DPx Completes $550 Million Senior PIK Toggle Notes Offering
05.14.15
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The Firm represented JLL/Delta Dutch Pledgeco B.V. (the “Company”), the parent company of DPx Holdings B.V., in its sale of $550 million of 8.75%/9.50% Senior PIK Toggle Notes due 2020 pursuant to Rule 144A and Regulation S. The net proceeds of the offering were used to pay a dividend or other distribution to the Company’s parent and certain related transaction fees and expenses related to the offering. The Company is 51% owned by JLL Partners and 49% owned by Royal DSM.
DPx is a leading global provider of formulation, development and manufacturing solutions for the pharmaceutical industry. JLL Partners is a leading middle-market private equity firm, with significant expertise in healthcare and other sectors.
The Simpson Thacher team included Ken Wallach, Xavier Kowalski and Kirsten Popoff (Capital Markets); Sophie Staples (Tax); Genevieve Dorment and Monica Chan (IP); Adeeb Fadil and Noreen Lavan (Environmental); Jim Doyle and Taylor Smith (Credit); and Jeanne Annarumma and HollyGurian (Executive Compensation and Employee Benefits).