Paul Hastings Advises Banks on Dynegy’s $750 Million Senior Notes Offering

October 11, 2016

NEW YORK – Paul Hastings LLP, a leading global law firm, advised Morgan Stanley & Co. LLC as representative for the initial purchasers in the private offering of $750 million aggregate principal amount of 8.000% senior notes due 2025 by Dynegy Inc.
Dynegy intends to use the proceeds of the offering, together with the proceeds from the previously announced sale of Elwood Energy LLC and related entities and cash-on-hand, to fund (i) the buyout price owed to Energy Capital Partners III, LLC (ECP) in connection with Dynegy’s buyout of ECP’s interest in the joint venture created to consummate the previously announced acquisition of ownership interests in certain North American power generation assets from International Power, S.A., an indirect subsidiary of ENGIE S.A., and (ii) a partial repayment of the outstanding obligations under Dynegy’s term loans and to pay related fees and expenses.

The Paul Hastings team was led by Leveraged Finance partner Michael Chernick, and included of counsel Lesley Janzen and associates Matthew Bartlett and Chris Russo.

Paul Hastings has been involved in several complex Dynegy offerings and refinancings over the past several years, including representing the initial purchasers of a $5.1 billion bond offering in 2014, which was the 10th largest high-yield deal on record at the time. In 2013, the firm also represented Credit Suisse as one of the lead arrangers of a $1.775 billion Dynegy refinancing, and Morgan Stanley and others as initial purchasers of a $500 million Dynegy high-yield bond offering.

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