Tropicana, Naked and Other Select Juice Brands’ $2.73 Billion of First Lien and Second Lien Credit Facilities
February 08, 2022
Cravath represented the administrative agents, lead arrangers and bookrunners in connection with the arrangement of $2.73 billion of first lien and second lien credit facilities to finance the acquisition of a majority interest in the Tropicana, Naked and other select juice brands that were previously wholly owned by PepsiCo Inc., by PAI Partners, a leading global private equity firm with significant experience in the food and beverage space. PepsiCo will retain a 39% non‑controlling interest in a joint venture with PAI Partners. The facilities included a $1.82 billion first lien term loan facility, a $350 million revolving credit facility, a $105 million delayed draw term loan facility and a $450 million second lien term loan facility. The transaction closed on January 24, 2022.
The Cravath team included partner Craig F. Arcella, senior attorney Isaac C. Beerman and associate Rachael E. Joseph on banking matters, and partner J. Leonard Teti II, senior attorney Andrew Carlon and associate Sonia Katharani‑Khan on tax matters. Christopher G. Doherty also worked on banking matters.
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People
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J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 1995, Duke University
- New York
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
- New York
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J.D., 2010, Harvard Law School
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B.A., 2006, University of North Carolina at Chapel HillPhi Beta Kappa, cum laude
- New York
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