Lawyer Monthly Magazine - September 2019 Edition

96 WWW.LAWYER-MONTHLY.COM | SEP 2019 Transactions Reports This announcement appears as a matter of record only advises Greek shipping group on $133m refinancing of dry bulk carriers acted as English Law Counsel to the financing bank acted as English Law Counsel to the shipping group Brookfield Business Partner L.P. has secured $10 Billion Financing Brookfield Business Partners L.P. (NYSE:BBU) (TSX:BBU.UN ) ("Brookfield Business Partners") together with institutional partners (collectively, “Brookfield”) and Caisse de dépôt et placement du Québec (“CDPQ”), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business (“the Business”) for approximately $13.2 billion. JohnsonControls’ power solutions business, whichmakes and distributes about 154 million lead-acid batteries for passenger cars and light trucks annually, carries higher margins but has been capital intensive for Johnson Controls, analysts have said. Brookfield is a leading global alternative asset manager with over USD 330 billion in assets under management. This acquisition will grow the power solutions industry and long-term commitment from Brookfield. This multi-jurisdiction transaction required close coordination and synchrony of all workstreams involved to structure, produce and deliver all of the closing documents (acquisition documents and related notices to and consents, facility agreements for the acquisition financing and implementation of the security package) for bringing this important transaction to a successful close, all of which added notable complexity to the deal. Creel, García-Cuéllar, Aiza y Enríquez served as Mexican legal counsel and advisers to the Lead Arrangers and the lender syndicate in this jumbo acquisition financing. A complex security package was negotiated and will be executed in the next 120 days. Pedro Velasco (Partner) led the transaction and Alejandro Isaac (Senior Associate - Banking & Finance) and José Pablo Buenfil (Associate - Banking & Finance) assisted. Bernitsas Law Firm advises Greek shipping group on $133m refinancing of dry bulk carriers Bernitsas Law acted as lead counsel to a major Greek shipping group on the $133m refinancing by Credit Agricole Corporate and Investment Bank as senior lender and bondholder of seven Cyprus Flag bulk carriers. Bernitsas Law advised on the structuring of the transaction, assisted in drafting and negotiating the transaction documentation and coordinated legal counsel from numerous jurisdictions, including England, Cyprus, France, Liberia and theMarshall Islands. The transaction involved a $96m senior facility agreement, a$37m junior bond and a c.$10m intra-group loan. The facility structure involved separate parallel groups of lenders with separate parallel security interests and two sets of intercreditor arrangements. Panayotis Bernitsas, Managing Partner, and Dionysis Flambouras, Senior Associate, led the transaction. Keystone Law acted as English Law Counsel to the shipping group and Watson Farley and Williams Athens as English Law Counsel to the financing bank. This announcement appears as a matter of record only Brookfield Business Partner L.P.’s Has Secured $10 Billion Financing Lead arrangers: Mexican legal counsel and advisers to the lead arrangers: Legal adviser to the lead arrangers: Legal adviser to Brookfield Business Partners L.P.: Legal adviser to Brookfield Business Partners L.P. (Mexico):