News & Announcements

Weil Advises GE and Synchrony Financial in Largest U.S. Consumer Finance IPO Since the Financial Crisis

A Weil team led by New York partners David Lefkowitz and Corey Chivers advised longtime client General Electric and Synchrony Financial (GE Capital’s North American retail finance business), one of the premier consumer financial services companies in the United States and the largest provider of private label credit cards in the United States (based on purchase volume and receivables), in Synchrony’s approximately $2.95 billion initial public offering and listing on the New York Stock Exchange, and in the related $3.6 billion senior notes offering and $9.5 billion term loan facilities. The IPO is the largest U.S. consumer finance IPO since the financial crisis.

The Weil team advising Synchrony on the IPO and debt offering was led by Capital Markets partners David Lefkowitz and Corey Chivers, and included Banking & Finance partner Douglas Urquhart; Mergers & Acquisitions partners Howard Chatzinoff and Jackie Cohen; Public Company Advisory Group partners Ellen Odoner and Howard Dicker; Tax partners Kenneth Heitner and Chayim Neubort; Executive Compensation & Employee Benefits partner Paul Wessel; Technology & IP Transactions partner Charan Sandhu; Financial Institutions Regulatory partner Derrick Cephas; Complex Commercial Litigation partner Robert Berezin; Securities Litigation partner Greg Danilow; Capital Markets associates Andrew Woodworth, Jessica Wang, Jake Schneider and Christine Paik; Banking & Finance associates Philip Ratner and Alana St. Aude; Business Finance & Restructuring associate David Griffiths; Mergers & Acquisitions associates Jamie Lurie, Sanil Padiyedathu and Vladislava Soshkina; Public Company Advisory Group associates Ade Heyliger and Joanna Jia; Structured Finance & Derivatives associates Eugene Ng and Maia Pelleg; Tax associates Mark Dundon and Ben Solaimani; Executive Compensation & Employee Benefits associates Amanda Rosenblum and Jennifer Haydel Britz; Technology & IP Transactions associates Caroline Geiger and Janell Wise; Complex Commercial Litigation Associates Robert Levin and Robyn Lewis; and Real Estate Associates John Goldman, Sarah Jonas and Mallory Owen.

Weil’s Capital Markets team has advised issuers and underwriters in a number of recent noteworthy debt and equity offerings, including:

  • Morgan Stanley and J.P. Morgan, as lead underwriters, in the $3.25 billion senior notes offering, $900 million common stock offering and $1.5 billion offering of tangible equity units by Tyson Foods, Inc. to finance its acquisition of The Hillshire Brands Company;
  • TE Connectivity Ltd. in the $1 billion senior notes offering by Tyco Electronics Group S.A. (Luxembourg) to finance its acquisition of Measurement Specialties, Inc.;
  • Barclays, J.P. Morgan, Macquarie, RBC, Suntrust Robinson Humphrey and Wells Fargo, as underwriters, in a $665 million offering of limited liability company interests and a $305 million offering of senior convertible notes by Macquarie Infrastructure Company to finance its acquisition of all of the equity of International-Matex Tank Terminals that it did not already own; and
  • Signet Jewelers Limited (Bermuda) in a $400 million senior notes offering to finance its approximately $1.4 billion acquisition of Zale Corporation.

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