Simpson Thacher Represents Credit Suisse and Underwriters in the $433 Million IPO of Heckmann Corp., a Special Purpose Acquisition Company
11.16.07
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The Palo Alto office of Simpson Thacher represented the underwriters, led by Credit Suisse Securities (USA) LLC, in connection with the initial public offering by Heckmann Corp., a Special Purpose Acquisition Company or “SPAC.” The offering was comprised of 54,116,800 units at $8.00 per unit and resulted in gross proceeds of approximately $433 million. Each unit represents one share of common stock and a warrant to purchase one share of common stock at an exercise price of $6.00 per share.
Heckmann Corp. was recently formed for the purpose of acquiring one or more operating businesses through a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction or other similar business combination. Heckmann Corp.’s units, shares of common stock and warrants are listed on the American Stock Exchange.
The transaction was novel in that it represented Credit Suisse’s first completed IPO of a SPAC.
The Simpson Thacher team for this transaction included Bill Hinman, Louis Lehot, Matthew Einbinder, Nidhi Shah and Adam Bentley (Corporate); Benjamin Applestein (Tax); Mark Lab and Sean Cotton (Blue Sky); and Jesus Villicana (Paralegal).