Office News

Tokyo – Orrick, Herrington & Sutcliffe LLP has advised Korea Development Bank (KDB) as lender in a complex US$700 million financing for Acushnet Company, one of the largest golf equipment companies in the world whose premium brands include Titleist and FootJoy.

This transaction is in connection with the previously announced US$1.25 billion acquisition of Acushnet Company by a consortium led by Fila Korea and Mirae Asset Private Equity Fund. 

The two-stage US$700 million financing included a revolving credit facility, a senior bridge facility and notes issued by Acushnet Company.  The transaction closed on October 31, 2011. 

Orrick’s cross-border finance team, led by Eugene Chang, Martin Bartlam and Andrew Mattei, advised KDB on this transaction.  Attorneys from the firm’s New York, London, Tokyo, San Francisco, Frankfurt, Munich, Beijing, Hong Kong, Milan and Moscow offices served as part of the deal team.

Eugene Chang commented: “We were very pleased to advise our long-standing client KDB on the successful financing of a signature Korean cross-border M&A transaction.  With the breadth and depth of Orrick’s finance experience across the globe, our team is well positioned to advise on a range of complex cross-border financings and we worked closely with KDB to close the transaction smoothly and in a timely manner despite a variety of challenges.”

About Orrick

Orrick, Herrington & Sutcliffe LLP is a global law firm with more than 1,100 lawyers in 23 offices in North America, Europe and Asia. The firm focuses on litigation, complex and novel finance and innovative corporate transactions. Orrick's clients include Fortune 100 companies, major industrial and financial corporations, commercial and investment banks, high-growth companies, governmental entities, and start-ups.

With over 15 years of Korea-related experience, Orrick is one of the few leading international law firms with a dedicated Korea Practice team. Our proven reputation and our strong track record in successfully executing some of the largest and most complex cross-border transactions involving Korean companies and financial institutions makes us the "go to" firm for both Korean and international businesses in Korea. Orrick also has significant industry strength in representing clean-tech and renewable energy clients in all aspects of their business activities in Asia and globally.