Legal DealFolio - Academy senior notes offering

Davis Polk advised Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. as the initial purchasers of a Rule 144A/Regulation S offering by Academy, Ltd. and Academy Finance Corporation of $450 million aggregate principal amount of their 9.25% senior notes due 2019 and as joint lead arrangers and bookrunners of a committed but unfunded bridge facility. The senior notes and bridge facility were in connection with the financing of the acquisition by affiliates of Kohlberg Kravis Roberts & Co. L.P. of an approximately 87% ownership interest in Academy, Ltd. The debt financing for the acquisition also included $1.49 billion senior secured credit facilities, comprised of an $840 million senior secured term loan facility and a $650 million senior secured asset-based revolving credit facility. Headquartered in Katy, Texas, Academy, Ltd. (doing business as Academy Sports + Outdoors) is a premier sports, outdoor and lifestyle retailer with over 130 stores throughout Texas and the Southeastern United States. Kohlberg Kravis Roberts & Co. L.P. is a global private equity firm, specializing in leveraged buyouts, based in New York. The firm sponsors and manages private equity investment funds with total assets in excess of $60 billion. The Davis Polk capital markets team included partner Michael Kaplan, associates Sophia Hudson and Jessica Neidhart Agostinho and summer associate Ankang Li. The Davis Polk financing team included partner Jinsoo H. Kim and associates Meyer C. Dworkin, Angela W. Cho and Andrei Takhteyev (not yet admitted). The tax team included partner Neil Barr, associate Jason A. Chlipala and former associate Andrew Teruo Hayashi. Counsel Susan D. Kennedy and associates Joshua Erez and Benjamin J. Bibler provided real estate advice. Counsel Loyti Cheng and associate Ona Oshen provided environmental advice. Associate Ann Becchina provided ERISA advice. Caroline B. Cima and Jack S. Keating were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.

Deal Date:	03-08-2011	Practice Area:	Debt Capital Markets
Deal Title:	Academy senior notes offering	Industry:	Travel & Leisure
Description:	Davis Polk advised Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. as the initial purchasers of a Rule 144A/Regulation S offering by Academy, Ltd. and Academy Finance Corporation of $450 million aggregate principal amount of their 9.25% senior notes due 2019 and as joint lead arrangers and bookrunners of a committed but unfunded bridge facility. The senior notes and bridge facility were in connection with the financing of the acquisition by affiliates of Kohlberg Kravis Roberts & Co. L.P. of an approximately 87% ownership interest in Academy, Ltd. The debt financing for the acquisition also included $1.49 billion senior secured credit facilities, comprised of an $840 million senior secured term loan facility and a $650 million senior secured asset-based revolving credit facility. Headquartered in Katy, Texas, Academy, Ltd. (doing business as Academy Sports + Outdoors) is a premier sports, outdoor and lifestyle retailer with over 130 stores throughout Texas and the Southeastern United States. Kohlberg Kravis Roberts & Co. L.P. is a global private equity firm, specializing in leveraged buyouts, based in New York. The firm sponsors and manages private equity investment funds with total assets in excess of $60 billion. The Davis Polk capital markets team included partner Michael Kaplan, associates Sophia Hudson and Jessica Neidhart Agostinho and summer associate Ankang Li. The Davis Polk financing team included partner Jinsoo H. Kim and associates Meyer C. Dworkin, Angela W. Cho and Andrei Takhteyev (not yet admitted). The tax team included partner Neil Barr, associate Jason A. Chlipala and former associate Andrew Teruo Hayashi. Counsel Susan D. Kennedy and associates Joshua Erez and Benjamin J. Bibler provided real estate advice. Counsel Loyti Cheng and associate Ona Oshen provided environmental advice. Associate Ann Becchina provided ERISA advice. Caroline B. Cima and Jack S. Keating were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.
Financial Center:	New York	Value:	0.00-100.00
Advised Party:	Underwriter	Law Firm	Davis Polk
Issuer Jurisdiction	United States	Listing Jurisdiction	United States
Classification:	Corporate Bonds Subordinated Debt	Lawyer	Michael Kaplan

Practice Areas -

Debt Capital Markets Law Firms and Lawyers

Practice Areas - Debt Capital Markets Law Firms and Lawyers