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Finance & Banking

Slaughter and May advised NewDay Cards on its second US dollar 144A debt issue under its own-brand credit card master trust securitisation

21 Nov 2018

Slaughter and May advised NewDay Cards Ltd (NewDay Cards) and its affiliates in relation to a public debt issue under its own-brand credit card securitisation.

The transaction involved the issuance, through a master trust structure, of $150 million and £176.1 million of Series 2018-2 Floating Rate Asset Backed Notes (the Series 2018-2 Notes) by NewDay Funding 2018-2 Plc (the Issuer). The issuance was the second dollar issuance by NewDay Cards, following its first issuance under Rule 144A under the US Securities Act in July 2018, on which the firm also advised.

Stephenson Harwood advises NIBC Bank N.V. on US$55 million loan facility

21 Nov 2018

Law firm Stephenson Harwood LLP has advised NIBC Bank N.V. (NIBC), in its capacity as agent and co-lender, on a US$55 million loan facility for MW Shipping B.V., a joint venture (JV) between MAAS Capital Investments B.V (MAAS) and Van Weelde Shipping Group B.V. (Van Weelde), a Dutch shipping group. DVB Bank SE (DVB) also acted as lender.

MAAS, part of ABN AMRO Bank, invests in the shipping and intermodal sectors, as well as in the oil and gas industry. Van Weelde is a group of companies primarily involved in commercial shipping activities in the dry bulk sector.

WFW advises HSBC and syndicate on US$123m three vessel Sinosure-backed financing

21 Nov 2018

Watson Farley & Williams (“WFW”) advised HSBC Bank plc, HSBC Bank Middle East Limited HSBC Corporate Trustee Company (UK) Limited (“HSBC”) and a syndicate of banks including Mashreqbank psc (“Mashreqbank”), HSBC Bank Middle East Limited and Bank of Communications Ltd in connection with three Sinosure-backed loan facilities totalling approximately US$123m to UAE-based Zakher Marine International Inc (“ZMI”), to finance the construction and acquisition of three new high-spec jack-up barges.

Baker McKenzie Assists BPER Banca S.p.A.

20 Nov 2018

Baker McKenzie's Banking & Finance team assisted Sardaleasing S.p.A. (BPER Leasing) in all legal and tax aspects in relation to the 1.1 billion Euros securitization of receivables arising out of financial leasing contracts, financed through the issue of limited recourse securities listed for the senior part at the Dublin Stock Exchange with A (high) (sf) rating by DBRS and A (sf) by S & P, and structured to provide a guarantee for the monetary policy operations program of the parent company, BPER Banca SpA, at the European Central Bank.

Milbank Advises Initial Purchasers on $235M Issuance of Senior Secured Notes by Ardonagh Midco 3 plc

20 Nov 2018

Milbank advised the initial purchasers of $235 million 8.625% senior secured notes issued by Ardonagh Midco 3 plc, a subsidiary of The Ardonagh Group Limited.

The proceeds of the offering will be used to fund the acquisition by Ardonagh of the Swinton Group, Minton House Group Limited, Health and Protection Solutions Limited and Professional Fee Protection Limited and for general corporate purposes.

 Ardonagh is a leading UK insurance broker and insurance services provider.

Orrick Advises on Groupe BPCE's First Public RMBS

20 Nov 2018

A cross-practice team in Paris advised BPCE and Natixis, as joint arrangers, on the first public RMBS transaction of Groupe BPCE, France’s second-largest banking group. This transaction is based on a securitization mutual fund named BPCE Home Loans FCT 2018, which has acquired a portfolio of residential loans of nearly €1.125 billion, originated by Caisses d’Épargne et de Prévoyance and Banques Populaires.

Ashurst advises J.P. Morgan Cazenove and J&E Davy as joint global co-ordinators on 606 million placing by DCC plc

20 Nov 2018

Ashurst has advised J.P. Morgan Cazenove and J&E Davy as joint global co-ordinators in relation to the £606 million placing of ordinary shares by DCC plc.  DCC is a leading international sales, marketing and support services group headquartered in Ireland and listed on the premium segment of the London Stock Exchange's main market, operating through four divisions: LPG, Retail & Oil, Healthcare and Technology.

Milbank Advises Initial Purchasers and Lenders on the Financing of The Carlyle Group and Investindustrial’s Acquisitions of Flos, B&B and Louis Poulsen

19 Nov 2018

Milbank, Tweed, Hadley & McCloy LLP has advised the initial purchasers and lenders in connection with the offering of €400 million aggregate principal amount of 6.50% Senior Secured Notes due 2025 and €320 million aggregate principal amount of Senior Secured Floating Rates Notes due 2025 by International Design Group S.p.A. and the related super senior revolving credit facility.

Advising lender consortium on successful refinancing of HELLWEG Group - new credit facilities for EUR 215 million

19 Nov 2018

With a Frankfurt-based team led by Partner Thomas K. Schrell, HKLW advised a consortium of lenders on the refinancing of existing loans of HELLWEG Group.
 
The new credit facilities totaling EUR 215 million serve as a flexible and sustainable way to secure HELLWEG Group’s long-term financing. In addition to repaying existing bank liabilities, considerable additional liquidity will be available to fund working capital requirements, including for borrowing base purposes. The new financing structure offers HELLWEG considerably more flexibility at attractive terms.

Ashurst advises on refinancing of Collgar Wind Farm

19 Nov 2018

International law firm Ashurst has advised the lenders on the A$409 million refinancing of the Collgar Wind Farm in Western Australia.

The refinancing of the Collgar Wind Farm consists of a A$397 million syndicated term loan facility and a A$12 million working capital facility.
Collgar Wind Farm is a renewable energy project located in Merredin, Western Australia and is to date the largest single stage operating wind farm in the southern hemisphere, with 111 turbines and a total power production capacity of 206 MW.

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