Simpson Thacher recently represented JPMorgan, Deutsche Bank Securities and Goldman, Sachs & Co. in connection with the financing of the plan of reorganization of Mirant Corporation, a major U.S. independent power producer that had been subject to Chapter 11 bankruptcy protection since July 2003. The $2.35 billion exit financing by Mirant North America, LLC included an offering of $850 million of 7.375% senior notes due 2013 and $1.5 billion of senior secured credit facilities. Mirant North America, LLC is Mirant’s principal U.S. subsidiary and indirectly owns or leases and operates more than 12,042 MW of electric generating facilities.
The bond financing closed into escrow on December 23, 2005. The escrow was released and the bank financing closed on January 3, 2006, when Mirant successfully emerged from Chapter 11. Mirant has applied for re-listing on the NYSE and expects to begin trading on January 11, 2006 under the ticker symbol MIR.
The Simpson Thacher team included Alan Brenner, Art Robinson, Amy Beller, Kristin Johnson, Peter Gilman, Catherine Kidd and Jill Kalish (Banking/Securities); Ken Ziman and Alice Eaton (Bankruptcy); John Hart, hRachel Birnbaum and Hallie Grainer (Tax); Jeanne Annarumma and Marios Rush (Benefits); Adeeb Fadil and Noreen Lavan (Environmental); Brian Chisling (Regulatory); Elisa Alcabes (Litigation); Mardi Merjian and Ari Stavsky (Real Estate); and Ryan Malloy, Christina Fox, Amanda Laird, Odette Rajwan and Stephanie Wei (Paralegals).