Simpson Thacher represented BofA Securities, Inc. and Morgan Stanley & Co. LLC, in their capacities as selling securityholders, in connection with the 144A/Regulation S offering by GE Healthcare Holding LLC ("GEHC"), a wholly owned subsidiary of General Electric Company (“GE”), of three tranches of GEHC’s senior notes for an aggregate offering size of $4 billion. The selling securityholders received the notes, offered by them, from GE in satisfaction of GE’s obligations arising out of, or in respect of, GE’s $4.0 billion term loan credit facility, with Bank of America, N.A. and Morgan Stanley Bank, N.A., as the lenders, and Bank of America, N.A., as administrative agent (the “Term Loan Credit Facility”). GEHC did not receive any proceeds from the sale of the notes by the selling securityholders. The notes were offered as partial consideration for the contribution of assets by GE to GEHC in connection with GEHC’s planned spin-off from GE. Following the spin-off, GEHC will become an independent, publicly traded company.
Simpson Thacher also represented Bank of America, N.A. and Morgan Stanley Bank, N.A., in connection with the Term Loan Credit Facility.
GEHC is a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator.
GE is a high-tech industrial company that operates worldwide through its four segments, Aerospace, HealthCare, Renewable Energy, and Power. GE’s products include commercial and military aircraft engines and systems; healthcare systems and pharmaceutical diagnostics; wind and other renewable energy generation equipment and grid solutions; and gas, steam, nuclear and other power generation equipment.
The Simpson Thacher team included Dave Azarkh, Patrick Baron and Evan Zuckerman (Capital Markets); Patrick Ryan, Stephanie Rotter, Darby Tingle and Melissa Lewis (Credit); and Andrew Purcell and Ruoxi Zhang (Tax).