The Firm represented JLL Partners, Inc. and its 56%-owned portfolio company, Patheon Inc., in the financing transactions for JLL Partners’ take-private acquisition of Patheon and Patheon’s related combination with the Pharmaceutical Products business of Koninklijke DSM N.V., known as Royal DSM. As a result of the transactions, which closed on March 11, 2014, the combined business is held by JLL/Delta Dutch Newco B.V. (the “Company”), which is 51% owned by JLL Partners and 49% owned by Royal DSM.
In the financing transactions, the Company (i) entered into agreements providing for an approximately $1,325 million seven-year term loan facility and a $200 million five-year revolving credit facility and (ii) issued $450 million of its 7.50% Senior Notes due 2022 in an offering pursuant to Rule 144A/Regulation S.
JLL Partners is a leading middle-market private equity firm, with significant expertise in healthcare and other sectors. Patheon is a leading provider of contract development and commercial manufacturing services to the global pharmaceutical industry for a full array of solid and sterile dosage forms. Royal DSM is a global science-based company active in health, nutrition and materials. The Company offers end-to-end products, from finished dosage to active substances, across a global footprint of 23 locations in North America, Europe, Latin America and Australia.
The Simpson Thacher team included Christopher Brown, James Doyle, Richard Kim and Spencer Sloan (Banking and Credit); Ken Wallach, Justin Cooke, Siobhan Lam, Julianna Manzi, Paul Rodriguez and Andrew Edelen (Capital Markets); Sophie Staples (Tax); Alexander Key and Lauren Shohat (IP); Adeeb Fadil and Noreen Lavan (Environmental) and Jeanne Annarumma (Executive Compensation and Employee Benefits).