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Finance & Banking

Simpson Thacher Represents Initial Purchaser in Offering of $200 Million of Additional Senior Notes by MEG Energy Corp.

30 Dec 2013

Simpson Thacher represented Barclays as initial purchaser in connection with a 144A/Regulation S offering by MEG Energy Corp. (“MEG”) of $200 million additional aggregate principal amount of 7.0% senior notes due 2024. The notes were issued as additional notes under an indenture pursuant to which MEG issued $800 million of 7.0% senior notes due 2024 on October 1, 2013. MEG intends to use the net proceeds from the offering for general corporate purposes, including funding its 2014 capital program.

Simpson Thacher Represents Underwriters in IPO of Veracyte, Inc.

30 Dec 2013

Simpson Thacher recently represented the underwriters, led by joint book-running managers Morgan Stanley & Co. LLC and Leerink Swann LLC, in the initial public offering by Veracyte, Inc. (“Veracyte”) of 5,000,000 shares of common stock. Veracyte’s common stock is listed on the NASDAQ Global Market under the ticker symbol “VCYT.”

Veracyte is a diagnostics company pioneering the field of molecular cytology to improve patient outcomes and lower healthcare costs.

Firm Represented Underwriters in the HK$1.65 Billion (US$212 Million) Hong Kong Initial Public Offering and Rule 144A/Regulation S Offering by Hydoo International Holding Limited

30 Dec 2013

The Firm represented the underwriters of the initial public offering in Hong Kong and Rule 144A/Regulation S offering by Hydoo International Holding Limited  (Hydoo International). Hydoo International offered an aggregate of 768,256,000 shares, which raised approximately HK$1.65 Billion (US$212 Million) in gross proceeds for Hydoo International.

Simpson Thacher Represents First Data in Refinancing

30 Dec 2013

Simpson Thacher represented First Data Corporation (“First Data”) in connection with its Rule 144A and Regulation S offering of $1 billion aggregate principal amount of additional 11.75% Senior Subordinated Notes due 2021 (the “Notes”). The offering is expected to close on November 19, 2013.

First Data will use the net proceeds, together with cash on hand, to redeem $1 billion aggregate principal amount of its outstanding 11.25% Senior Subordinated Notes due 2016 and to pay accrued and unpaid interest.

Simpson Thacher Represents Underwriters in $3.2 Billion Notes Offering by Altria Group, Inc. and Dealer Managers in Related Tender Offer

29 Dec 2013

Simpson Thacher represented the underwriters, led by Goldman, Sachs & Co., Morgan Stanley, RBS and Scotiabank, in connection with a public offering by Altria Group, Inc. of $1.4 billion aggregate principal amount of its 4.000% Notes due 2024 and $1.8 billion aggregate principal amount of its 5.375% Notes due 2044.  The offering closed on October 31, 2013.

White & Case Advises Banks in Connection with the Biggest Bond Issuance in Europe Ever

27 Dec 2013

White & Case has advised the Italian banks acting as dealers and co-dealers (BNP Paribas, Monte dei Paschi di Siena Capital Services, Banca Akros and Banca Sella) in connection with the fifth issuance of BTP Italia, the Italian inflation-linked four-year bond, issued by the Italian Ministry of Economy and Finance.

This transaction represents the biggest bond issuance in Europe, passing the €18 billion raised last April by the Italian Treasury and raising a record €22.27 billion.

White & Case Advises Intesa Sanpaolo on US$1.25 Billion Yankee Bond Issuance

27 Dec 2013

White & Case LLP has advised Intesa Sanpaolo S.p.A. on a US$1.25 billion, 3.875 percent five-year issuance of Yankee bonds under its US$15 billion Medium Term Note Programme.

The notes placed in the U.S. and Canadian markets will be issued by Intesa Sanpaolo S.p.A. and guaranteed by its New York branch, in accordance with Section 3(a)(2) of the U.S. Securities Act.

Shearman & Sterling Advises on The Dayton Power and Light Company’s $445 Million First Mortgage Bond Offering

27 Dec 2013

Shearman & Sterling represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, as representatives of the several initial purchasers, in connection with a Rule 144A/Regulation S offering by the Dayton Power and Light Company of $445 million of its First Mortgage Bonds 1.875% Series Due 2016.

The Dayton Power and Light Company is a regulated public utility and is engaged primarily in generating, transmitting, distributing and selling electric energy to approximately 513,000 retail customers in 24 counties in West Central Ohio.

Reed Smith London corporate team advise on Everyman Media Group plc AIM IPO

27 Dec 2013

Reed Smith has advised Cenkos Securities plc, nominated adviser and broker to Everyman Media Group plc, on Everyman’s IPO on the AIM Market. The company owns and operates ten cinemas across London, the South East and Leeds under the “Everyman” brand. The IPO raised £8 million through a placing and valued the company at £30 million.

The Reed Smith team was led by partner James Wilson and included counsel Jane Bondoux, and associates Kathryn Bond and Fiona McFarlane.