Orrick Advises Korea Development Bank in US$700 Million Financing


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.”