Saudi Aramco US$29.4 billion Initial Public Offering, 2019
Gary represented Saudi Aramco in connection with its US$29.4 billion Initial Public Offering on the Saudi Stock Exchange (Tadawul), the largest IPO in history. At listing, Saudi Aramco’s valuation was US$1.7 trillion, making it the world’s most valuable public company. In addition, represented Saudi Aramco in connection with the establishment of its Global Medium Term Notes program and the initial issuance of $12 billion of notes thereunder, which was the company’s debut international capital markets issuance.
Dynegy US$5.1 billion notes offering, 2014
Gary represented independent power producer Dynegy Inc. in connection with its issuance of US$5.1 billion in aggregate principal amount of high yield notes, a transaction which won International Financing Review’s 2014 North America High Yield Bond of the Year award. Issued in three tranches, the notes were part of Dynegy’s US$6.2 billion debt and equity offerings, to finance its acquisitions of EquiPower Resources Corp. and ownership interests in certain assets from Duke Energy Corp. Also acting as M&A counsel, the Firm additionally represented Dynegy in its concurrent US$722 million SEC-registered common stock offering and its US$388 million SEC-registered public offering of mandatory convertible preferred stock.
Salix Pharmaceuticals, Ltd. US$750.0 million notes offering, 2013
Gary represented Jefferies LLC as sole book-running manager in connection with the issuance of US$750.0 million in aggregate principal amount of 6.00% senior notes due 2021 by Salix Pharmaceuticals, Ltd., a specialty pharmaceutical company dedicated to acquiring, developing and commercializing prescription drugs and medical devices used in the treatment of a variety of gastrointestinal disorders. Salix used the proceeds of the offering to finance its acquisition of Santarus, Inc.
Russian Standard Bank – Roust Trading Ltd., 2013
Gary represented Roust Trading Ltd., an affiliate of Russian Standard Corporation, in connection with its investment in, and acquisition of, Central European Distribution Corporation, a leading producer of vodka (including Absolwent and Parliament vodkas) and other spirits. This acquisition made Russian Standard the second largest vodka producer in the world, with a diversified spirits portfolio and a broad geographic distribution platform.
United Rentals US$2,825 million notes offering, 2012
Gary represented Morgan Stanley, Bank of America Merrill Lynch and Wells Fargo Securities as joint bookrunners, in connection with United Rentals’ issuance of US$750 million of senior secured notes and an aggregate of US$2,075 million of senior notes. The proceeds of the offerings were used by United Rentals to finance its acquisition of RSC Holdings, Inc.
CF Industries US$1.6 billion notes offering, 2010
Gary represented Morgan Stanley and The Bank of Tokyo-Mitsubishi in connection with CF Industries Holdings Inc.’s issuance of an aggregate of US$1.6 billion of senior notes, to finance its US$4.7 billion acquisition of Terra Industries Inc. The offerings consisted of US$800 million of 6.875% senior notes due 2018 and US$800 million of 7.125% senior notes due 2020. The transaction also included US$2.5 billion of senior secured first lien credit facilities, US$1.75 billion of second lien bridge financing and a US$1.15 billion common stock offering. Our work on this transaction led The Financial Times to name White & Case one of the most innovative law firms in the US for financial services, in its inaugural “US Innovative Lawyer 2010” report.