The Court of Appeals for the Second Circuit unanimously reaffirmed a decision issued earlier this year by the Bankruptcy Court for the Southern District of New York approving the refinancing of American Airlines’ existing debt, without the payment of any make-whole premium, and authorizing the issuance of Class A Pass Through Certificates, Series 2013-2 by American for the purpose of refinancing. Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and J.P.

Shearman & Sterling represented Goldman Sachs International, Barclays Bank PLC, Mizuho International plc and National Australia Bank Limited, as initial purchasers, in the offering of £205 million of 8.875% Senior Secured Notes issued by EDU UK BondCo PLC and guaranteed by EDU UK Intermediate Limited (“Study Group”) and certain of its subsidiaries. The proceeds of the offering will mainly be used to refinance existing indebtedness and partially repay Study Group’s shareholders.

The landmark transaction is the largest-ever convertible bond issuance by a US listed PRC-based company and also the first in 2013.

Jones Day represented Wells Fargo Bank, National Association, as administrative agent, in connection with a $104 million senior secured term loan for two hotels in Arlington, Virginia.

For additional information about this matter, please contact: Robert L. Gibney Jr.
Client(s): Wells Fargo Bank, National Association
Practice(s): Banking & Finance
Office(s): San Francisco, Cleveland

Davis Polk advised Morgan Stanley & Co. LLC as underwriter in connection with the SEC-registered secondary offering of 25,000,000 shares of common stock of NXP Semiconductors N.V. The total gross proceeds to the selling stockholders was approximately $937 million. The common stock is listed on the NASDAQ Global Market under the symbol "NXPI."

Davis Polk advised J.P. Morgan Securities LLC as representative of the several underwriters in connection with an offering of 5,175,000 shares of ordinary shares of Stratasys Ltd., including 675,000 shares from the exercise of the underwriters’ over-allotment option. The gross proceeds from the offering were $481 million.

Stratasys is an Israeli incorporated, leading global provider of additive manufacturing solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts.

Davis Polk advised Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Goldman Sachs International, The Hongkong and Shanghai Banking Corporation Limited, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc. and Samsung Securities Co., Ltd. as underwriters in connection with a concurrent SEC-registered Schedule B debt offering by KEXIM of $500 million aggregate principal amount of its floating-rate notes due 2016 and $500 million aggregate principal amount of its 2.875% senior notes due 2018.

Davis Polk advised J.P. Morgan Securities LLC, as sole global coordinator and joint bookrunner, and Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co., as joint bookrunners (together, the international underwriters), in connection with the SEC-registered offering of 4,290,921 American Depositary Shares, representing 8,581,842 common shares of Compañía Cervecerías Unidas S.A. (CCU). The gross proceeds from the offering were approximately $112 million.

Charles Russell LLP’s Technology, Media and Telecommunications team has advised nominated adviser and broker, Liberum Capital, on the listing of NetScientific plc on its admission to the AIM Market of the London Stock Exchange.  Trading of Ordinary Shares in NetScientific commenced on the 16th September.

CMS has advised Deutsche Bank, Raiffeisen Bank International, Gazprombank, Erste Group Bank and UniCredit on a USD375 million coal export pre-payment facility for DTEK, the largest privately-owned company in Ukraine and largest coal producer in the country.  The transaction marks DTEK's first ever pre-export financing.