In a major leveraged finance transaction, international law firm Milbank, Tweed, Hadley & McCloy LLP represented Credit Suisse as a lead arranger and an initial purchaser of a $1.96 billion financing package for Greatbatch Inc. (NYSE: GB) and its subsidiaries in connection with Greatbatch’s acquisition of Lake Region Medical from Kohlberg Kravis Roberts & Co. and Bain Capital. With combined revenues of approximately $1.5 billion, Greatbatch (to be renamed Integer Holdings Corporation) becomes one of the leading MDO manufacturers in the industry serving the cardiac, neuromodulation, orthopaedics, portable medical, vascular, and energy, environmental and military markets.
The debt package includes a seven-year $1.025 billion Senior Secured Term Loan “B”, a six-year $375 million Senior Secured Term Loan “A”, a five-year $200 million Senior Secured Revolving Credit Facility and $360 million in 9.125% Senior Notes due 2023, the proceeds of which were used by Greatbatch to pay the cash portion of the Lake Region Medical purchase price, to refinance approximately $1 billion of Lake Region debt and $183 million of Greatbatch debt and for other related purposes.
In addition to Credit Suisse, Manufacturers and Traders Trust Company, KeyBanc Capital Markets Inc. and certain other financial institutions were involved in the financing transactions.
The Milbank Global Leveraged Finance team was led by partner Marcus Dougherty and senior associate Todd Koretzky and included associates Josh Savitz and Chris Hahm. The Milbank Global Securities team was led by partner Rod Miller and senior associate Ben Miles and included associates John Ablan, Lyndon Plothow and Will Reiter.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
