Leading international law firm Clifford Chance has advised on RMB15.5 billion of dim sum bonds and a total of US$10.8 billion across perpetual capital securities, convertible bonds and straight USD notes issuances since April this year. These issuances utilised different credit structures from direct issue to credit enhancements with parent guarantee, keepwell deed or a standby letter of credit from a bank.
DLA Piper represented Goldman Sachs in connection with a $265 million private bank financing for the $477 million construction of the new Sacramento Kings arena. The Kings are contributing $222 million, and the city of Sacramento is providing $255 million.
Following years of obstacles and rumors that the team might leave town, work on the basketball franchise’s new home at Downtown Plaza began on Friday, August 1, with a ceremony that included speeches by Mayor Kevin Johnson and Kings President Chris Granger.
Clifford Chance has advised the joint global coordinators, Credit Suisse (Singapore) Limited and DBS Bank Ltd., and Rabobank International as co-lead manager on the S$198 million (US$159 million) Singapore IPO of Japfa Ltd., an Asian agri-food company focusing on the production of staple protein foods.
Capital markets partner Johannes Juette said, "We were very pleased to assist on this successful IPO, in particular in difficult market conditions. While markets still remain cautious, it seems clear that there is demand for strong and growing South East Asian companies."
Ashurst advised DekaBank Deutsche Girozentrale on the financing of the acquisition of five German properties by special purpose vehicles of IREIT Global. IREIT Global has been listed on the Singapore Exchange from 13 August 2014 and is the first Singaporean REIT to invest in German properties. Unlike German REITs, Singaporean REITs do not have legal capacity. It is generally expected that this is the first of many similar Singaporean REIT transactions.
Shearman & Sterling represented Financiera de Desarrollo Territorial S.A. (“Findeter”), a state-owned development bank in Colombia, in connection with its Rule 144A/Regulation S offering of COP 946,175,000,000 aggregate principal amount of 7.875% Notes due 2024. Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint bookrunners in the transaction. This is Findeter’s first offering in the international capital markets.
Shearman & Sterling represented Imperial Capital, LLC, Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., as joint book-running managers, in connection with a Rule 144A/Regulation S offering of $200 million aggregate principal amount of 10% senior secured notes due 2017 of Sunshine Oilsands Ltd. (“Sunshine”).
Sunshine is a Calgary, Alberta-based independent energy company focused primarily on the evaluation, development and production of their portfolio of oil sands leases in the Athabasca region of northeastern Alberta.
Slaughter and May, Hong Kong, advised Industrial and Commercial Bank of China Limited (ICBC), acting through its Singapore branch, on the establishment of a US$5 billion multicurrency commercial paper and certificate of deposit programme by ICBC.
Allen & Gledhill LLP advised ICBC on Singapore law and DeHeng Law Offices were PRC law counsel to ICBC.
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On August 6, Weil secured a major summary judgment victory for Credit Suisse in New York Supreme Court, which awarded Credit Suisse $50 million in principal and 9% interest dating back to 2008. Credit Suisse sued several investment funds managed by Highland Capital for their failure to settle trades they entered into in 2008 with respect to loans that Credit Suisse had arranged to third-party real estate developers.
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has, together with AMA Capital Partners, advised BNP Paribas as lender and facility agent for a syndicate of banks on two ECA-backed loan facilities (supported by The Export-Import Bank of Korea (KEXIM) and Korea Trade Insurance Corporation (K-Sure), respectively), in relation to the over US$3 billion global restructuring of ZIM Integrated Shipping Solutions Ltd (“ZIM”).
Clifford Chance has advised Abu Dhabi Islamic Bank, Dubai Islamic Bank and Commercial Bank of Dubai on a US$425 million Islamic financing and leasing (ijara) to Emirates for two aircraft, including Emirates' 50th Airbus A380, marking a significant milestone for the airline.
Abu Dhabi Islamic Bank acted as security trustee, security agent, investment manager and investor while Dubai Islamic Bank and Commercial Bank of Dubai acted as investors. The 50th A380 was delivered on 9 July 2014.