Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised the National Bank of Greece S.A. (‘NBG’) on its sale of a 99.28% stake in Banca Romaneasca S.A. (‘Banca Romaneasca’) and a portfolio of Romanian-risk corporate loans to OTP Bank Romania S.A. The firm has also advised NBG on its sale of Vojvodanska Banka a.d. (‘Vojvodanska Banka’), NBG Leasing d.o.o., and a portfolio of Serbian-risk corporate loans, which were sold to OTP Banka Srbija A.D. Novi Sad.
 

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised the National Bank of Greece S.A. (‘NBG’) on its sale of a 99.28% stake in Banca Romaneasca S.A. (‘Banca Romaneasca’) and a portfolio of Romanian-risk corporate loans to OTP Bank Romania S.A. The firm has also advised NBG on its sale of Vojvodanska Banka a.d. (‘Vojvodanska Banka’), NBG Leasing d.o.o., and a portfolio of Serbian-risk corporate loans, which were sold to OTP Banka Srbija A.D. Novi Sad.
 

Clifford Chance has advised an international banking syndicate on the refinancing of a EUR 1.7 billion long-term syndicated credit facility to the German construction group HOCHTIEF Aktiengesellschaft. The banking syndicate agreed to provide a loan facility with a tenor of five years with an extension option of up to two more years. Of the total amount, EUR 1.2 billion are made available as a letter of credit facility and EUR 0.5 billion as a cash facility. HOCHTIEF describes this facility as a key element of its long-term financing strategy.

Allen & Overy has advised funds managed by PIMCO on investments in Project Fino, the divestment by Unicredit of EUR17.7 billion of Italian non-performing loans by way of separate securitisations to PIMCO-managed funds and Fortress Investment Group. The transaction is regarded as the most significant deal to date in the Italian NPL sector.
“This is an important sale and one that sets a precedent for other Italian banks to follow suit,” commented partner Stefano Sennhauser, who led the transaction from Milan.
 

Allen & Overy has advised funds managed by PIMCO on investments in Project Fino, the divestment by Unicredit of EUR17.7 billion of Italian non-performing loans by way of separate securitisations to PIMCO-managed funds and Fortress Investment Group. The transaction is regarded as the most significant deal to date in the Italian NPL sector.
“This is an important sale and one that sets a precedent for other Italian banks to follow suit,” commented partner Stefano Sennhauser, who led the transaction from Milan.
 

Plastic Omnium, a leader in auto exterior components and modules, fuel systems and emission reduction systems, has successfully completed a new bond issue, raising €500,000,000 from institutional investors.

The bonds bear interest at an annual rate of 1.25 % and will mature on 26 June 2024.

Shearman & Sterling represented Citigroup, Deutsche Bank, J.P. Morgan and the Trade Bank of Iraq as initial purchasers in connection with the Republic of Iraq’s $1 billion offering of its 6.752% bonds due 2023. The landmark offering is Iraq's inaugural independent international bond offering.

Ashurst is advising Morgan Stanley & Co. International plc and Credit Suisse International in relation to the £9.3 billion recommended merger of Worldpay plc ('Worldpay') with Vantiv LLC ('Vantiv') and Vantiv UK Limited (a newly incorporated subsidiary of Vantiv LLC) ('Bidco'), which announced today (9 August 2017). It is intended that the merger will be implemented by means of a court-sanctioned scheme of arrangement.

Leading international law firm Clifford Chance has advised on the first two issuances of securities designed to meet new capital standards for financial institutions in Hong Kong. These transactions, a Tier 2 subordinated note issuance by Chong Hing Bank Limited and a dated subordinated capital note issuance by China Life Insurance (Overseas) Company Limited, Hong Kong Branch, marked the first time that financial institutions in Hong Kong had issued securities under the new Financial Institutions (Resolution) Ordinance (FIRO) came into effect on 7 July 2017.

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised a consortium comprised of funds managed or advised by Blackstone’s Tactical Opportunities business (‘Blackstone’) and GIC, and Massachusetts Mutual Life Insurance Company (“MassMutual”) on its acquisition of Goldman Sachs’ entire shareholding in Rothesay Life.