News & Announcements

Weil advises Morgan Stanley on Bridge Financing for UIL Holdings Corporation

UIL Holdings to acquire Philadelphia Gas Works for $1.86 billion
A Weil team, led by New York partners Morgan Bale and Matthew Bloch, advised Morgan Stanley in connection with providing $1.9 billion of committed bridge financing (and related matters) backing UIL Holdings Corporation’s acquisition of Philadelphia Gas Works, the nation’s largest municipally-owned natural gas utility, from the City of Philadelphia for $1.86 billion. The acquisition is subject to approval by the Philadelphia City Council and state regulators and is expected to close in the first quarter of 2015.

The Weil team advising Morgan Stanley was led by Banking & Finance partner Morgan Bale and Capital Markets partner Matthew Bloch, and included M&A partner Raymond Gietz, Banking & Finance partner Danek Freeman, Environmental partner Annemargaret Connolly (Washington DC), Tax partner Larry Horton, Environmental associate Thomas Goslin (Washington DC), Banking & Finance associate Heather Viets and Adam Dilluvio, Capital Markets associate Alicia Alterbaum, M&A associate Ryan Taylor, and Tax associate Andrew Pelzer (all in New York unless otherwise specified).

Weil has advised leading investment banks on bridge financings in connection with a number of recent high profile M&A transactions, including:

  • Goldman Sachs in providing committed bridge financing (and related matters) backing Sysco Corporation’s acquisition of US Foods from Clayton, Dubilier & Rice and KKR. This transaction, when completed, will unite two of the largest food distributors in the United States.
  • Morgan Stanley on a senior unsecured 364-day high grade bridge facility in connection with Weyerhaeuser’s $2.65 billion acquisition of Longview Timber from Brookfield Asset Management. This transaction is the third largest forest acquisition in North America.

This news was reported in the following outlets (may require registration/subscription):

  • Law360: Taxation With Representation: Tax Counsel On The Deal (March 7, 2014)