Kirkland’s Gregory brings debt financing knowledge to $6.8B Exelon/Pepco Deal

The deal will create the largest electric and gas utility in the mid-Atlantic area

Ashley S. Gregory

Kirkland & Ellis debt financing partner Ashley S. Gregory is part of the team representing Exelon Corp. in its recently announced acquisition of Pepco Holdings Inc. for $6.8 billion. The deal will create the largest electric and gas utility in the mid-Atlantic area.

The combined utility businesses will serve approximately 10 million customers and have a rate base of approximately $26 billion. The all-cash transaction, which is expected to close in the second or third quarter of 2015, is supported by a fully committed $7.2 billion bridge facility with Barclays and Goldman Sachs. Exelon expects the permanent financing plan to include a combination of Exelon equity issuance, long-term debt and corporate cash, according to Chicago-based Exelon.

Along with Gregory, the Kirkland team was led by corporate partners George Stamas, Mark Director, William Sorabella and Andrew Herman, debt finance partner Christian Nagler and executive compensation partner Howard Klein.

New York-based Gregory who primarily represents public and private corporate borrowers and private equity clients in connection with complex financing transactions, both secured and unsecured, including leveraged acquisition financings, senior and subordinated lending transactions, second lien, mezzanine and asset based financings, debtor-in-possession facilities, workouts and restructurings and other banking and credit matters. 

Contributing Author

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Amy I. Stickel

Amy I. Stickel has extensive experience covering the legal, financial and pharmaceutical industries as a writer and editor. A past managing editor of Corporate Legal Times and...

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