Paul Hastings LLP announced today that the firm represented the underwriters in ING Life Insurance Korea Ltd’s (“ING Life Korea”) US$977 million Korea Exchange listing. ING Life Korea, controlled by Asia-based private equity firm MBK Partners, is South Korea’s fifth-largest insurer based on assets.

This marks the second largest IPO so far in 2017 in Korea and the first time a private equity firm has used an initial public offering to begin its exit process in Korea.

Baker McKenzie's Paris and Frankfurt offices, together with Esin Attorney Partnership, the Turkish member firm of Baker McKenzie International, advised the lenders in relation USD306,000,000 and EUR956,500,000 Dual Currency Term Loan Facilities provided to Yapi ve Kredi Bankasi A.S. as Borrower.  Mizuho Bank, Ltd. acted as agent, Standard Chartered Bank acted as Documentation Agent, Industrial and Commercial Bank of China and Standard Chartered Bank acted as joint coordinators.

Simpson Thacher represented Voyage Care BondCo PLC, a direct wholly owned subsidiary of Voyage BidCo Limited (“Voyage Care”) and indirect wholly owned subsidiary of Voyage Care HoldCo Limited, a portfolio company of Partners Group and Duke Street, in connection with a Rule 144A and Regulation S offering of (i) £215 million in aggregate principal amount of its 5.875% Senior Secured Notes due 2023 and (ii) £35 million in aggregate principal amount of its 10% Second Lien Notes due 2023. The transaction closed on May 8, 2017.

Herbert Smith Freehills has advised the joint sponsors and underwriters of the IPO and spin-off listing of China Everbright Greentech Limited on the Stock Exchange of Hong Kong Limited (Stock Code: 1257.HK) on 8 May 2017.

Clifford Chance has advised Fannie Mae on a potential new structure for its benchmark Connecticut Avenue SecuritiesTM (CAS) credit risk transfer program, which is expected to expand the investor base for CAS securities by addressing certain tax constraints that currently exist for REITs and foreign investors.  Under the proposed new structure, the CAS notes would be issued by a trust that qualifies as a Real Estate Mortgage Investment Conduit (REMIC), and the CAS notes offered under the new structure will qualify as REMIC regular interests for federal income tax purposes.  To date

White & Case LLP and Latham & Watkins have advised on the establishment of the Kingdom of Saudi Arabia's debut 144A/Reg S Sukuk Programme and issuance of US$9 billion Sukuk in equal tranches of US$4.5 billion due 2022 and 2027 respectively.

The transactions represent the largest Sukuk issued in the international capital markets to date. Citigroup, HSBC and JP Morgan acted as joint global coordinators, joint lead managers and joint bookrunners, and BNP Paribas, Deutsche Bank and NCB Capital acted as joint lead managers and joint bookrunners.

Simpson Thacher represented Travelex in connection with a Rule 144A and Regulation S offering by a finance subsidiary of €360 million aggregate principal amount of 8% Senior Secured Notes due 2022, as well as a new £90 million Revolving Credit Facility. The offering closed and the Revolving Credit Facility became available for drawing on May 5, 2017. Travelex used the net proceeds from the offering, as well as cash on balance sheet, to refinance outstanding indebtedness.

The transactions represent the largest Sukuk issued in the international capital markets to date.

Global law firms Latham & Watkins and White & Case have advised on the establishment of the Kingdom of Saudi Arabia’s debut 144A/Reg S Sukuk Programme and issuance of US$9 billion Sukuk in equal tranches of US$4.5 billion due 2022 and 2027 respectively.

Advising a Japanese bank in (preparing) its defence against announced (class) actions for damages as a follow-on to several alleged cartels regarding Interbank Offering Rates.

Houthoff Buruma team included: Albert Knigge , Rick Cornelissen

Simpson Thacher represented Travelex in connection with a Rule 144A and Regulation S offering by a finance subsidiary of €360 million aggregate principal amount of 8% Senior Secured Notes due 2022, as well as a new £90 million Revolving Credit Facility. The offering closed and the Revolving Credit Facility became available for drawing on May 5, 2017. Travelex used the net proceeds from the offering, as well as cash on balance sheet, to refinance outstanding indebtedness.