News & Announcements

Weil Advises RBC and Mizuho on Bridge Financing for Dominion Resources, Inc.

Weil is representing RBC Capital Markets and Mizuho Bank in providing committed bridge financing for the approximately $4.4 billion combination of Dominion Resources, Inc., one of the largest producers and transporters of energy in the United States, and Questar Corporation, a natural gas distribution, pipeline, storage and cost-of-service gas supply company based in Salt Lake City, Utah.  The transaction is expected to close by year-end 2016.

The Weil team advising RBC and Mizuho is led by Banking & Finance partner Morgan Bale and includes M&A partner Raymond Gietz; Executive Compensation & Benefits partner Paul Wessel; Environmental partner Annemargaret Connolly (Washington, D.C.); Technology and IP Transactions partner Charan Sandhu; Litigation partner John Mastando III; Environmental counsel Thomas Goslin (Washington, D.C.); Banking & Finance associates Peter Puk and Jacqueline Diaz; Capital Markets associate Janeane Menaldino; M&A associate Clayton Collett; Executive Compensation & Benefits associate Madeline Lewis; Technology & IP Transactions associate Daniel Cohl; Litigation associate Christopher Luise; Regulatory associate Timothy Welch (Washington, D.C.); and Real Estate attorney Leslie Smith (Dallas) (all in New York unless otherwise specified).

This transaction is the latest in a series of high profile investment grade bridge financings Weil has been involved over the past year. Other recent matters include representing:

  • Goldman Sachs in a $4.2 billion committed bridge facility to Lam Research Corporation, a global supplier of wafer fabrication equipment and services to the semiconductor industry, to finance its acquisition of all of the outstanding shares of KLA-Tencor, a provider of process control and yield management solutions to develop state-of-the-art inspection and metrology technologies
  • Bank of America Merrill Lynch in a committed bridge facility for St. Jude Medical, a global medical device manufacturer, to finance its acquisition of all of the outstanding shares of Thoratec, a world leader in therapies to address advanced-stage heart failure, in a cash transaction valued at approximately $3.4 billion.
  • Bank of America Merrill Lynch and Morgan Stanley in a $2.9 billion committed bridge facility for Verisk Analytics, Inc., a provider of risk assessment and data analytics services, to finance its £1.85 billion acquisition of Wood Mackenzie (United Kingdom), an energy, metals and mining research and consultancy group.
  • Morgan Stanley in a $3.4 billion committed bridge facility for Harris Corporation, a maker of communications equipment for defense, government, broadcast and wireless applications, to finance its $4.75 billion acquisition of Exelis, Inc., a developer of information systems for aerospace, defense, surveillance, air traffic and cyber security applications.
  • Morgan Stanley and Goldman Sachs as financial advisors and providers of £1.6 billion bridge facilities to XL Group plc (Ireland), a global provider of property, casualty and specialty insurance and reinsurance, to finance its £2.79 billion acquisition of Catlin Group Limited (Bermuda), a provider of specialty property and casualty insurance and reinsurance products.