On Friday February 17, 2017, Banque Centrale de Tunisie, acting on behalf of Tunisia, issued its €850 million 5.625% Notes due 2024. Banque Centrale de Tunisie was advised by a London-based team from Dechert LLP consisting of Camille Abousleiman, Patrick Lyons, Jennifer Buckett and Chelsea Fish.

Dechert has advised in connection with all Eurobonds issued by Banque Centrale de Tunisie since 2012. This transaction continues Dechert’s leading practice in the representation of sovereigns from the Middle East and North Africa region.

Cembra Money Bank has reached an agreement to acquire 100% of the shares of SWISSBILLING. The transaction is expected to close within the first quarter of 2017. The transaction consideration was below CHF 10 million and is expected to have a negative impact of 0.1% on the Group’s CET1 ratio as at closing.

The Firm is representing Ant Financial Services Group (“Ant Financial”) in connection with its proposed investment of US$200 million in Kakao Pay Corp. (“Kakao Pay”), a mobile finance subsidiary to be launched by Kakao Corp. (“Kakao”). Kakao is South Korea’s leading mobile platform company best known for its messaging platform Kakao Talk and with other mobile services spanning mail, search, news, advertising, gaming, e-commerce, music, maps and more.

Jones Day advised a syndicate of lenders led by Banco Sabadell and Bankia in connection with the debt restructuring of the Spanish entity Grupo Seguriber which included advancing new money and creating a quasi equity instrument.

For additional information about this matter, please contact: Juan Ferré
Client(s): Banco Sabadell, S.A.; BBVA; Bankia; Deutsche Bank; Banco Santander, S.A.; Bankinter, S.A.; and Cajamar
Practice(s): Banking & Finance, Business Restructuring & Reorganization
Office(s): Madrid

Herbert Smith Freehills has advised Klarna AB on the signing of binding agreements in relation to the acquisition of Billpay GmbH from Wonga Group Limited.

Billpay is one of the leading German online payment providers and was founded in 2009. Klarna hopes to strengthen its position as one of the leading payment providers in Europe through the acquisition as well as accelerate its growth in the region.

The acquisition is subject to approval by the Federal Financial Supervisory Authority in Germany.

Watson Farley & Williams (“WFW”) has advised the Norddeutsche Landesbank Girozentrale (“NORD/LB”) and NORD/LB Luxembourg S.A. Covered Bond Bank on the acquisition financing of WELL PLUS TRADE GmbH (“WELL PLUS TRADE”) by HQ Equita. The financing, which included a working capital facility, closed on 13 February 2017.

Ashurst has advised the Commonwealth Bank of Australia ('CBA') on an offer to raise A$750 million through a new Tier 1 hybrid, Commbank PERLS IX Capital Notes ('Offer').

Herbert Smith Freehills is pleased to be advising Commonwealth Bank of Australia (CBA) on its issue of CommBank PERLS IX Capital Notes to raise approximately A$750 million (with the ability to raise more or less) announced on 20 February 2017.

CBA is one of Australia’s leading providers of integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities.

UBS Switzerland AG (UBS) has established a mortgage financing disintermediation platform which brings together institutional investors such as pension funds seeking to invest in mortgages on incoming producing real estate and borrowers seeking to finance such objects.

Gleiss Lutz advised Siris Capital Group, LLC (“Siris Capital”) on the sale of Xura Secure Communications GmbH to the Swedish company CLX Communications. The transaction was closed on 16 February 2017. Xura Secure Communications GmbH is a subsidiary of Xura, Inc., a leading provider of digital communication services which Siris Capital had taken over in August 2016.