Davis Polk is advising MasterCard in connection with its acquisition of the Payment Gateway Services business of Transaction Network Services. The transaction is expected to close in the fourth quarter of 2014. Terms of the agreement were not disclosed.
Watson, Farley & Williams (“WFW”) has advised the DIF Renewable Energy Fund in relation to the sale of nine German onshore wind farms to Allianz Renewable Energy Fund. WFW provided comprehensive advice to DIF on all relevant legal aspects of the transaction.
The operational wind farms are located in the federal states of Saxony-Anhalt, Saxony, Hesse, Brandenburg and Mecklenburg-West Pomerania and have a total installed capacity of 57 MW.
Norton Rose Fulbright has advised a syndicate of banks on a first of its kind corporate loan in Myanmar to Pan Asia Majestic Eagle Limited (PAMEL). The loan provides US$85 million to PAMEL to support its mobile telecommunications infrastructure in Myanmar.
The syndicate of banks comprises DBS Bank, ING Bank, OCBC Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation. ING Bank in Singapore acted as the facility agent and offshore security agent and CB Bank in Myanmar acted as the onshore security agent.
Linklaters has advised the lending and underwriting banks as Tata Steel UK Holdings Limited ("TSUKH") executed agreements for the refinancing of its bank debt through term loan and revolving credit facilities of €3.05 billion. The debt was originally incurred in relation with the acquisition of Corus Group plc in 2007. The 2007 deal remains the biggest foreign acquisition by an Indian company.
Herbert Smith Freehills has advised the joint lead managers and joint bookrunners on Tata Motors Limited's US$750 million dual-tranche fixed rate bond offering. The deal represents the first bond offering by an Indian corporate to take advantage of the new 5% withholding tax on foreign currency bond issuances by Indian entities.
Davis Polk advised The Hongkong and Shanghai Banking Corporation Limited, UBS AG, Hong Kong Branch, CCB International Capital Limited, ABCI Capital Limited, Industrial and Commercial Bank of China (Asia) Limited and J.P. Morgan Securities plc as joint bookrunners and joint lead managers in connection with the Regulation S only offering by King Power Capital Ltd. (“Issuer”) of its US$300 million 3.875% guaranteed notes due 2019 and US$700 million 5.625% guaranteed notes due 2024 (“Notes”).
Davis Polk acted as special product counsel for Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the initial purchasers in connection with a Rule 144A offering by Synergy Pharmaceuticals Inc. of an aggregate principal amount of $200 million of 7.5% convertible senior notes due 2019, which included $25 million aggregate principal amount of convertible senior notes issued pursuant to the exercise in full of the initial purchasers’ over-allotment option.
Trowers & Hamlins is delighted to have advised Affordable Housing Finance Plc (AHF), a subsidiary company of The Housing Finance Corporation (THFC), on its recent £198.5 million bond tap, which achieved a credit spread of 0.38% – nearly identical to the record-setting 0.37% attained in the original £208 million bond issued in May 2014.
At 3.30%, this tap represents by some distance the lowest long-term bond funding rate achieved for housing associations.
Bingham partners Jordan Hershman and Jason Frank obtained the dismissal with prejudice of a putative securities class action brought against Freddie Mac in Ohio federal court by the Ohio Public Employees Retirement System (“OPERS”). Bingham has now won for Freddie Mac, on motions to dismiss, all of the multi-billion dollar federal securities class action cases that arose out of the 2008 financial crisis.
Clifford Chance has advised Moelis Australia Advisory Pty Ltd and Morgans Corporate Limited in their roles as underwriters to the initial public offering of Simonds Group Limited.
Simonds, Victoria's largest homebuilder, has raised approximately A$160 million from investors in Australia as well as other markets.
Moelis Australia Advisory Pty Ltd and Morgans Corporate Limited were joint lead managers, underwriters and bookrunners for the initial public
offering. Moelis Australia Advisory Pty Limited also acted as financial advisor to Simonds.