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Finance & Banking

Simpson Thacher Represents Lead Arranger and Facility Agent in Refinancing of $3.3 Billion Term Loan for Formula One Group

05 Mar 2018

Simpson Thacher represented J.P. Morgan Chase Bank, N.A., as lead arranger, and J.P. Morgan Europe Limited, as facility agent, in connection with the refinancing of the $3.3 billion term loan under Formula One Group’s senior secured credit facilities.

Formula One Group is a group of companies responsible for the promotion of the Formula One World Championship, the highest class of single-seat auto racing that is sanctioned by the Fédération Internationale de l’Automobile (FIA).

CredX opens platform for debt issuance with Heuking Kühn Lüer Wojtek

05 Mar 2018

A team led by Dr. Thorsten Kuthe and Dr. Markus Rabe, Partners at the Cologne and Munich offices of the law firm of Heuking Kühn Lüer Wojtek, advised credX on establishing a digital marketplace for debt capital. At its start, Deutsche Telekom issued a borrower's note loan with a volume of EUR 50 million and a ten-year term to insurance companies of AXA Group.

Eversheds Sutherland advises GuarantCo on re-guarantee facility

05 Mar 2018

Eversheds Sutherland has advised GuarantCo Ltd on the provision of a re-guarantee facility, worth up to $74 million, to the guarantors of a number of financial institutions who provide loans to small and medium sized enterprises in Africa.

The facility, provided to the African Guarantee Fund for Small and Medium Sized Enterprises and the African Guarantee Fund pour les petites et moyennes enterprises (AGF West Africa), was signed yesterday (1 March 2018).

Advent International to Acquire Laird for £1 billion

02 Mar 2018

Paul Hastings LL has acted for Goldman Sachs and Citigroup as arrangers in respect of the financing for the recommended public-to-private acquisition by Advent International of Laird PLC for approximately £1 billion.  AI Ladder Limited ("Bidco") (a wholly-owned indirect subsidiary of funds managed by Advent International Corporation) and UK electronics and technology business Laird reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Laird by Bidco.

Hercule Debtco's High-Yield Senior Notes Offering

02 Mar 2018

Cravath represented Deutsche Bank, BNP Paribas, Credit Suisse and KKR as initial purchasers in connection with the EU150 million 144A/Reg. S high-yield senior pay-if-you-can notes offering by Hercule Debtco S.a r.l., which is indirectly owned by PAI Partners. Proceeds of the offering will be used to finance the acquisition of Albea S.A., one of the world's leading producers of plastic packaging for the beauty and personal care market, by a subsidiary of Hercule Debtco. The notes will be listed on The International Stock Exchange. The offering closed into escrow on February 14, 2018.

Snap-on Incorporated $400 Million Notes Offering and Concurrent Tender Offer

02 Mar 2018

Davis Polk advised the representatives of the several underwriters, in connection with an SEC-registered offering by Snap-on Incorporated of $400 million aggregate principal amount of its 4.100% notes due 2048.

Davis Polk also advised the dealer managers in connection with Snap-on’s concurrent cash tender offer for its outstanding 6.70% notes due 2019. The tender offer will be funded with the proceeds of the notes offering.

Orrick Advises on First Public Auto ABS Transaction

02 Mar 2018

Orrick has acted on SapphireOne Auto 2017-1, the first public automobile asset-backed securities transaction, by My Money Bank. Relying on the use of a French securitization fund, the transaction backs a mix of auto loan and lease contracts to borrowers in the French overseas territories of La Reunion, Guadeloupe, Martinique and French Guiana.

In addition, the leasing contracts within the deal are structured to finance both the leasing installments, as well as the residual values of the leased vehicles.

Orrick Advises BNP Paribas on First Synthetic Securitisation Deal to Support French SMEs and Midcap Firms Under Juncker Plan

02 Mar 2018

BNP Paribas, together with the European Investment Bank (EIB) and the European Investment Fund (EIF), which make up the EIB Group, have executed the first synthetic securitisation deal on a portfolio of loans granted to French SMEs and midcap firms under the Juncker Plan. Under the agreement, risk sharing will be undertaken by EIB and BNP Paribas, while the assets will remain on BNP Paribas’ balance sheet. This highly innovative operation enables BNP Paribas to free up part of the regulatory capital allocated to a portfolio of SME and midcap loans.

Oddo BHF’s Capital Increase With Preferential Subscription Rights of CGG

02 Mar 2018

Shearman & Sterling advised Oddo BHF, acting as global coordinator and joint bookrunner, in connection with CGG’s capital increase with preferential subscription rights by way of an issuance of shares of CGG (the “New Shares”), each with one warrant attached (the “Warrants #2”)  of approximately €112.2 million (including share premium). The rights issue was oversubscribed with a total demand of approximately € 132.5 million, representing approximately 118% of the offer.