Simpson Thacher represented Evercore Group L.L.C. and Morgan Stanley & Co. LLC, as representatives of the underwriters, in connection with the registered public offering of 25,000,000 common stock of GE HealthCare Technologies Inc. (“GEHC”) held by General Electric Company (“GE”). Pursuant to a debt-for-equity exchange agreement entered into in connection with this offering, Morgan Stanley & Co. LLC received the common stock, offered by it, from GE in partial satisfaction of GE’s obligations arising out of GE’s $3.3 billion term loan credit facility, with Morgan Stanley Senior Funding, Inc. and Morgan Stanley Bank, N.A., as the lenders, and Morgan Stanley Senior Funding, Inc., as administrative agent (the “Term Loan Credit Facility”).
Simpson Thacher also represented Morgan Stanley Bank, N.A. and Morgan Stanley Senior Funding, Inc. in connection with the Term Loan Credit Facility.
The Firm previously represented selling securityholders in connection with a $4 billion debt-for-debt financing related to GEHC’s senior notes for an aggregate offering size of $4 billion and GE’s $4 billion term loan credit facility.
GEHC is a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, dedicated to providing integrated solutions, services, and data analytics to make hospitals more efficient, clinicians more effective, therapies more precise, and patients healthier and happier.
GE is a high-tech industrial company that operates worldwide through its three segments, Aerospace, Renewable Energy and Power.
The Simpson Thacher team for the transaction included Roxane Reardon, David Azarkh, Evan Zuckerman, Melissa Lewis and Jessica Ryan (Capital Markets); Patrick Ryan, Stephanie Rotter and Kyle Nelson (Banking & Credit); Vanessa Burrows and Nawa Lodin (Healthcare); Andrew Purcell (Tax); Andrew O’Brien (Executive Compensation and Employee Benefits); Kate Mirino (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky).