Shearman & Sterling LLP represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, Inc., Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Mizuho Securities USA Inc. and RBC Capital Markets, LLC, as initial purchasers, in connection with a $750 million issuance of 6.250% senior notes due 2026 by Sensata Technologies UK Financing Co. plc (the “issuer”), a newly formed indirect wholly owned subsidiary of Sensata Technologies N.V. and a subsidiary of Sensata Technologies B.V. (“Sensata”).
Sensata used the net proceeds from the offering of the notes, together with up to $250 million of revolving borrowings under its senior secured credit facilities and cash on hand, to finance its previously announced acquisition of the sensing portfolio of Custom Sensors & Technologies, Inc., and related sales, manufacturing and engineering sites in the United States, United Kingdom, Germany, France, China and Mexico (the “CST Acquisition”), and to pay related transaction fees and expenses. The CST Acquisition was consummated on December 1, 2015.
The Shearman & Sterling team included partner Merritt Johnson (New York-Capital Markets) and associates Minsoo Kwon (New York-Capital Markets), Yi Han Goh (New York-Capital Markets) and Daniel Yao (New York-Corporate). Other key members of the team included counsel Simon Letherman (London-Tax), Sharon Lippett (New York-Compensation, Governance and ERISA) and Philippe Wolanski (Paris-Finance), and associates Laura Mulry (New York-Environmental), Benjamin Petersen (Menlo Park-Intellectual Property Transactions), Adam Sternberg (New York-Tax), Laurent Bonnet (Paris-Finance), Tim Waterson (London-Finance) and Sarah Moir-Porteous (London-Tax).