Benjamin Rippeon

Simpson Thacher is advising Kimmeridge in the definitive agreement by its affiliate, Kimmeridge Texas Gas ("KTG"), to acquire upstream assets from a private seller, as part of its expansion of its Eagle Ford shale footprint. The assets include approximately 30,000 acres and current production of 65 mmcfe/d.~~The Simpson Thacher team includes Katy Lukaszewski, Braxton Duhon and Christine Robb (Corporate); Benjamin Rippeon and Andrew Mandelbaum (Tax); and Michael Isby (Environmental).

Dec 10

1 min

Simpson Thacher recently represented Herc Holdings Inc. in connection with its private offering of $800 million aggregate principal amount of 6.625% Senior Notes due 2029.~~Herc Holdings intends to use the net proceeds to repay a portion of the indebtedness outstanding under its senior secured asset-based revolving credit agreement and to pay related fees and expenses.~~Herc Holdings, which operates through its Herc Rentals Inc. subsidiary, is a full-line rental supplier with 412 locations across North America, and 2023 total revenues of approximately $3.3 billion. Herc Holdings offers products and services aimed at helping customers work more efficiently, effectively, and safely.~~The Simpson Thacher team included Joshua Bonnie, Katharine Thompson, Jonathan Ozner, Aarthy Thamodaran, Samantha Sergent, Brice Stewart and Toyin Edogun (Capital Markets); Jonathan Cantor, Benjamin Rippeon and Michael Slomovics (Tax); Christopher Brown and Tina Zheng (Banking and Credit); Marisa Geiger and Paige Brinton (Intellectual Property); and Pasco Struhs (ECEB).

Nov 6

1 min

Simpson Thacher recently represented CIM Group, LLC in connection with a private capital financing with an initial commitment of $125 million to a subsidiary of Applied Digital Corporation (“Applied Digital”), which can be upsized upon mutual agreement by both parties to up to $200 million. Proceeds from the financing will be used by Applied Digital for the buildout of its high-performance computing data center campus located in Ellendale, North Dakota. The financing closed on June 7, 2024.~~In connection with the financing, CIM will initially receive a warrant to purchase up to 6,300,449 shares of common stock of Applied Digital, and will receive warrants to purchase additional common stock of Applied Digital upon the funding of loans under the loan financing.~~Applied Digital Corporation (NASDAQ: APLD) is a designer, builder and operator of next-generation digital infrastructure designed for high-performance computing applications.~~The Simpson Thacher team included Matthew Einbinder, Amy Beller, Ron Havas, Hana Muwaqet and Jack Davis (Alternative Capital and Private Credit—Loans); Brian Rosenzweig, Richie Ragusa and Suzannah Ranzo (Alternative Capital and Private Credit—Warrants); Dennis Loiacano and Tim Gallagher (Real Estate); Adam Arikat, Benjamin Rippeon and Michael Leitner (Tax); Michael Isby (Environmental); and Jon Pall (Collateral).

Jun 13

1 min

Simpson Thacher represented KKR Real Estate in connection with its new strategic joint venture (JV) with Healthcare Realty Trust Incorporated to own and invest in quality medical outpatient buildings. Under the terms of the agreement, Healthcare Realty will contribute up to 12 of its existing properties to seed the JV at a cumulative value of $382.5 million. KKR will make an equity contribution to the JV equal to 80% of the value of the properties, and Healthcare Realty will retain a 20% interest. The portfolio totals 762,399 square feet across Washington, California, Texas, Georgia, North Carolina, Pennsylvania and New Jersey. KKR has committed up to $600 million to the JV to pursue future acquisitions or contributions of high-quality stabilized assets that are a match for its long-term capital base.~~The Simpson Thacher team includes Scott Kobak, Leanne Welds, Steven Stickler, Helene Snyder, Spencer Goodson and Simone Hernandez (Real Estate); and Benjamin Rippeon, Adam Arikat and Ruoxi Zhang (Tax).

May 16

1 min

Simpson Thacher represented Businessolver, a portfolio company of investment funds affiliated with Stone Point Capital LLC, in connection with its acquisition of The Capstone Group. Financial terms of the transaction were not disclosed.~~The Capstone Group is a leading firm in employee benefits outsourcing, risk management and compliance solutions. This strategic investment extends Businessolver’s presence and expertise in benefits technology and outsourcing to its more than 800 clients.~~Simpson Thacher represented Stone Point in connection with its majority acquisition of Businessolver in December 2021.~~The Simpson Thacher team included Elizabeth Cooper, Mark Viera, and Cathleen Ye (M&A); Larry Moss, Alisa Tschorke and Hannah Daniels (Executive Compensation and Employee Benefits); Benjamin Rippeon, William Smolinski and Matt Lester (Tax); Lori Lesser, Vanessa Burrows, Bobbie Burrows, Rachelle Broida and Nawa Lodin (Intellectual Property); Krista McManus (Real Estate); and Rick Jamgochian and Kelly Karapetyan (Antitrust). David Goodman provided valuable assistance.

Feb 20

1 min