The Firm represented Best Buy Co., Inc. in connection with a public offering of $1.0 billion of debt securities. Best Buy offered $350 million of 3.750% Notes due 2016 and $650 million of 5.500% Notes due 2021. The offering constituted Best Buy’s largest financing in its history.
BofA Merrill Lynch, Credit Suisse, J.P. Morgan and UBS Investment Bank led the syndicate of 19 underwriters.
The net proceeds from the transaction will be used for general corporate purposes, which may include refinancing of debt, funding for working capital, capital expenditures, repurchases of capital stock and strategic investments and acquisitions.
Best Buy is a leading global consumer electronics retailer, with annual revenues of approximately $50 billion and over 4,000 stores worldwide
The Simpson Thacher team for the debt offering included, among others, Glenn M. Reiter, Kirsten L. Davis and Brandon C. Mason (Capital Markets), Michael Isby (Environmental), and Jonathan Cantor and Danny Salinas (Tax).