NEW YORK, January 2014 – International law firm Milbank, Tweed, Hadley & McCloy LLP represented Goldman Sachs and Royal Bank of Canada as Joint Bookrunners and Goldman Sachs, Royal Bank of Canada and Lloyds Bank as Joint Lead Arrangers in connection with the $300 million term loan facility, which closed in 2014 and was used to finance, in part, Global Atlantic Financial Group’s (Global Atlantic) acquisition of Forethought Financial Group (Forethought). Milbank also represented Lloyds Bank as Sole Lead Arranger for Global Atlantic’s $100 million letter of credit and revolving credit facility that closed in 2013.
Global Atlantic, a multiline insurance and reinsurance company, acquired Forethought, a financial services company with life insurance and annuity operations throughout the U.S. Forethought’s products and designs, distribution, marketing and intellectual capital are expected to further diversify Global Atlantics product mix and expand sales of life and retirement products. The purchase will also increase assets at Global Atlantic to more than $31 billion.
The Milbank Global Leveraged Finance team was led by partner Marcus Dougherty and included associates Meir Hornung, Jon Vance, Bianca Gersten and Laura Larsen. Partner Bruce Kayle and associates Lysondra Ludwig and Joseph Reich provided tax structuring advice, associate Robin Heszkel provided ERISA and employee benefits advice and associate Bijan Ganji provided regulatory advice on the transactions.
