Debevoise & Plimpton LLP has advised TD Securities and J.P. Morgan Securities as representatives of the initial purchasers in connection with the offer and sale by Beacon Funding Trust (the “Trust”) of $1.25 billion of pre-capitalized trust securities redeemable August 15, 2054. In connection with the transaction, the Trust entered into a facility agreement and trust expense reimbursement agreement with Liberty Mutual Group Inc., pursuant to which Liberty Mutual or certain of its assignees have the right from time to time to require the Trust to purchase up to $1.25 billion of Liberty Mutual’s unsecured 6.266% senior notes due 2054.

The Debevoise team was led by capital markets partner Matthew Kaplan and counsel Joshua Samit and included associates Jason Auman, Alice Gu, Andrew Lee and Joseph Mattis and law clerk Julia Czyzowicz.