Arrangement of Financing for Actavis plc’s Acquisition of Allergan, Inc.
November 17, 2014
On November 17, 2014, Actavis plc and Allergan, Inc. announced that they have entered into a definitive agreement under which Actavis will acquire Allergan for $219 per Allergan share, in a transaction valued at approximately $66 billion. Cravath represented JPMorgan, Mizuho and Wells Fargo, as lead arrangers, in connection with a $36.4 billion bridge credit facility and new and replacement term and revolving credit facilities in excess of $5 billion in the aggregate. The cash portion of the acquisition consideration is expected to be financed with a combination of new term credit facilities and offerings of new senior unsecured notes and equity of Actavis plc and its subsidiaries. The transaction is subject to the approval of the shareholders of both companies, as well as customary closing conditions, and is anticipated to close in the second quarter of 2015.
The Cravath team included partners James D. Cooper and Tatiana Lapushchik, senior attorney Kimberly A. Grousset and associate A. Rebecca Hurt on banking matters and partner Stephen L. Burns and associate Katerina M. Novak on securities matters. Chase A. M. Proctor also worked on securities matters.
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J.D., 2000, Harvard Law Schoolcum laude
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B.A., 1997, Barnard Collegesumma cum laude
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J.D., 1990, The University of Texas School of Lawwith Honors
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B.B.A., 1987, University of Oklahomawith Distinction
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J.D., 1995, Harvard Law Schoolcum laude
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B.A., 1992, St. Bonaventure Universitysumma cum laude
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J.D., 1979, Yale Law School
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A.B., 1976, University of ChicagoPhi Beta Kappa, summa cum laude
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