Simpson Thacher Represents Citigroup, JPMorgan and Wachovia as Initial Purchasers in Connection with Oracle's $5.75 Billion Investment-Grade Note Offerings
01.13.06
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Oracle Corporation recently designated the Firm to act as counsel to Citigroup Global Markets Inc., JPMorgan and Wachovia, the initial purchasers of $5.75 billion aggregate principal amount of Oracle's investment-grade notes offered pursuant to Rule 144A and Regulation S. The notes were issued in three tranches: three year LIBOR + 23 bps floating rate tranche, five-year 5% fixed rate tranche and a ten-year 5.25% fixed rate tranche. The deal represented Oracle's return to the bond markets after a nine-year hiatus and one of the largest bond offerings ever by a technology company. The proceeds will be primarily used to fund Oracle’s acquisition of Siebel Systems, expected to close later this month.
In connection with its engagement, the Firm also represented Wachovia Capital Markets, LLC and J.P. Morgan Securities Inc. as joint-lead arrangers of a $5.0 billion bridge term loan facility and a Commercial Paper backstop facility.
The Simpson Thacher team included Bill Hinman, Gregory King, Louis Lehot, Matt Crosby, Veronique Laughlin, Jason Bobby and Elizabeth Saura in Palo Alto, Bill Sheehan, Mark Lab, Courtney Thomas, Jonathan Cantor and Diane Gipstein in New York, and Jeff Joseph in Los Angeles.