White & Case represented independent power producer Dynegy Inc. in the sale of US$5.1 billion in aggregate principal amount of high yield notes, which won International Financing Review's North America High Yield Bond of the Year award.
The notes were issued in three tranches and were part of Dynegy’s $6.2 billion of debt and equity offerings to finance its anticipated acquisitions of EquiPower Resources Corp. and ownership interests in certain assets from Duke Energy Corp. Dynegy is an independent power producer which provides wholesale power, capacity and ancillary services to utilities, cooperatives, municipalities and other energy companies.
In addition to the notes, White & Case also represented Dynegy in its US$722 million common stock offering and in its $388 million registered public offering of mandatory convertible preferred stock.
According to International Financing Review, "Dynegy’s high-yield acquisition bond had it all: a huge US$6.35bn underwriting commitment that took nerve from banks, an innovative structure that ensured the company could pay for two major acquisitions and a tremendous execution in a tough market.”
It added, "The US$5.1 bn trade was the largest domestic dollar high-yield deal of the year. And with proceeds used to help finance the US$2.8bn purchase of Duke’s non-regulated Midwest business and the US$3.45bn acquisition of EquiPower from Energy Capital Partners, it was a game-changer for the company."
White & Case is also representing Dynegy on its purchase of assets from Duke.