Simpson Thacher Represents Dealer Managers in $3.6 Billion Private Exchange Offers by Kraft
07.20.12
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The Firm recently completed its representation of Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities and RBS Securities, as dealer managers, in connection with Rule 144A/Regulation S private exchange offer by Kraft Foods Inc. (“Kraft Foods”). Pursuant to the exchange offers, Kraft Foods offered to exchange its existing 6.500% Notes due 2040, 6.875% Notes due 2039, 6.875% Notes due 2038, 7.000% Notes due 2037, 6.500% Notes due 2031, 5.375% Notes due 2020, 6.125% Notes due August 2018 and 6.125% Notes due February 2018 for up to $3.6 billion aggregate principal amount of new 6.500% Notes due 2040, 6.875% Notes due 2039, 5.375% Notes due 2020 and 6.125% Notes due 2018 to be issued by Kraft Foods' wholly owned subsidiary, Kraft Foods Group, Inc. (“Kraft Foods Group”) and, as applicable, cash. Upon the successful completion of the exchange offers, $3.6 billion of new Kraft Foods Group notes were issued. The notes will be initially guaranteed by Kraft Foods, which guarantee will be automatically released upon the completion of Kraft Foods’ spin-off of Kraft Foods Group to its shareholders.
The Simpson Thacher team for the exchange offers included John Lobrano, Andy Keller, Brian E. Rosenzweig, Alejandro de Ramon Laca and summer associate Tamara Hoflejzer (Capital Markets), Jonathan Cantor and Noah Beck (Tax) and Jennie Getsin (Blue Sky).