SYNNEX’s $2.5 Billion Senior Notes Offering

Pillsbury Winthrop Shaw Pittman represented SYNNEX Corporation, while Latham & Watkins LLP represented the initial purchasers in the offering.

SYNNEX Corporation (SYNNEX) has priced an offering of (i) US$700,000,000 aggregate principal amount of 1.25% Senior Notes due 2024, (ii) US$700,000,000 aggregate principal amount of 1.750% Senior Notes due 2026, (iii) US$600,000,000 aggregate principal amount of 2.375% Senior Notes due 2028, and (iv) US$500,000,000 aggregate principal amount of 2.65% Senior Notes due 2031 (collectively, the “Notes,” and such offering, the “Notes Offering”). The Notes are being sold in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (Securities Act) and to certain persons outside of the United States pursuant to Regulation S under the Securities Act. The Notes Offering is expected to close on or about August 9, 2021, subject to customary closing conditions.

The Notes Offering is part of the financing for the previously announced proposed merger between SYNNEX Corporation (NYSE: SNX) and Tech Data under which SYNNEX and Tech Data will combine in a transaction valued at approximately US$7.2 billion, including net debt. 

Synnex Corporation is an American multinational corporation that provides B2B IT services. It was founded in 1980 by Robert T. Huang and based in Fremont, California. As an information technology supply chain services company, it offers services to original equipment manufacturers, software publishers and reseller customers.

The Pillsbury team was led by partner Stephen Ashley with assistance from partners Stan Wong, Philip Tendler, Joe Fastiggi and Allison Leopold Tilley. The full team included partners Christina Pearson and Brian Wainwright, counsel Cecilia Wang, senior associate Alexandra Calcado, associates Tara Shankar, Alexandra Stephanos, Daniel Welch and Christopher Wing, and senior law clerk Katherine Garcia.

Latham & Watkins LLP represented the initial purchasers in the offering, led by Citigroup Global Markets Inc. with a capital markets deal team led by New York partner Stelios Saffos, with New York associates Paul Rafla and Robyn Sablove. Advice was also provided on tax matters by New York partner Bora Bozkurt, New York associate Michael Syku; on intellectual property matters by New York partner Jeffrey Tochner; on compliance matters by Washington, D.C. partners Erin Brown Jones, Les Carnegie, and Joseph Bargnesi, with Washington, D.C. associate Andrew Galdes; and on benefits and compensation matters by New York associate Anne Bracaglia.

Involved fees earner: Joseph Bargnesi – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Anne Bracaglia – Latham & Watkins; Erin Brown Jones – Latham & Watkins; Les Carnegie – Latham & Watkins; Andrew Galdes – Latham & Watkins; Paul Rafla – Latham & Watkins; Robyn Sablove – Latham & Watkins; Stelios Saffos – Latham & Watkins; Michael Syku – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Stephen Ashley – Pillsbury Winthrop Shaw Pittman LLP; Alexandra Calcado – Pillsbury Winthrop Shaw Pittman LLP; Joseph Fastiggi – Pillsbury Winthrop Shaw Pittman LLP; Allison Leopold Tilley – Pillsbury Winthrop Shaw Pittman LLP; Christina Pearson – Pillsbury Winthrop Shaw Pittman LLP; Tara Shankar – Pillsbury Winthrop Shaw Pittman LLP; Alexandra Stephanos – Pillsbury Winthrop Shaw Pittman LLP; Philip Tendler – Pillsbury Winthrop Shaw Pittman LLP; Brian Wainwright – Pillsbury Winthrop Shaw Pittman LLP; Cecilia Wang – Pillsbury Winthrop Shaw Pittman LLP; Daniel Welch – Pillsbury Winthrop Shaw Pittman LLP; Christopher Wing – Pillsbury Winthrop Shaw Pittman LLP; Stanton Wong – Pillsbury Winthrop Shaw Pittman LLP;

Law Firms: Latham & Watkins; Pillsbury Winthrop Shaw Pittman LLP;

Clients: Citigroup Global Markets Ltd; Synnex Corp.;

Author: Martina Bellini