John C. Ericson

Satellite maker York Space Systems began trading publicly Thursday after raising $629 million in its upsized initial public offering, joining Brazilian digital banking platform PicPay and insurance platform Ethos Technologies, both of which also made their public debuts Thursday. York sold 18.5 million shares for $34 apiece, marking the high end of the company's proposed range of $30 to $34. The company began trading on the New York Stock Exchange on Thursday under ticker symbol YSS, and the offering is expected to close Friday. Kirkland & Ellis LLP advised the company, while Davis Polk & Wardwell LLP advised the underwriters. At pricing, the company commands a fully diluted market value of $4.3 billion. Founded in 2012, York is a space and defense company that provides a suite of mission-critical solutions for national security, government and commercial customers. According to a filing with the U.S. Securities and Exchange Commission, the company says it is the number one provider to the U.S. Department of Defense's Proliferated Warfighter Space Architecture (PWSA) program by spacecraft operating in orbit, number of contracts and variety of contract types. The company, which is backed by private equity firms BlackRock and AE Industrial Partners, originally planned to offer 16 million shares in its public offering, but ended up selling 18.5 million. York also granted the underwriters a 30-day option to purchase up to an additional 2.775 million shares at the IPO price. Meanwhile, Brazilian digital banking platform PicPay began trading on the Nasdaq under ticker symbol PICS on Thursday after raising $434 million in its IPO. The company offered 22.9 million shares at $19 each, the high end of the proposed $16 to $19 range. At pricing, the company commands a $2.5 billion market value. The offering is expected to close Friday. White & Case LLP advised the company, while Davis Polk advised the underwriters. PicPay says it is the second-largest digital bank in Brazil by number of customers. The company began with instant payments and the use of QR codes, and has since grown into a digital bank that offers financial products and services like digital wallets, credit cards, loans and buy now, pay later offerings, a statement said. The company filed plans for its IPO at the beginning of the year, but at the time did not indicate the number of shares to be offered or a proposed price range for the offering. Growth equity firm Bicycle Capital, along with other anchor investors, indicated an interest in buying $75 million worth of shares in the offering. The company also granted its underwriters a 30-day option to purchase up to an additional roughly 3.4 million Class A common shares at the IPO price. Life insurance technology platform Ethos Technologies also began trading on the Nasdaq on Thursday under ticker symbol LIFE after raising approximately $200 million in its IPO. The company offered 10.5 million shares for $19 each, the midpoint of the proposed $18 to $20 range. Of the shares being offered, roughly 5.1 million were sold by Ethos and around 5.4 million were sold by existing shareholders, according to an SEC filing. Cooley LLP advised Ethos, while Simpson Thacher & Bartlett LLP advised its underwriters. Ethos is a life insurance technology platform that says its goal is to protect families by democratizing access to life insurance. The company is backed by venture capital firms Sequoia Capital and Accel. The offering is expected to close Friday. The Kirkland team advising York on its IPO included Robert Hayward, Kevin Frank and Ashley Sinclair. The Davis Polk team advising York's underwriters included Michael Kaplan, Stephen Byeff and Steven Glendon. The White & Case team advising PicPay on its IPO includes Donald Baker, John Guzman and Karen Katri. The Davis Polk team advising PicPay's underwriters includes Manuel Garciadiaz and Drew Glover. The Cooley team advising Ethos includes Matthew Bartus, Jon Avina, Jean Park and Milson Yu. The Simpson Thacher team advising Ethos' underwriters includes John Ericson and Heidi Mayon.

Jan 29

3 min

Simpson Thacher represented the initial purchasers in connection with the offering by Carrier Global Corporation (“Carrier”) of €750 million aggregate principal amount of EUR-denominated notes pursuant to Rule 144A and Regulation S.~~Carrier used the net proceeds from the offering, together with cash on hand, to redeem their €750 million aggregate principal amount of notes due 2025 in full and to pay fees and expenses in connection with the offering.~~Carrier is a global leader in intelligent climate and energy solutions with a focus on providing differentiated and digitally enabled lifecycle solutions.~~The Simpson Thacher team included John C. Ericson, Catherine Ciriello and Louise Choi (Capital Markets); Michael Mann (Tax); Paige Brinton (IP); Pasco Struhs (ECEB); and Jennie Getsin (Blue Sky).

Aug 11

1 min

Simpson Thacher represented the dealer managers in connection with the cash tender offers (i) by Viatris Inc. (“Viatris”) to purchase any and all of its outstanding 1.650% Senior Notes due 2025, (ii) by Mylan Inc., a wholly-owned subsidiary of Viatris, to purchase any and all of its outstanding 2.125% Senior Notes due 2025 and (iii) by Utah Acquisition Sub Inc., a wholly-owned subsidiary of Viatris, to purchase up to $575 million aggregate principal amount of its outstanding 3.950% Senior Notes due 2026.~~Viatris is a global healthcare company bridging the traditional divide between generics and brands to more holistically address healthcare needs globally. Viatris provides access at scale, currently supplying high-quality medicines to approximately 1 billion patients around the world annually. Viatris is headquartered in the United States, with global centers in Pittsburgh, Shanghai and Hyderabad, India.~~The Simpson Thacher team included John C. Ericson, Traci Biedermann and Deniz Demirci (Capital Markets); and Jonathan Cantor (Tax).

Nov 10

1 min

Simpson Thacher represented the dealer managers in connection with a cash tender offer pursuant to which Carrier Global Corporation (NYSE: CARR) (“Carrier”) purchased $125,000,000 of its 5.900% notes due 2034, $350,000,000 of its 6.200% Notes due 2054 and $599,577,000 of its 3.577% Notes due 2050.~~Carrier is a global leader in intelligent climate and energy solutions with a focus on providing differentiated and digitally enabled lifecycle solutions.~~The Simpson Thacher team included John C. Ericson, Catherine Ciriello, Leena Sanka and Louise Choi (Capital Markets) and Michael Mann (Tax).

Aug 28

1 min

Simpson Thacher recently represented the underwriters, led by J.P. Morgan, TD Cowen, Jefferies and Stifel, in connection with the registered follow-on offering of 5,750,000 shares of Class A common stock by Nuvalent, Inc. (“Nuvalent”). The offering raised approximately $540.5 million in gross proceeds.~~Nuvalent is a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer, designed to overcome the limitations of existing therapies for clinically proven kinase targets.~~The Simpson Thacher team included John O'Connell, John C. Ericson, Art Robinson, Julie De Keukeleire and Anna Jarman (Capital Markets); Vanessa Burrows and Jacob Madden (Healthcare); Paige Brinton (IP); Drew Purcell and Michael Mann (Tax); Pasco Struhs (ECEB); and Andrew Pagliughi (FINRA and Blue Sky).

Sep 20

1 min