Reorg Blog

Outlining a few key takeaways from the PNM/AGR merger application being canvassed by Chairman Peter Lake and Commissioner Will McAdams of the Public Utility Commission of Texas, our M&A by Reorg team discusses the conditional approval of the application in detail. Texas-New Mexico Power Co., NM Green Holdings and Avangrid Inc.’s application was modified under a unanimous stipulation and on March 30 the commissioners motioned to approve the application last week.  Furthermore, the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission still need to review the transaction which is arranged to potentially be closed in H2 2021. Read...

Announced on Monday, May 3, 2021, Bombardier revenue and liabilities may see significant changes in connection with their recently disposed segments. Their latest divestitures may have violated restrictions in the 2034 notes and, in addition, Bombardier’s history of dispositions and corporate reorganizations give the company reason to argue that the sales did not constitute a fundamental change in their normal course of business. Our Americas Covenants by Reorg team analyzes the situation in detail breaking down the governing framework in terms of the asset sales and their aggregations as well as if these sales constitute all or substantially all assets,...

Analyzing the Proofpoint merger that was filed with the SEC on April 27, our M&A by Reorg team provides a few takeaways from the definitive agreement where Thoma Bravo, private equity and growth capital firm with offices in San Francisco, Chicago and Miami, is set for an acquisition of the company for an all-cash transaction valued at approximately $12.3B.  The terms of the Proofpoint merger agreement take into consideration Thoma Bravo’s divestiture obligations which are capped at a material adverse effect. Additionally, the Proofpoint merger agreement includes termination fees for both Thoma Bravo and Proofpoint at $369M and $676M respectively...

Written by Richard Woolley, Editor, EMEA Core Credit || The high volume of new issuances in the first quarter has continued during the first weeks of the second. Our primary pipeline puts the total value of loans and bonds currently in the market at €11.4 billion and our watchlist features no fewer than 39 companies with near-term maturities, 15 possible LBOs and four acquisition financing candidates. Sources expect the market to stay hot until at least mid-May. Among the biggest deals in April was a €2.1 billion senior note offering by Nexi Capital, with proceeds to refinance existing debt. Elsewhere, Pfleiderer...