Simpson Thacher Represents all Financing Parties in Coventry Acquisition
02.01.05
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Simpson Thacher recently represented two firm clients, Lehman Brothers and Canadian Imperial Bank of Commerce, in connection with their joint arrangement of the financing for Coventry Health Care, Inc’s $1.8 billion acquisition of First Health Group Corp. Coventry is a national managed health care company based in Bethesda, Maryland with annual pro forma revenues exceeding $6 billion. The $1.06 billion cash portion of the consideration was provided in part by the issuance of $500 million of Senior Notes and a $450 million senior credit facility. Lehman Brothers and CIBC were joint book-running managers for the Senior Notes issuance with Lehman Brothers “on the left.” CIBC and Lehman Brothers were joint lead arrangers for the bank credit facility, and CIBC also acted as administrative agent for the bank credit facility.
The Simpson Thacher attorneys who worked on the transaction were Greg Weiss, Aba Schubert, Jesse Latham and Sandra Lee (Credit); Ken Wallach, Christoph Haenschel and Pete Gilman (Capital Markets); and Jonathan Cantor (Tax).