. Cleary Gottlieb also represented Goldman Sachs in connection with a related bridge equity investment.
Equity Office Properties Trust was the nation's largest publicly traded office building owner, with total portfolio consisting of whole or partial interests in more than 590 buildings comprising over 105 million square feet of office space in major metropolitan areas.
Corporate Finance Group of the Year
Law360 (2011)
Best Syndicated Loan of the Year, Latin American Loan of the Year
(Grupo Bimbo’s acquisition financing for Weston Foods)
LatinFinance (2010), International Financing Review (2010)
Best Trade Finance Deal of the Year
(América Móvil’s loan from China Development Bank)
LatinFinance (2010)
Telecom Deal of the Year
(TPG’s acquisition of Alltel)
Investment Dealers Digest (2007)
Latin American Loan of the Year, Syndicated Loan of the Year and Corporate Finance Deal of the Year
(Financing of CVRD’s acquisition of Inco)
International Financing Review, LatinFinance, Latin Lawyer (2007)
“This firm offers a highly integrated team of lawyers with various specialisations, which allows it to handle a wide range of transactions within the financial markets sector. ‘We appreciate the team's clear and prompt response, as well as its ability to collaborate with colleagues in other jurisdictions.’”
"[Cleary also] offers a highly integrated banking and finance practice, bringing together a team of lawyers with various specialisations. Recent mandates have centred on acquisition finance, leveraged finance and restructurings."
Chambers Europe (2013)
“Cleary Gottlieb has had a busy year handling various acquisition finance transactions, and continues to enjoy a strong practice representing leading private equity firms, while also increasing its profile among new upcoming firms. … ‘Keen understanding of both the legal and commercial underpinnings of the debt market.’ ‘Great lawyers who are on top of everything and always a pleasure to work with.’”
Chambers USA (2012)
“[The firm’s] ‘excellent, knowledgeable, extraordinarily responsive and pragmatic’ team has an excellent reputation for sponsor-side acquisition, allied to the firm’s strong private equity credentials.”
The Legal 500 U.S. (2012)
“Clients are impressed by the lawyers’ depth of knowledge, and their ability to pre-empt issues. … ‘Absolutely top-tier – you don’t get much better than these uniformly excellent lawyers.’ … ‘[They provide] efficient, constructive advice of an extremely high standard.’”
Chambers Global (2010)
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