The Firm recently represented the initial purchasers in the private placement by GLG Partners, Inc. of $214 million aggregate principal amount of 5.00% dollar-denominated convertible subordinated notes due 2014. Concurrently with the private placement, GLG amended its existing credit agreement and intends to use the proceeds from the convertible note offering to acquire $285 million of $570 million principal amount of loans outstanding under its credit facilities at 60% of par value. The initial purchasers were Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC. The transaction was entirely in dollar-denominated notes after being upsized from $180 million announced at launch, which was initially in both dollar-denominated and euro-denominated tranches.
GLG is an NYSE-listed asset management company based in London and New York offering its clients a diverse range of alternative and traditional investment products and account management services. GLG became an NYSE-listed company on November 2, 2007 upon the reverse merger with Freedom Acquisition Holdings, Inc.
The Simpson Thacher team for the transaction was composed of lawyers in its Palo Alto, New York and London offices, including: Bill Hinman, Louis Lehot, Dan Webb, Sam Kwak, Larissa Schwartz, Erin Prahler, Grace Park and Alison Elafros (Palo Alto, Capital Markets), Olga Gutman, Mark Egnal and Hayley Urkevich (New York, Private Funds), Jenny I. Marsh and Sinjini Saha (London, Capital Markets), Sean Austin (Palo Alto, Tax) and Juliana Ochoa (Paralegal).