In connection with the exit from bankruptcy of Chemtura Corporation, Shearman & Sterling advised Citigroup Global Markets Inc. in a $455 million senior notes offering and Merrill Lynch, Pierce, Fenner & Smith Incorporated (formerly Banc of America Securities LLC) and Bank of America, N.A. in a $295 million senior secured term facility and a $275 million asset-based senior secured revolving credit facility. Proceeds of the senior notes and the term facility were funded in escrow in August 2010 and released to the company on November 10 after the bankruptcy plan was confirmed.
In addition, in February 2010, Shearman & Sterling represented Citigroup Global Markets Inc. as lead arranger of a $450 amended and restated senior secured superpriority debtor-in-possession credit facility for Chemtura, a facility that refinanced Chemtura’s original $400 million DIP facility, which the firm also had represented Citigroup Global Markets Inc. in arranging in March 2009.
Chemtura is a leading diversified global developer, manufacturer and marketer of engineered specialty chemicals.
The Shearman & Sterling team was led by partners Laurence Bambino (New York-Tax), David Beveridge (New York-Capital Markets), William E. Hirschberg (New York-Finance), Malcolm Montgomery (New York-Property), Maura O'Sullivan (New York-Finance) and Fredric Sosnick (New York-Bankruptcy & Reorganization) and included counsels Benjamin Cheng (New York-Finance), Edmund Emrich (New York-Bankruptcy & Reorganization), Jason Y. Pratt (New York-Property/Environmental) and Jeffrey Salinger (New York-PropertyEnvironmental); associates Jordan Altman (New York-Intellectual Property Transactions), Michael Byrne (New York-Property), Karan Chopra (London-Finance), Timothy Franklin (New York-Intellectual Property Transactions), Shiu-Kay Hung (New York-Tax), Douglas Jones (New York-Tax), Seth Kerschner (New York-Property/Environmental), Sheila Lavu (New York-Capital Markets), Alexa Loo (New York-Bankruptcy & Reorganization), Dave Rao (New York-Capital Markets), Eva Rasmussen (New York-Executive Compensation & Employee Benefits), Joe M. Sasanuma (New York-Capital Markets), Christopher Setteducati (New York-Finance), and Jennifer Val (New York-Capital Markets); and legal assistants Sunita Daswani (New York-Finance), Kristi Anne Nadvornik (New York-Capital Markets) and Daniela Ritter (New York-Capital Markets).