Simpson Thacher Advises Lead Arrangers On Largest Ever DIP Financing
03.30.07
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Simpson Thacher advised Credit Suisse and the other lead arrangers (Goldman Sachs Credit Partners, JPMorgan Chase Bank and Deutsche Bank) in connection with a $5 billion debtor in possession financing to Calpine Corporation. The financing includes provisions for an additional $2 billion of loans to be made without further approval from the Bankruptcy Court and also can convert to Exit Financing for Calpine when it emerges from Chapter 11. The facility is the largest DIP financing to date. The firm had previously advised the lead arrangers in connection with Calpine's initial DIP financing in December 2005. The Simpson Thacher team on the transaction included Peter Pantaleo, Soogy Lee, David Mack, Robert Trust, Carla Crawford, Jean Chen and paralegal Christina Fox.