The Charles Russell Energy & Natural Resources and Capital Markets teams advised ASX and AIM listed, Leyshon Resources Limited ("Leyshon Resources"), on the demerger and admission to AIM on 23 January 2014 of Leyshon Energy Limited (“Leyshon Energy”).
Ashurst advised Lamprell, the leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable industry, on its 5 for 16 rights issue to raise $120 million. The issue of 81,363,469 new shares at 88p each represents a discount of 33.4% to the theoretical ex-rights price. The proceeds from the fundraising will be used for a yard investment programme, the repayment of certain of its existing term loans and the balance, together with the new debt, to strengthen the company's balance sheet.
On 13 May 2014 the financial close of the Gemini offshore wind farm took place. It is the largest renewable energy project in both scope and funding ever conducted in the Netherlands. The wind farm is owned by the Canadian Northland Power Inc. (60%), Siemens (20%), Van Oord (10%) and HVC (10%). This wind farm in the North Sea will consist of two blocks of 75 windmills. The 150 wind turbines will provide a capacity of 600 megawatts (MW), supplying some 785,000 households with green electricity. The financing for the construction of the wind farm totals EUR 2.8 billion.
Ince & Co is advising PVM Oil Associates (PVM), a leading independent broker of oil instruments on its corporate sale to Tullett Prebon plc, a leading inter-dealer broker and London Stock Exchange listed company.
Tullett Prebon announced that it reached an agreement to acquire PVM and its subsidiaries for a consideration of US$160.0 million (£94.4 million) on May 9, 2014.
Herbert Smith Freehills has advised State Grid Corporation of China, the world's largest public utilities company, on its US$3.5 billion Rule 144A/Regulation S senior guaranteed notes issuance in Hong Kong.
The issuer's notes were offered in three tranches— US$1.25 billion 2.750% guaranteed senior notes due 2019, US$1.6 billion 4.125% guaranteed senior notes due 2024 and US$650 million 4.850% guaranteed senior notes due 2044.
Allen & Overy announced today that it is advising Eni S.p.A. (Eni) on the sale of Eni’s stake in the Czech Republic’s sole refinery, Ceska rafinerska, to Hungarian oil and gas group MOL, as well as on the sale of Eni’s wholly owned downstream oil affiliates (eni Ceska Republika, eni Slovensko and eni Romania) operating over 200 Agip branded petrol stations in the Czech Republic, Slovakia and Romania.
White & Case LLP has advised Citigroup Global Markets Inc. as the sole bookrunner on a landmark Rule 144A/Regulation S high yield bond offering by Banglalink Digital Communications Limited, the second largest mobile telecoms operator in Bangladesh in terms of market share. Banglalink issued US$300 million 8.625 percent Senior Notes due 2019.
Dentons Canada acted as lead counsel for Berkshire Hathaway Energy in connection with the recently announced acquisition agreement entered into by Berkshire Hathaway Energy, previously known as MidAmerican Energy Holdings, whereby a subsidiary of Berkshire Hathaway Energy will acquire AltaLink, a subsidiary of SNC-Lavalin Group Inc. Under the terms of the definitive agreement, Berkshire Hathaway Energy will purchase 100 percent of AltaLink for approximately CDN$3.2 billion (approximately US$2.9 billion) in cash.
Davis Polk is advising Pattern Energy Group Inc.’s (Pattern Energy) Conflicts Committee of independent directors in connection with Pattern Energy’s acquisition of the Panhandle 1 wind power project from its majority shareholder, Pattern Energy Group LP, for a consideration of $125 million in cash. Panhandle 1 is being built in Carson County, Texas, and consists of 118 General Electric 1.85 MW wind turbines. Panhandle 1 will, when completed, add 179 MW (or 14%) in owned capacity to Pattern Energy’s portfolio.
Watson, Farley & Williams is pleased to announce that it has advised DONG Energy (“DONG”) on the £644 million sale of a 25 per cent stake in the London Array 1 offshore wind project to a special purpose vehicle owned and controlled by Caisse de dépôt et placement du Québec (“CDPQ”).