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Energy & Utilities

Clifford Chance advises on Haier's perpetual securities and exchangeable bonds

23 Nov 2017

Leading international law firm Clifford Chance advised on Haier Group's two high profile transactions in the debt capital markets. The first was for Well Hope Development Limited on the issuance of US$1 billion 3.875% senior guaranteed perpetual capital securities unconditionally and irrevocably guaranteed by Haier Group Corporation. The second was for Harvest International Company on the issuance of US$1.03 billion (HK$8 billion) zero coupon guaranteed exchangeable bonds due 2022 exchangeable into ordinary shares of Haier Electronics Group Co., Ltd.

DLA Piper advises TotalErg S.p.A. on sale of 100% of its shares in three concurrent transactions

22 Nov 2017

DLA Piper has assisted ERG S.p.A. and Total Marketing Services S.A. in the sale of 100% of the shares of TotalErg S.p.A., the 51:49 joint venture created in 2010 between ERG and Total, active in the distribution of petroleum products in Italy.

The sellers have signed a binding agreement with the Api Group, which will become the first Italian operator with more than 5,000 service stations across the country.

Slaughter and May is advising Premier Oil plc on the disposal of its 33.8% stake in Wytch Farm

22 Nov 2017

Slaughter and May is advising Premier Oil plc in connection with the disposal of its 33.8 per cent. stake in Wytch Farm to Perenco UK Limited for a cash consideration of US$200 million. As part of the transaction, Premier Oil will also be released from letters of credit totalling approximately US$75 million. The disposal is classified as a class 1 transaction for Premier Oil under the Listing Rules. It is expected to complete in December 2017.

Dentons advises on the largest energy transaction in Poland in the last five years

20 Nov 2017

Dentons represented French energy group EDF in the sale of the group's assets in Poland to PGE Polska Grupa Energetyczna S.A. The transaction was worth upward of EU1 billion. Under the terms of the deal, PGE acquired four combined heat and power plants in Krakow, Gdansk, Gdynia and Torun, a heat distribution network in Torun, and the Rybnik power plant, as well as EDF's shares in ZEC Kogeneracja. ZEC Kogeneracja owns four heat and power plants in Wroclaw, Zielona Gora, Czechnica and Zawidawa and a heat distribution network in Zielona Gora.

Suncor Energy Completes $750 Million Public Debt Offering

20 Nov 2017

Paul, Weiss advised Calgary-based integrated energy company Suncor Energy Inc. in a public offering of $750 million of its 4.000% senior notes due 2047. Citigroup, HSBC and Mizuho Securities acted as joint book-running managers in the offering, closed November 15.

The Paul, Weiss team included corporate partners Christopher Cummings and Adam Givertz; tax partner David Mayo; and environmental counsel William O’Brien.

TransCanada PipeLines Completes $1.25 Billion Public Offering of Senior Notes

17 Nov 2017

Canadian energy infrastructure company TransCanada PipeLines Limited completed a U.S. public offering $700 million aggregate principal amount of 2.125% senior notes due 2019 and $550 million aggregate principal amount of floating rate senior notes due 2019. Paul, Weiss represented the underwriters, led by MUFG Securities Americas Inc. and Deutsche Bank Securities Inc., in connection with the offering.

The Paul, Weiss team included corporate partner Christopher Cummings and counsel Stephen Centa; environmental counsel William O'Brien; and tax partner David Mayo.

Petróleos Mexicanos’ £450 Million Debt Offering

16 Nov 2017

Cleary Gottlieb represented long-time client Petróleos Mexicanos (Pemex), the Mexican state oil company, in its £450 million Regulation S offering of 3.750 percent notes due 2025.

The securities were issued under Pemex’s medium-term notes program. The transaction is Pemex’s first British pound sterling debt offering since 2009.

The transaction closed on November 16, 2017.

Gowling WLG's Energy team advises Innova Energy on its sixth UK solar farm acquisition

16 Nov 2017

Gowling WLG's Energy team, led by partner Gareth Baker, together with a wider group of sector experts, has advised Innova Energy on its acquisition of a 5MW ground mounted solar farm in East Codford Farm, Warminster.

The acquisition of the solar farm (commissioned in 2016) completed in October 2017, and represents the latest acquisition for Innova Energy in the sector, who are working with the Gowling WLG team to continue to build their portfolio of ground-mounted and rooftop solar assets.

WFW advises Teekay LNG on US$327m FSU and LNG carrier newbuild financing

16 Nov 2017

Watson Farley & Williams (“WFW”) has advised Teekay LNG Partners L.P. (“Teekay LNG”) on the US$327m long-term financing signed in November 2017 to fund a floating storage unit (FSU) for the Bahrain regasification project, and one M-Type, Electronically Controlled, Gas Injection (MEGI) liquefied natural gas (LNG) carrier newbuilding. The FSU will be chartered over 20 years from the third quarter of 2018 and the MEGI LNG carrier has a 13-year charter contract with BP starting in early 2019.