January 29, 2018
A Weil team advised J.P. Morgan, Bank of America Merrill Lynch and Goldman Sachs in providing financing debt commitments in connection with Keurig Green Mountain, Inc. and Dr Pepper Snapple Group, Inc. entering into a definitive merger agreement to create Keurig Dr Pepper. The transaction was announced on January 29, 2018.
The Weil team was led by Banking & Finance partner Morgan Bale; and included Banking & Finance partner Heather Viets; Capital Markets partner Faiza Rahman; M&A partner Raymond Gietz; Tax partner Larry Gelbfish; Regulatory partners Steven Tyrrell (Washington, D.C.) and Ted Posner (Washington, D.C.); Environmental partner Annemargaret Connolly (Washington, D.C.); Antitrust partner Eric Hochstadt; Litigation partner Miranda Schiller; Technology & IP Transactions partner Michael Epstein; Regulatory special legal consultant Glenda Bleiberg (Washington, D.C.); Environmental counsel John O’Loughlin (Washington, D.C.) and Matthew Morton (Washington, D.C.); Banking & Finance associates Thomas Mastoras and Vaishali Mahna (not yet admitted to practice); Capital Markets associates Janeane Ferrari, Alla Khabinskaya and Jackson Mejia (not yet admitted to practice); M&A associate Andrea Ryken; Tax associate Emily Cummins; Regulatory associate Timothy Welch (Washington, D.C.); Antitrust associate Joseph Adamson; Litigation associate Agustina Berro; and Technology & IP Transaction associates Lauren Springer and Meggin Bednarczyk (not yet admitted to practice)(all in New York unless otherwise specified).
This transaction is the latest in a series of high profile investment grade acquisition financings Weil has been involved in this year. Other recent matters include representing:
- Goldman Sachs in an up to $9 billion bridge facility for a new “Fox,” an entity comprising highly-rated news, sports and broadcast businesses to be spun off by Twenty-First Century Fox, Inc. to its shareholders.
- Barclays, Goldman Sachs and Bank of America Merrill Lynch, as joint lead arrangers, in a $49 billion committed facility to finance in part CVS Health Corporation’s pending $77 billion acquisition of Aetna Inc.
- Morgan Stanley in connection with the financing for Assurant, Inc., a global leader in risk management solutions, to support its $2.5 billion acquisition of The Warranty Group, a global provider of warranty solutions and related benefits, from TPG Capital.
- Goldman Sachs and Bank of America Merrill Lynch, as joint lead arrangers and joint bookrunners, in a $13.7 billion committed unsecured bridge facility to finance Amazon’s acquisition of Whole Foods Market.
- Morgan Stanley as sole lead arranger and sole lead bookrunner in a $4.5 billion committed bridge facility, and as lead arranger and bookrunner in $3.3 billion term and revolving facilities, and Morgan Stanley, J.P. Morgan and Bank of America Merrill Lynch as representatives of the underwriters in a $2.75 billion senior notes offering by Tyson Foods, Inc. to finance its $4.2 billion merger with AdvancePierre Foods Holdings, Inc., a producer and distributor of ready-to-eat sandwiches, sandwich components and other entrées and snacks.
- Citi, as sole lead arranger and sole lead bookrunner in a $15.7 billion committed bridge facility, and as lead arranger and bookrunner in $4.5 billion term and revolving working capital facilities, for Becton, Dickinson and Company (BD), a medical technology company, to support BD's pending $24 billion acquisition of C. R. Bard Inc., a medical equipment maker specializing in the manufacture of vascular, urology, oncology, and surgical specialty products.