February 06, 2015
A Weil team led by New York partners Morgan Bale, Frank Adams and Raymond Gietz advised Morgan Stanley in providing $3.4 billion of fully committed bridge financing to Harris Corporation, an international communications and information technology company serving government and commercial markets in more than 125 countries, for its $4.75 billion acquisition of Exelis, Inc., a diversified, top-tier global aerospace, defense, information and services company. The transaction is expected to close in June 2015.
The Weil team advising Morgan Stanley was led by Banking & Finance partner Morgan Bale, Capital Markets partner Frank Adams and M&A partner Raymond Gietz, and included Tax partner William Horton; Environmental partner Annemargaret Connolly (Washington, DC); Litigation partner Steven Tyrrell (Washington, DC); Public Company Advisory Group partner Lyuba Goltser; Executive Compensation & Benefits counsel Steven Margolis; Environmental counsel Matthew Morton (Washington, DC); Banking & Finance associates Heather Viets, Peter Puk and Rachel Trudeau; Capital Markets associates Jennifer Waisberg and Ashley Butler; M&A associate Dawn Kim; Litigation associates Erin Yates (Washington, DC) and Timothy Welch (Washington, DC); and Executive Compensation & Benefits associate Brian Hamano (all in New York unless otherwise specified).
This transaction is the latest in a series of high profile investment grade acquisition financings Weil has advised leading investment banks on over the past year. Other recent matters include:
- Morgan Stanley and Goldman Sachs in providing bridge financing to XL Group plc, an Ireland-based global insurance company, for its approximately $4.1 billion acquisition of Catlin Group Limited, a Bermuda-based specialty insurance and reinsurance company.
- Goldman Sachs in providing $9.1 billion of fully committed bridge financing to Becton Dickinson & Co., a leading medical technology company, to finance its $12.2 billion acquisition of CareFusion Corp., a global healthcare company that provides products and services to hospitals.
- Citi in providing committed debt financing to FMC Corp. to finance its $1.8 billion acquisition of Cheminova A/S, a multinational crop protection company based in Denmark.
- Morgan Stanley in providing $2.5 billion of committed bridge financing to Alcoa, Inc. to finance its $2.85 billion acquisition of Firth Rixson Limited (U.K.), a manufacturer of aerospace jet engine components.
- Morgan Stanley and J.P. Morgan in providing committed bridge financing to Tyson Foods, Inc., to finance its $8.5 billion acquisition of Hillshire Brands, a leader in branded, convenient foods, for $8.55 billion.
- Barclays and Goldman Sachs in providing $7.2 billion of committed bridge financing to Exelon Corporation to finance its $6.8 billion acquisition of Pepco Holdings Inc.
- Morgan Stanley in providing $1.9 billion of committed bridge financing (and related matters) to UIL Holdings Corporation to finance its $1.86 billion acquisition of Philadelphia Gas Works, the nation’s largest municipally-owned natural gas utility, from the City of Philadelphia.