Simpson Thacher recently represented BNP Paribas, The Bank of Nova Scotia and Union Bank, N.A., as joint lead arrangers, in connection with the financing for the $780 million acquisition by SteelRiver Infrastructure Fund North America LP of Peoples Natural Gas Company LLC (“Peoples”) from Dominion Resources, Inc. Proceeds of the financing, which consisted of senior secured notes and credit facilities, were used to pay, in part, cash consideration to Dominion Resources, Inc. and will be used to finance future working capital and capital expenditure needs of Peoples.
Peoples provides natural gas service throughout 16 counties in Western Pennsylvania.
The Simpson Thacher team included David Lieberman, Matthew Einbinder, Matthew McBride, Crystal Frierson, Brett Pearlman, Chase D’Agostino and Jeremy Barr (Credit); Sean Austin (Tax); Susan Kaufman (Executive Compensation and Employee Benefits) and Michael Isby (Environmental). Paralegals Nicholas Dang and Manuel Fermin also provided valuable assistance.