NEW YORK March 25, 2008 – Lawfuel – Weil Gotshal & Manges LLP represented Thomas H. Lee Partners, L.P. as part of an investment group which also includes Goldman Sachs in a comprehensive recapitalization of MoneyGram International, Inc. (NYSE: MGI), it was announced today. The transaction, comprised of several different types of financing, including preferred convertible stock in MoneyGram as well as debt financing and a revolving credit, is valued at over $1.5 billion.
Commenting on the recapitalization, Philip W. Milne, President and Chief Executive Officer of MoneyGram, stated, “With the completion of this important transaction, MoneyGram now has the financial resources to support our customers and their growth plans.” As another result of the completed transaction, Thomas H. Lee principals Scott L. Jaeckel and Seth W. Lawry, have been appointed to the MoneyGram Board of Directors; upon receipt of regulatory approval, Thomas H. Lee is expected to appoint a majority of MoneyGram’s Board.
James Westra, a corporate partner and head of Weil Gotshal’s Boston office, who led the transaction, said, “This was an enormously complex recapitalization completed, during adverse current market conditions, which required the cooperation of all parties.” The interdisciplinary Weil Gotshal team included attorneys from its corporate transactional, banking and finance, litigation, regulatory, employee benefits, tax, antitrust, securitization, insurance and intellectual property practice groups, drawn from offices in the US and Europe.
The Weil Gotshal team included :
CORPORATE: Partners James Westra, Steven Peck, Malcolm Landau, Todd Chandler, Angela Fontana, Kelly Dybala, John Dedyo; Counsel Heather Emmel; Associates Cody Tibbetts, Barbra Broudy, Rachel Chandler, Matthew Goulding, Jocelyn Kanoff, Kimberly Perdue, Lucas Spivey; Law clerk Julian Lista
TAX: Partners Michael Nissan, Marc Silberberg, Andrew Gaines, Amy Rubin; Associates Lisa Sidman, Stephen Saler, Max Goodman
IP: Partner Jeffrey Osterman; Associates Barbara Vining, Rekha Ramani, Joseph Rafferty
CORPORATE GOVERNANCE: Partner Joseph Allerhand
REGULATORY: Partner Walter Zalenski; Associate Marshall Bell
ANTITRUST: Counsel John Sipple, Jr.; Associates Gretchen Toorock, Joseph Rafferty, Martin Buntscheck, Michael Holzhaeuser
LITIGATION: Partner Joseph Allerhand; Associate Michael Firestone
SECURITIZATION: Partner John Dedyo; Associates Mark Bernstein, Eugene Ng
INSURANCE: Counsel Paul Ferrillo
About Weil, Gotshal & Manges
Weil, Gotshal & Manges LLP (www.weil.com) is a global law firm of approximately 1,300 lawyers, including over 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Budapest, Dallas, Frankfurt, Hong Kong, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon Valley, Warsaw, Washington DC and Wilmington.
