Hogan Lovells and Simpson Thacher advise on Apple's $6.5bn bond offer
Firms cement relationship with Apple after their role on 2013 debt issue that was the largest in history
February 04, 2015 at 08:03 PM
2 minute read
Hogan Lovells and Simpson Thacher & Bartlett have grabbed roles as lead advisors on tech giant Apple's $6.5bn (£.4.3bn) bond offering this week.
The offering which includes shorter term debt as well as $1.5bn (£990m) of 10-year notes and $2bn (£1.3bn) of 30-year bonds – the longest portion to mature – will be used to fund share buybacks, pay down debt and act as working capital.
According to documents filed at the Securities and Exchanges Commission, the total amount issued was originally intended to be only $5bn (£3.3bn) but the offer was revised upwards in light of investor demand.
Hogan Lovells's California and Washington offices worked on the validity of the notes for Apple, according to the filings, but the law firm declined to disclose the names of particular partners who worked on the deal.
Simpson Thacher acted for the underwriters, which included Goldma Sachs and Deutsche Bank as joint book-running managers. The firm did not respond to requests for comment on who its lead partners were.
The pair of law firms were also the go-to advisors in 2013 for Apple's $17bn (£11bn) US bond issue, the largest corporate debt sale in history.
On that occasion, Hogan Lovells's team included Washington DC global corporate co-head Stuart Stein, corporate and securities partners Eve Howard and Gregory Parisi.
Simpson Thacher's Palo Alto office, which advised the underwriter, fielded capital markets partners Kevin Kennedy and Dan Webb with associates Ryan Coombs, Kelli Schultz and Brian Osimir.
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