London (7 July 2017) – Reed Smith advised Jefferies International, a leading global investment bank, in its capacity as sponsor and sole bookrunner on a £180 million initial public offering (IPO) for Residential Secure Income (ReSI), a newly established REIT operating in the social housing sector. The fundraising involved a  placing and offer for subscription in key European jurisdictions and a private placement to institutional investors in the United States.

Hamburg-based FinTech company THE NAGA GROUP AG ("NAGA") celebrated its successful launch in the Scale segment of the Open Market on the Frankfurt Stock Exchange today, 10 July 2017. The supervisory team at Allen & Overy has advised NAGA since its establishment in August 2015 on banking regulatory issues relating to the business model in particular also with a view to the IPO. This is only the second IPO on the newly opened Scale segment of the Frankfurt Stock Exchange.

Shearman & Sterling advised IKB Deutsche Industriebank Aktiengesellschaft (IKB) and its subsidiary IKB Funding Trust II in a consent solicitation for certain amendments to the governing documents of IKB Funding Trust II in order to effectuate the substitution of €160 million in 4.5% subordinated notes due 2022 issued by IKB and €60,000 in cash for €400 million of noncumulative trust preferred securities issued by IKB Funding Trust II that were not currently paying dividends by means of the merger of IKB Funding Merger Trust II with and into IKB Funding Trust II. 

Kirkland & Ellis is advising UBS AG, as financial adviser, in connection with the proposed US$6.3 billion pre-conditional voluntary general offer to acquire all the shares of Orient Overseas (International) Limited (OOIL) by COSCO Shipping Holdings Co., Ltd (COSCO Shipping) and Shanghai International Port (Group) Co., Ltd. Following completion of the offer, the COSCO Shipping and OOIL combination will be one of the world’s leading container shipping companies with more than 400 vessels and capacity exceeding 2.9 million TEUs (twenty-foot equivalent units).

Gide has advised on the 350-million-euro refinancing of a portfolio of 4 hotels including the Hôtel Hyatt Regency (formerly Concorde Lafayette), Hôtel du Louvre, Hôtel Martinez and Hôtel du Palais de la Méditerranée, managed by Hyatt and owned by the Constellation group.

Gide advised Société Générale and Natixis. Constellation was advised by De Pardieu Brocas Maffei.

Clifford Chance has advised Swedbank as it enters into strategic partnership with Europe’s leading independent equity broker, Kepler Cheuvreux, creating a leading equity house with strong local presence in the Nordics.

Together, Swedbank and Kepler Cheuvreux will establish a top-ranked equity offering in the Nordics. Swedbank’s commitment to the partnership is reflected in its investment in a 6% equity stake in Kepler Cheuvreux.

Irwin Mitchell has advised the Council of Mortgage Lenders in relation to its integration into a new UK-wide trade association for the finance and banking industry which launches this week.

In addition to the Council of Mortgage Lenders, UK Finance will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, Financial Fraud Action UK, Payments UK and The UK Cards Association.

Simmons & Simmons is advising Cenkos and Stifel on a US$520m placing and convertible bond offering by Hurricane.
Hurricane, a UK-based oil and gas company which specialises in the exploration and exploitation of fractured basement reservoirs, announced on 29 June 2017 a proposed placing of new shares to raise gross proceeds of a minimum of US$300m at a price of 32 pence per share and a convertible bond offering to raise US$220m, subject to an additional US$10m over-allotment option.

Shearman & Sterling acted as US law counsel to J.P. Morgan Securities plc and UniCredit Bank AG in the €360 million high yield bond issue of CMF S.p.A. (company entirely held by Manutencoop Società Cooperativa) and to J.P. Morgan Limited and UniCredit S.p.A. as lenders in the related €50 million super senior revolving credit facility. The transactions closed on July 7, 2017.

Shearman & Sterling acted as US law counsel to J.P. Morgan Securities plc and UniCredit Bank AG in the €360 million high yield bond issue of CMF S.p.A. (company entirely held by Manutencoop Società Cooperativa) and to J.P. Morgan Limited and UniCredit S.p.A. as lenders in the related €50 million super senior revolving credit facility. The transactions closed on July 7, 2017.