Shearman & Sterling advised DNB Bank ASA, Sweden Branch, Nordea Bank Danmark A/S and Swedbank AB (publ), in their capacity as joint lead managers, on Volvo Car AB’s (“Volvo”) SEK 2.5 billion (approx. €256 million) of senior floating rate notes due 2022 and SEK 500 million (approx. €51 million) of 2.500% senior fixed rate notes due 2022. The proceeds of the offering will be used for Volvo’s general corporate purposes.

King & Wood Mallesons (KWM) has advised the joint lead managers as their US counsel on the US$300 million 8.75% senior perpetual securities issuance with customary high yield covenants by China Grand Automotive Services Co. Ltd. (China Grand Auto) through its subsidiary, Baoxin Auto Finance I Limited. The deal is the first high yield perpetual bond offering by a non-real estate PRC company to date.

King & Wood Mallesons (KWM) has advised on the $350m financing of the 270MW Sapphire Wind Farm in northern NSW.

Once operational, the wind farm will supply the equivalent of approximately 116,000 houses with clean energy.

The KWM team led by Partner Claire Rogers advised the project lenders comprising Commonwealth Bank of Australia, Sumitomo Mitsui Banking Corporation, EKF Denmark and the Clean Energy Finance Corporation.

On November 30, 2016, UBS Group Funding (Jersey) Limited completed its issuance of EUR 1.25 bn Bail-In Bonds under its USD 30 bn Senior Debt Programme (the "Programme"). The EUR 1.25 bn 1.50% Senior Notes due November 30, 2024 (the "Notes") will be listed on the SIX Swiss Exchange Ltd.

Davis Polk advised the sole lead arranger and sole bookrunner, and the administrative agent, of a committed £625 million bridge loan facility to support the proposed public-to-private acquisition of e2v technologies plc by Teledyne Technologies Incorporated, to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006. The bridge loan facility has been provided on a certain funds basis in order to satisfy certain requirements of the U.K. City Code on Takeovers and Mergers.

Slaughter and May advised Bupa Finance plc on its issuance of £400 million Subordinated Notes due 2026. The Notes bear interest at the rate of 5 per cent. per annum and are listed on the Regulated Market of the London Stock Exchange.

Barclays Bank PLC and HSBC Bank plc acted as Joint Lead Managers.

Contacts

Financing: Oliver Storey (partner), Andrew Chaplin (associate); Corporate: Paul Dickson (partner), Greg James (associate); Tax: William Watson (partner), Stephanie Baxter (associate)

Clifford Chance advised the underwriters including China Securities, UBS, and ABCI Capital Limited, on CSC Financial Co. Ltd.'s US$992 million IPO and listing on the Hong Kong Stock Exchange. CSC Financial is a leading large full-service investment bank in the PRC which ranked sixth in terms of operating revenue and net profit for the six months ended June 30, 2016.

On November 30, 2016, UBS Group Funding (Jersey) Limited completed its issuance of EUR 1.25 bn Bail-In Bonds under its USD 30 bn Senior Debt Programme (the "Programme"). The EUR 1.25 bn 1.50% Senior Notes due November 30, 2024 (the "Notes") will be listed on the SIX Swiss Exchange Ltd.

Shearman & Sterling advised Merrill Lynch International, DNB Markets, Lloyds Bank, Société Générale, Barclays, BNP Paribas, Citigroup, Credit Industriel et Commercial, Credit Suisse, KBC, Morgan Stanley, RBS and UniCredit on Thomas Cook's €750 million high yield bond offering.

The offering comprised €750 million of 6.25% senior notes due 2022. The proceeds of the offering will be used to refinance existing indebtedness of the Thomas Cook group.

Slaughter and May advised Euroclear on the issuance by Euroclear Investments SA, a Luxembourg incorporated entity, of €600,000,000 1.125 per cent. notes due 2026. The notes were admitted to trading on Euronext Amsterdam on 7 December 2016.

The Euroclear group is one of the world’s largest providers of settlement, safekeeping and servicing for cross-border transactions in domestic and international bonds, equities, derivatives and investment funds.

Elvinger Hoss Prussen advised as to Luxembourg law

Contacts