II-VI Incorporated $2.425 Billion Senior Secured Credit Facilities for Acquisition of Finisar Corporation
Davis Polk advised the joint lead arrangers and joint bookrunners and the administrative agent, in connection with a $2.425 billion senior secured credit facility to II-VI Incorporated, consisting of a $680 million tranche A term loan facility, $575 million delayed draw tranche A term loan facility and $450 million revolving facility. The facilities will be available to II-VI, together with a $720 million tranche B term loan facility, to finance a portion of the consideration and transaction costs associated with its acquisition of Finisar Corporation.
II-VI Incorporated is a manufacturing company specializing in engineered materials and optoelectrical components. Based in Pennsylvania but with a global footprint, II-VI’s products are used in diversified settings, including optical communications, life sciences, semiconductor equipment and consumer markets.
Finisar Corporation is a leading supplier of optical communications products, including optical transceivers and engines, active optical cables, communication and sensing components and other optical instrumentation.
The Davis Polk finance team included partner Meyer C. Dworkin and associates A. McLean Crichton and Matthew J. Wiener. Partner Pritesh P. Shah and associate S. Dream Montgomery provided intellectual property and technology advice. Counsel David A. Zilberberg provided environmental advice. Counsel Jeanine P. McGuinness provided financial institutions advice. Partner Rachel D. Kleinberg and associate Joseph M. Gerstel provided tax advice. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.