Simpson Thacher represented the initial purchasers, led by Morgan Stanley & Co. LLC and BofA Securities, Inc., in connection with a Rule 144A/Regulation S offering of $1 billion of 7.5% Senior Secured Notes due 2025 issued by Veritas US Inc. and Veritas Bermuda Ltd. (collectively, “Veritas”). Simpson Thacher also represented the lead arrangers, led by Bank of America, N.A., in connection with a new USD senior secured term loan facility of $1.325 billion and a new Euro senior secured term loan facility of €550 million. The proceeds from the offering and the borrowings, together with cash on hand, were used to repay outstanding borrowings under existing term loan facilities and the existing revolving credit facility and to pay related transaction fees and expenses. The offering of the Senior Secured Notes was upsized from the previously announced size of $600 million.
Veritas is a global leader in information management software, with over three decades of experience serving the world’s largest organizations. It offers a unified data protection platform built for the modern hybrid era, automating and orchestrating the protection and recovery of data everywhere and providing 24/7 availability of mission-critical applications. Its solutions help businesses optimize their operational costs, enable regulatory compliance and enhance resiliency.
The Simpson Thacher team for the transactions included Art Robinson, David Azarkh, Tony Rim, Della Fok, Benjamin Kloss and Gianna Ceophas (Capital Markets); Alexandra Kaplan and Stephanie Rotter (Credit); Jon Pall (Collateral); Mike Isby (Environmental); Jeanne Annarumma and Ashlie Lawton (Employee Benefits); Melanie Jolson and Kate Mirino (Intellectual Property); Jon Cantor, Jodi Schneider and Morgan Otway (Tax); Dennis Loiacono (Real Estate); and Jennie Getsin (Blue Sky).