Orrick, Herrington & Sutcliffe has advised Korea Development Bank (KDB) as lender in a complex $700 million financing for golf equipment and apparel manufacturer Acushnet Company.

Acushnet Company, which owns popular golf brands Titleist and FootJoy, was acquired recently for $1.25 billion by a consortium led by Fila Korea and Mirae Asset Private Equity Fund.  The two-stage US$700 million financing that Orrick advised on was related to this acquisition, and included a revolving credit facility, a senior bridge facility and notes issued by Acushnet Company.

Advising KDB was a cross-border finance team representing Orrick, led by Eugene Chang, Martin Bartlam and Andrew Mattei.  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. 

“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,” said Eugene Chang in a statement.

McDermott, Will and Emery acted on behalf of Acushnet Company. ALB

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