Clifford Chance has advised the underwriters in various equity and debt capital markets offerings totalling approximately $6.8 billion by Solvay SA in connection with the financing of its acquisition of Cytec Industries, Inc.
Solvay, headquartered in Brussels, is a leading international chemical group with consolidated net sales of €10,213 million in 2014. As an innovation-driven company dedicated to building a model of sustainable chemistry, Solvay assists its industrial clients in finding and implementing ever more responsible and value-creating solutions. Cytec, headquartered in New Jersey, is a global specialty materials and chemicals company with $2 billion in sales in 2014. Cytec's products serve a diverse range of end markets including aerospace and industrial materials, mining and plastics.
Clifford Chance advised Credit Suisse, Morgan Stanley and BNP Paribas Fortis on Solvay's €1.5 billion rights offering pursuant to Rule 144A and Regulation S in connection with the financing of the acquisition.
In addition, Clifford Chance advised the underwriters on the following debt offerings, also in connection with the financing of acquisition:
* Credit Suisse and Morgan Stanley as joint global coordinators and joint bookrunners and BNP Paribas, Citigroup, Credit Agricole CIB, HSBC and MUFG as joint bookruners on a $1.6 billion offering of senior Yankee bonds pursuant to Rule 144A and Regulation S and governed by NY law
* Credit Suisse and ING as joint global coordinators and joint bookrunners and Morgan Stanley, Commerzbank, Crédit Agricole CIB and KBC as joint bookruners on a €2.25 billion offering of senior Euro bonds pursuant to Regulation S and governed by Belgian law; and
* Credit Suisse, Morgan Stanley and HSBC as joint global coordinators and joint bookrunners and BNP Paribas, Citigroup, Credit Agricole CIB and MUFG as joint bookrunners on a €1 billion offering of hybrid Euro bonds pursuant to Regulation S and governed by English law.
The Clifford Chance team was led by Paris-based partners Alex Bafi, US securities partner, and Cedric Burford, DCM partner.
The Clifford Chance team also consisted of:
* in Paris, Olivier Plessis, senior US associate, Auriane Bijon, senior associate, Ryan Bosch, US associate and Alex Tollast, associate.
* in Brussels, Philippe Hamer, ECM partner, assisted by Niek de Pauw, associate, and Nathan Tulkens, associate, and Wim Aerts, DCM counsel; and
* in London, Simon Thomas, ECM partner, assisted by Christopher Roe, senior associate.
These transactions are part of a number of transactions on which our Paris-based US securities team, working closely with our global equity capital markets team, has advised, including more than $18 billion in securities offerings since January 2015:
* Société Générale and Standard Chartered Bank on the $750 million inaugural offering of 9.50% notes due 2025 by the Republic of Cameroon;
* Deutsche Bank, J.P. Morgan and Standard Chartered Bank on the issuance of $500 million 6.950% notes due 2025 by the Republic of Gabon;
* Société Générale on their €120 million offering of 3.74 million shares in Korian held by certain Covea affiliates;
* Credit Suisse on Eurocastle Investments' €300 million equity offering and Euronext Amsterdam listing;
* OCP S.A. on its US$1 billion offering of 4.50% Notes due 2025, underwritten by Barclays and Morgan Stanley;
* Group Bolloré on its €600 million sale of Havas shares, (BNP Paribas, CM-CIC, Crédit Agricole Corporate and Investment Bank, Mediobanca, Natixis and Société Générale);
* Caisse d'Amortissement de la Dette Sociale in connection with its €65 billion Global Medium Term Note Programme, its US$3.5 billion offering of 1.875% Notes due 2022, underwritten by Barclays Bank, BNP Paribas, Morgan Stanley and RBS, and its US$5 billion offering of 1.250 % Notes due 2018, underwritten by Citigroup, Deutsche Bank, J.P. Morgan Securities and Société Générale ;
* Citi, Bank of America Merrill Lynch and Société Générale on the €450 million IPO and listing on the Madrid Stock Exchange of Saeta Yield; and
* Nicox S.A. on its private placement of shares.
