Shearman And Sterling

News October 10, 2017

Shearman & Sterling Advises on Consent Solicitation for Sensata Technologies

Shearman & Sterling represented Barclays Capital and Goldman Sachs & Co. as solicitation agents in connection with the solicitation of consents by Sensata Technologies and Sensata Technologies UK Financing Co. relating to certain amendments to provisions of the respective indentures governing Sensata Technologies’ $500 million of 4.875% senior notes due 2023, $400 million of 5.625% senior notes due 2024, and $700 million of 5% senior notes due 2025, and Sensata Technologies UK Financing Co.’s $750 million of 6.25% senior notes due 2026.

The amendments of the respective indentures will amend the definition of the term “Change of Control” in each indenture so that a contemplated re-organization transaction involving the parent company of Sensata Technologies and Sensata Technologies UK Financing Co. will not constitute a “Change of Control” under the indentures. 

The Shearman & Sterling team included partners Merritt Johnson and Kyungwon Lee (both New York-Capital Markets); and associate Daniel Yao (New York-Capital Markets). Other key members of the team included partner Kristen Garry (Washington, D.C.-Tax); counsel Simon Letherman (London-Tax); and associates Sarah Moir-Porteous, Lois Howarth (both London-Tax), and Adam Sternberg (New York-Tax).