The Firm represented (i) JPMorgan Chase Bank, N.A. (“JPM”) as administrative agent and lender in connection with (a) GE Vernova Inc.’s (“GE Vernova”) new $3 billion 5-year revolving credit facility and (b) General Electric Company’s (“GE Aerospace”) new $3 billion 5-year revolving credit facility and (ii) HSBC Bank USA, National Association as administrative agent in connection with GE Vernova’s $3 billion 5-year standby letter of credit and bank guarantee facility.
On April 2, 2024, GE Aerospace completed the previously announced separation of GE Vernova.
GE Vernova has more than 80,000 employees across more than 100 countries. Many of the world’s leading utilities, developers, governments, and large industrial electricity users rely on its installed base to generate, transfer, orchestrate, convert, and store electricity reliably and efficiently. With an installed base of over 7,000 gas turbines, the world’s largest, approximately 55,000 wind turbines, and leading-edge electrification technology, GE Vernova helps generate approximately 30% of the world’s electricity.
The Simpson Thacher team includes Patrick Ryan, William Sheehan, Anita Wu, Ramin Tabrizi, Nick Redfield and Julia Gleason (Credit); Michael Mann (Tax); and Pasco Struhs (Executive Compensation and Employee Benefits).