DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Guides ABC Supply in Placing Upsized Bonds for Debt Refinancing
May 14, 2021
Read time: 3 min
International law firm McDermott Will & Emery represented American Builders & Contractors Supply Co. Inc. (ABC Supply), a roofing product distribution company, in placing $400 million of 3.875% senior notes due 2029. Proceeds of the notes and the cash on hand will fund a tender offer for the company’s outstanding $600 million of 5.875% senior notes due 2026, to pay the tender premium, and to pay related fees and expenses.
- The deal closed on May 13, 2021.
- BNP Paribas led the offering, which was upsized from $350 million.
- The McDermott team was led by Stephanie McCann and included Heidi Steele, George Houhanisin, Richard Bass, Leigh Ratino, Rohit Sengupta, Fitsum Tilahun, Caitlin Harrington, Justin Sia and Atoosa Nowrouzi.
Read ABC Supply’s announcement here.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Again Ranks #1 in IsraelDesks Capital Markets Category
AWARDS & RANKINGS / PRESS RELEASE
McDermott Again Ranks #1 in IsraelDesks Capital Markets Category
May 12, 2021
Read time: 4 min
For the third year in a row, international law firm McDermott Will & Emery has earned recognition from Legally Israel 100 with the top position in IsraelDesks’ Capital Markets league tables. McDermott completed more US securities offerings on behalf of Israeli companies than any other US-headquartered law firm and outperformed its Capital Markets runner-up by over 35% more deals by volume.
“These rankings demonstrate McDermott’s cross-border strength and deep commitment to our Israel-focused practice in the technology, banking, biotech and life sciences sectors,” said Mark Selinger, a New York-based partner who counsels several Israel-based clients. “We’re proud to have led the first SEC-registered initial coin offering for our client INX Limited, as well as over a dozen other public offerings for our clients,” Mark added.
In addition to ranking #1 in Capital Markets, McDermott ranked #2 in Hi-Tech and #3 in Banking and Finance. The Firm also ranked top ten in the M&A Volume, Employment and Litigation categories.
Based on market feedback from Israel’s most senior lawyers working on cross border matters, three McDermott lawyers also secured individual rankings for their outstanding commitment to Israeli-based clients and those doing business in Israel. Mark Selinger and Ben Strauss are recognized as “prominent individuals.” Mark has worked with Israeli companies for decades in both public offerings and M&A transactions. He also represents private equity funds and family offices in their direct investing activities. Ben often acts as special Delaware and US counsel for Israeli based clients in connection with mergers and acquisitions, private placements, investment rounds and public offerings involving Delaware corporations and alternative entities.
Gary Emmanuel is a “recognized individual” whose practice focuses on public offerings and regulatory compliance for Israeli companies, representing both issuers and underwriters, with an emphasis on the life science sector. Gary is dual qualified in New York and Israel and is fluent in Hebrew.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises On The Acquisition And Financing Of px Group, A Leading UK Infrastructure Solutions Business
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises On The Acquisition And Financing Of px Group, A Leading UK Infrastructure Solutions Business
May 12, 2021
Read time: 4 min
McDermott Will & Emery advised the Aksiom Services Group, a partnership between Ara Partners and Aksiom Group, and management on the acquisition and financing of px Group (px) from Bluewater Private Equity, a specialist international private equity firm focused on the middle-market energy sector.
Based in Stockton, UK, px Group is an integrated infrastructure solutions provider. The Company manages complex energy and industrial assets and provides complementary services across energy management, engineering and consultancy. Additionally, the Company owns the Saltend Chemicals Park (“Saltend”), a 370-acre industrial center in the UK’s Humber Region. Saltend is home to several world-class chemicals and renewable energy businesses, is a partner in Equinor’s flagship hydrogen project, H2H Saltend, and will host Pensana’s materials processing facility producing key elements for the renewables sector. px Group is led by Chief Executive Officer, Geoff Holmes.
The Aksiom Group, based in Dublin, identifies, acquires, and develops high-potential technical services companies and differentiated asset-based strategies across the European infrastructure sector. Aksiom’s founders, Christopher Picotte and Luis Pais Correia have been shareholders and the Chairman (since 2013) and a board director (since 2014), respectively, of px through several stages of its recent growth.
Ara Partners is a private equity firm specializing in industrial decarbonization investments. Ara Partners invests in the industrial & manufacturing, chemicals & materials, energy efficiency & green fuels and food & agriculture sectors, seeking to build businesses that are focused on sustainability and ESG principles.
The McDermott team was led by finance partner Aymen Mahmoud and supported by partners Tom Whelan, Andrea Hamilton, James Ross and Paul McGrath. Counsel Arvin Abraham and associates Nick Jupp, Rosie Mist, Antonina Nijran, Rosemary McSwiney, Sophie Wood with trainees Ryan Clarke and Simon Margesson, all advised.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Comment | New Look CVA Judge Dismisses Landlords’ Challenges
PRESS RELEASE
McDermott Comment | New Look CVA Judge Dismisses Landlords’ Challenges
May 10, 2021
Read time: 3 min
Mark Fine, partner at law firm McDermott Will & Emery, said:
“It is not overly surprising that the landlords’ challenge to the New Look CVA has been dismissed. Succeeding with such a challenge is notoriously difficult and this has been seen in the past. Whilst the key challenges around unfair prejudice and jurisdiction were rejected, Justice Zacaroli did provide guidance on where unfair prejudice could be found in the future.
This decision comes at a potentially difficult time for landlords. Judgment on the Virgin Active restructuring plan is awaited. The company is looking to use powers afforded under the RP to effect a cross-class cram down which will bind landlords into the plan despite voting against it. A decision on the landlords’ challenge to the Regis CVA is also awaited.”
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McDermott advised APONTIS PHARMA AG on its IPO
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott advised APONTIS PHARMA AG on its IPO
May 10, 2021
Read time: 4 min
Frankfurt, May 10, 2021 – McDermott Will & Emery acted as Transaction Counsel for the issuer, its main shareholder Paragon Partners as well as the Joint Bookrunners Hauck & Aufhäuser and M.M.Warburg with regard to the IPO of APONTIS PHARMA AG on the Frankfurt stock exchange.
The placement price for its initial public offering (“IPO”) was set at EUR 19,00 per share. In total, 5,290,000 ordinary bearer shares with no par value were placed with investors in the IPO, which also included a U.S. tranche under Rule 144A of the U.S. Securities Act. The placement comprises 2,000,000 new shares from a capital increase against cash contributions, 1,600,000 secondary shares in a base deal and 1,000,000 secondary shares from the exercise of an upsize option by the major shareholder Paragon Partners as well as 690,000 secondary shares provided by Paragon Partners in connection with an over-allotment option, corresponding to a total placement volume of EUR 101 million. The existing shareholders, Paragon Partners and APONTIS PHARMA’s Management, will continue to hold 31% and 7% of the Company’s shares following the placement, respectively.
APONTIS PHARMA AG is a leading pharmaceutical company specializing in Single Pills in the German market. APONTIS PHARMA intends to use the net proceeds from the issuance of the new shares to primarily pursue selected investments in the development of new Single Pills, the acceleration of the development and licensing of its existing short-term product pipeline and the expansion of its marketing and sales activities to capture further market share as well as product acquisitions
McDermott provided comprehensive advice to all parties involved on capital market law issues. The McDermott team was also responsible for the pre-IPO corporate restructuring.
The team advising APONTIS PHARMA, Paragon Partners and the banks was led by Frankfurt partners Simon Weiß and Joseph W. Marx and comprised Gregory M. Weigand, counsels Edwin C. Laurenson, Deniz Tschammler, Monika Richter, associates Marion von Grönheim, Isabelle Suzanne Müller, Christoph Schäfer, and staff attorney Ardalan Zargari. The corporate workstream was led by Duesseldorf partner Philipp Grenzebach and his team included Thomas Gennert and associate Tom Schäfer.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective — and often unexpected — solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Represents DARAG in Legacy Liability Reinsurance Transaction with Lyft Inc.’s Captive Insurer
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Represents DARAG in Legacy Liability Reinsurance Transaction with Lyft Inc.’s Captive Insurer
May 7, 2021
Read time: 3 min
International law firm McDermott Will & Emery represented DARAG Group Limited (DARAG), a leading legacy acquirer, in its loss portfolio reinsurance transaction (LPT) with Pacific Valley Insurance Company (PVIC), Lyft Inc’s captive insurance company. The LPT, written through DARAG Bermuda Ltd, transferred approximately $250 million of PVIC’s legacy commercial auto liabilities for the period October 1, 2018 through September 30, 2020.
- Completed on May 5, 2021.
- The transaction brings economic finality to Lyft on this block of legacy business.
- This transaction is the second legacy LPT McDermott Will & Emery has acted as legal advisor to DARAG, following an earlier legacy solution for a US retailer at the end of 2020.
- The McDermott team was led by Michael Halsband and Marisa Young and included Kristin Going, John Lutz and Terence McAllister.
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McDermott Will & Emery Boosts its Litigation & Dispute Resolution Team with the Arrival of Nicolas Faguer in Paris
PRESS RELEASE
McDermott Will & Emery Boosts its Litigation & Dispute Resolution Team with the Arrival of Nicolas Faguer in Paris
May 7, 2021
Read time: 4 min
McDermott Will & Emery has announced that Nicolas Faguer has joined the Firm’s Paris office as a partner. Nicolas’ arrival expands the Firm’s strong Litigation & Dispute Resolution team in France to service increasing demand.
“We wanted to expand our Litigation & Dispute Resolution team, as activity is growing significantly. The current economic environment and legislative changes have increased our clients’ litigation needs. Nicolas’ experience complements our existing team and enables us to respond perfectly to this demand”, says Grégoire Andrieux, Managing Partner of McDermott Paris.
Joining from Paul Hastings, Nicolas Faguer focuses his practice on corporate and commercial litigation. He is also highly active in alternative dispute resolution, recently acting for Mediapro in the litigation aspects of its dispute with the Professional Football League.
Nicolas advises financial sector clients – such as investment funds and audit firms – and corporate clients from other regulated sectors including digital, telecommunications and energy.
McDermott Will & Emery’s French Litigation & Dispute Resolution team, led by Alexis Werl, focuses on white collar law, investigations and compliance, as well as corporate litigation including shareholder disputes, post-acquisition and restructuring litigation, commercial litigation, industrial risk and product liability.
“McDermott’s DNA, its trajectory over the last 10 years, its ambitions and vision, fit strongly with my professional direction. The firm’s sophisticated approach to litigation, its strong existing team and their specialised litigation skill in areas including employment, tax, intellectual property and public projects, are real assets. I am delighted to join the firm which is made up of lawyers who are as talented as they are engaging, some of whom I have known for more than 20 years”, says Nicolas Faguer.
About Nicolas Faguer
Nicolas Faguer, 47, began his career at Rambaud Martel before joining Proskauer in 2005 where he became partner. In 2011, he joined Paul Hastings as partner before joining McDermott Will & Emery.
He holds a postgraduate degree in Business Law from the University of Paris V (1997).
He was admitted to the Paris Bar in 2000.
Nicolas is regularly quoted in the various rankings of the profession such as Legal 500 EMEA, Décideurs, Option Droit & Affaires.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Represents Oasis Petroleum in its Acquisition of Select Williston Basin Assets
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Represents Oasis Petroleum in its Acquisition of Select Williston Basin Assets
May 6, 2021
Read time: 3 min
International law firm McDermott Will & Emery represented Oasis Petroleum Inc. (Oasis), an independent exploration and petroleum company, in its Purchase and Sale Agreement under which Oasis will acquire select Williston Basin assets from Diamondback Energy. The transaction is expected to generate significant free cash flow for the benefit of Oasis and its shareholders.
- The transaction is valued at approximately $745 million.
- McDermott Will & Emery acted as legal advisor to Oasis.
- J.P. Morgan Securities LLC acted as strategic and financial advisor to Oasis.
- In connection with the acquisition, Oasis entered into a commitment letter with J.P. Morgan and Wells Fargo to provide a $500MM bridge facility. Wells Fargo is administrative agent on Oasis’s credit facility.
- The McDermott team was led by Jack Langlois and Jibin Luke and included Sarah Nabors, Alexander Farr, Lesli Esposito, Brian Boyle, Jacob Hollinger, Andrew Kratenstein, Daniel Doron and Allison Wilkerson.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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McDermott Advises MessageBird On Financing The $600m Acquisition Of SparkPost, The World’s Leading Email Distribution, Optimization And Analytics Platform
DEAL ANNOUNCEMENT / PRESS RELEASE
McDermott Advises MessageBird On Financing The $600m Acquisition Of SparkPost, The World’s Leading Email Distribution, Optimization And Analytics Platform
May 6, 2021
Read time: 3 min
McDermott Will & Emery advised MessageBird on financing the $600 million acquisition of SparkPost.
SparkPost is the world’s leading email distribution, optimization, and analytics platform. It helps senders reliably reach the inbox with powerful solutions to help them plan, execute and optimize their email programs. Key clients include The New York Times, Zillow, Adobe and Booking.com.
Founded in 2011, MessageBird is the Amsterdam-based cloud communications platform offering a suite of Cloud Communications API’s that enable developers and enterprises to communicate with customers in virtually any corner of the planet.
The McDermott team was led by partner Aymen Mahmoud and supported by partner Mark Fine associate Nick Jupp and trainee Ryan Clarke. The team was also assisted by partners Tom Whelan, Anh Lee, Allison Wilkerson with counsel Kristine M. Suh and associate Daniel Ross.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective—and often unexpected—solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.
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CarVal Investors Raises CVI Clean Energy Fund Above Target
PRESS RELEASE
CarVal Investors Raises CVI Clean Energy Fund Above Target
May 2021
Read time: 3 min
Schulte represented CarVal Investors in raising $490 million in total capital commitments for CVI Clean Energy Fund (“CEF”), exceeding its initial target size of $250 million. CEF is focused on credit and hard-asset investments in the clean energy sector and is a continuation of CarVal’s platform for renewable energy private debt transactions. CarVal Investors, an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies, has invested over $2 billion in clean energy since 2017. CarVal Investors has approximately $10 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets.
The Schulte team advising CarVal was led by investment management partner David Nissenbaum, tax partner David Griffel and former Schulte lawyer David Passey. The team also included investment management associate Alexis Marion and former associate Bojun Xu; tax partner Philippe Benedict and special counsel Christine Harlow; finance & derivatives partner Daniel Oshinsky and of counsel Ronald Risdon; employment & employee benefits partner David Cohen; and former Schulte lawyer Joseph Vitale.
