The Firm represented underwriters led by J.P. Morgan Securities Inc. and Goldman, Sachs & Co. in connection with the public offering by First Niagara Financial Group, Inc. (the “Company”) of $300 million aggregate principal amount of its 6.750% Senior Notes due 2020. The net proceeds will be used to redeem the Company’s 12% Senior Notes due 2014, to repay a $50 million line of credit and for general corporate purposes.
The Company’s wholly-owned subsidiary First Niagara Bank (“First Niagara Bank”) is a community-oriented bank providing financial services to individuals, families and businesses across Upstate New York and Pennsylvania. First Niagara Bank is expected to have $19.7 billion in assets, 254 branches and $13.7 billion in deposits at the close of its acquisition of Harleysville National Corporation, planned for the second quarter of 2010.
The Simpson Thacher team for the offering included, among others, Roxane Reardon, Jed Weiner, Dov Gottlieb, Ana Navia, Wei Guo, (Capital Markets), Mark Chorazak (Bank Regulatory), Jonathan Cantor, Chang Won Choi (Tax), Andrew Pagliughi, Emily Fagiola (Blue Sky). Paralegal Laura Maio also provided valuable assistance.