Herbert Smith Freehills has advised on a US$300 million bond offering by India's largest automobile manufacturer, Tata Motors Ltd. The Mumbai-based company's latest offering marks its first U.S. dollar denominated bond issuance in the international debt capital markets.

Herbert Smith Freehills acted as sole international counsel to ANZ, Bank of America Merrill Lynch, Citigroup and HSBC as joint lead managers for the offering. In addition, a separate Herbert Smith Freehills team based in Hong Kong advised Citicorp as trustee for the bond issue.

Herbert Smith Freehills has advised long-standing client Tullett Prebon PLC (Tullett Prebon) on its agreement to acquire PVM Oil Associates Limited (PVM), the leading independent broker of oil instruments, announced today.  PVM is being acquired from its management and certain shareholder employees.

Tullett Prebon's announcement can be found here. http://www.tullettprebon.com/announcements/investor/rannouncement/2014/…

Watson, Farley & Williams (“WFW”), has advised ABN AMRO Bank N.V. (“ABN AMRO”) on a US$172 million loan facility made available to Ardmore Shipping. The facility was signed on 19 March and the loan is to provide financing for Ardmore Shipping’s acquisition of eight newbuild vessels.

The eight newbuildings comprise MR2 tankers, MR1 tankers and chemical tankers under construction at SPP Shipholding Co. Ltd., and Hyundai Mipo Dockyard in South Korea, and Fukuoka Shipbuilding Co., Ltd in Japan.  

Trowers & Hamlins appointed by the Central Bank of Bahrain as external administrator of The International Banking Corporation B.S.C.(c) (in administration) has filed a US$1.9 billion law suit against Ahmad Hamad Al Gosaibi & Brothers (AHAB) in relation to the deliberate misappropriation of funds raised through the creation of a fraudulent loan book which was at the heart of TIBC's operations.

Herbert Smith Freehills has advised a group of seventeen international, regional and local banks on a EUR 3.15 billion multi-currency club deal for Emirates Telecommunications Corporation ("Etisalat").  The financing has been raised using a DIFC SPV as borrower whose obligations are guaranteed by Etisalat, to fund the acquisition of Vivendi's 53% stake in Maroc Telecom.

The financing is split between two facilities which can be utilised in USD or EUR, a short-term bridge loan of EUR 2.1 billion, and a EUR 1.05 billion, three-year bullet term loan.

A global team comprised of partners, counsel and associates from Canada, UKMEA and the US closed a US$210 million senior secured credit facility for an affiliate of Apollo Commercial Real Estate Finance, Inc., relating to a portfolio consisting of high-end and luxury condos, homes and apartments. This five-year deal includes 229 properties and is secured by both real property and equity pledges from sponsors across 10 US states, as well as Canada, the UK, Turks and Caicos, the Bahamas, Costa Rica, Mexico, Grand Cayman and the British Virgin Islands.

Norton Rose Fulbright has advised JP Morgan Cazenove and J&E Davy as joint bookrunners on the €399.8 million placing and open offer of shares of Irish property investment company, Green REIT plc (Green REIT).

Green REIT is listed on the premium segment of the London Stock Exchange and the Irish Stock Exchange. The offer was made by way of institutional placing in, amongst other places, the UK, Ireland, Canada, Australia and in the US.

Mark Lloyd Williams, corporate partner comments:

DLA Piper advised the underwriters for Scynexis, Inc., a drug discovery and development company, in its US$63 million initial public offering. RBC Capital Markets and Canaccord Genuity are acting as joint book-running managers. JMP Securities is participating as lead manager in the offering.

Ashurst has advised UniCredit S.p.A. in relation to the disposal to Cerberus on non-recourse basis (pro soluto) of a non performing unsecured consumer and personal loans credit portfolio for an aggregate gross book value amount of about €950 million. The portfolio has been purchased by Cerberus pursuant to a securitisation transaction where Credito Fondiario S.p.A. has acted as sponsor and servicer.

The Ashurst team was led by Milan partner Gianluca Fanti and included associate Francesco Scebba.

Ashurst advised Landesbank Baden-Württemberg (LBBW) on the financing of the acquisition of two property portfolios in the German federal state of Hesse by open-ended special funds of listed property investor Patrizia.