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Latham & Watkins Advises Initial Purchasers in Middleby’s Upsized US$650 Million Convertible Senior Notes Offering

August 20, 2020
Multidisciplinary team represented the initial purchasers in the offering by the worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries.

The Middleby Corporation, a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, has announced that it has priced US$650 million aggregate principal amount of 1% convertible senior notes due 2025. The principal amount of the offering was increased from the previously announced offering size of US$550 million. The notes will be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Middleby also granted the initial purchasers of the notes a 13-day option to purchase up to an additional US$97.5 million aggregate principal amount of the notes. The offering is expected to close on August 21, 2020, subject to customary closing conditions.

Latham & Watkins LLP represented the initial purchasers in the offering with a corporate team led by Chicago partner Christopher Lueking and New York partner Greg Rodgers, with associates Scott Westhoff, Andrew Blumenthal, Austin Arnett, Greer Gaddie, Sara Mykrantz, and Nicholas Reist. Advice was also provided on equity derivatives matters by New York partner Reza Mojtabaee-Zamani, with associates Eric Rice and Shawn Noh; and on tax matters by New York partner Elena Romanova, with associate Lea Li.