White & Case LLP has advised the underwriters BNP Paribas and Banca IMI on the rights issue for Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD), a leading owner and manager of retail shopping centres in Italy that is listed on the STAR segment of the Italian Stock Exchange.

The rights offering consisted of 396,186,629 newly issued IGD ordinary shares for approximately €200 million, offered to IGD's existing shareholders, also pursuant to Regulation S of the US Securities Act of 1933.

A Weil team advised Morgan Stanley in providing committed financing for BGC Partners Inc. (BGC), a leading global brokerage company servicing the financial and real estate markets, in its $675 million hostile offer for rival GFI Group (GFI). BGC, which already owns 13.5% of the target’s shares, is offering $5.25 per share in cash for GFI, a 15% premium to a competing $4.55 offer CME Group Inc. has made to acquire GFI.

K&L Gates LLP represented the underwriters in connection with the $220 million initial public offering of Forward Pharma A/S, a biopharmaceutical company working to advance a proprietary formulation of dimethyl fumarate for the treatment of multiple sclerosis and other immune disorders such as psoriasis. Forward Pharma issued 10.5 million American Depositary Shares (ADSs), representing the company’s ordinary shares at a price to the public of $21 per ADS. The ADSs now trade on the NASDAQ Global Select Market under the ticker symbol “FWP”.

Clifford Chance has advised the underwriting banks led by Kempen & Co on the successful IPO of Probiodrug AG.  Probiodrug AG with its registered office in Halle, Germany, is a biopharmaceutical company dedicated to the research and development of novel therapeutic solutions to treat people with Alzheimer's disease.

Hill Dickinson's corporate team has advised Zeus Capital as nominated adviser and broker on the AIM IPO of C4X Discovery Holdings plc (C4X). The AIM IPO included a £11 million fundraise to provide new capital for C4X. On admission, C4X had a market capitalisation of £31 million.

Davis Polk advised Morgan Stanley in connection with its SEC-registered global offering of $3 billion aggregate principal amount of 3.7% senior notes due 2024. The lead manager for the underwriters was Morgan Stanley & Co. LLC.  

Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the initial purchasers in connection with a Rule 144A offering by Monster Worldwide, Inc. of an aggregate principal amount of $143.75 million of 3.5% convertible senior notes due 2019, which included $18.75 million aggregate principal amount of convertible senior notes issued pursuant to the exercise in full of the initial purchasers’ over-allotment option. 

Freshfields Bruckhaus Deringer has advised an ad-hoc committee of first lien lenders in relation to the £930m restructuring of the PHS group.

Under the restructuring, the lenders have carried out a debt for equity swap implemented pursuant to a scheme of arrangement.

The Freshfields team was led by London finance partners Ryan Beckwith, Sean Lacey and Richard Tett and corporate partner Gareth Stephenson, alongside senior associate James Watson.

Milbank, Tweed, Hadley & McCloy LLP represented international banks acting as initial purchasers in offerings of two series of notes issued by Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex) guaranteed by the US Export-Import Bank.

Wragge Lawrence Graham & Co has advised longstanding client Euroclear on its agreement with the US's Depository Trust & Clearing Corporation (DTCC) to develop a joint collateral processing service.

The joint venture, between two of the largest post-trade services providers in the world, will help develop and streamline margin settlement processes and enhance access to securities collateral worldwide, improving the stability of financial markets.