Timothy Cruickshank is a partner in the Paul, Weiss Capital Markets Group. He has a broad transactional practice focusing on debt and equity capital markets and other financing transactions. He represents financial sponsors, their portfolio companies and other public and private companies in a variety of financing transactions, including high-yield debt offerings, preferred equity financings, acquisition financings, initial public offerings, and restructuring and liability management transactions.
Cruickshank has particular experience in out-of-court and in-court restructuring transactions, including exchange offers, debt for equity exchanges and other liability management transactions. He also advises U.S. and international clients with respect to U.S. securities laws, stock exchange rules and corporate governance matters.
Cruickshank’s representative experience includes:
High-Yield Debt Offerings and Acquisition Financing
- Keurig Dr Pepper in the financing for its €15.7 billion all-cash acquisition of leading global coffee company JDE Peet’s
- PetSmart in various debt capital markets transactions, including its $6 billion refinancing and the offering of $690 million of trust securities exchangeable into equity of Chewy
- Stone Point Capital:
- as part of an investor group in the financing aspects of their acquisition of Truist Insurance Holdings in a deal valuing the company at $15.5 billion, including the offering of $3 billion of secured notes
- in the financing of its acquisition of CoreLogic, including the offering of $750 million of secured notes
- Macy’s in various debt capital markets transactions, including offerings of senior notes and tender and exchange offers
- viagogo on its debt and preferred equity financings to fund its $4 billion acquisition of StubHub from eBay
Restructuring and Liability Management Transactions
- WeWork in connection with a comprehensive restructuring of its capital structure
- Windstream in connection with various liability management transactions, litigation related to alleged indenture covenant breaches and its bankruptcy, including its $2.65 billion exit financing
- Creditors in various chapter 11 bankruptcies, including Garrett Motion and Hertz
Equity Offerings
- Chewy in its initial public offering
- Studio City International Holdings in its initial public offering
- Gazit-Globe in its U.S. initial public offering
Mergers & Acquisitions
- An investment group including Caledonia in the acquisition of a 34.9% ownership stake in Scientific Games Corporation from MacAndrews & Forbes
- WellCare Health Plans in connection with the $17.3 billion acquisition by Centene Corporation
- Equity One in its $15.6 billion stock-for-stock merger with Regency Centers Corporation
