International law firm Stephenson Harwood's real estate finance team has advised on the financing aspects of three key developments. Stephenson Harwood LLP acted Deutsche Hypo and HSBC Bank plc in relation to the £44.25 million financing of the acquisition of 43-48 Dover Street by Dover Street Investments Unit Trust, an investment entity owned by an affiliate of Crosstree Real Estate Partners LLP.
Davis Polk advised Morgan Stanley & Co. LLC, Jefferies & Company, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint book-running managers in connection with the SEC-registered offering of 5,290,000 shares of common stock of Sagent Pharmaceuticals, Inc., of which 3,542,470 shares were sold by the Company and 1,747,530 shares were sold by certain selling shareholders. The amount sold by the selling shareholders included 690,000 shares from the full exercise of the underwriters’ option to purchase additional shares.
Cravath represented the underwriters, led by Deutsche Bank Securities, J.P. Morgan Securities, BofA Merrill Lynch, Goldman, Sachs & Co. and Wells Fargo Securities, in connection with the US$183 million registered offering of common stock of TriMas Corporation, a global manufacturer and distributor of products for industrial, commercial and consumer end markets. The shares were listed on the NASDAQ Global Select Market. The transaction closed on September 16, 2013.
Global legal practice Norton Rose Fulbright has advised on the update and upsize of the Global Islamic Trust Certificate Programme by the Republic of Indonesia through Perusahaan Penerbit SBSN Indonesia III, a special purpose vehicle and the issuance of US$1.5 billion trust certificates under the programme, which is its second drawdown under the programme.
Simpson Thacher represented the Toronto-Dominion Bank (“TD Bank”) in its offering of $2.5 billion Floating Rate Senior Medium-Term Notes due 2016, $500 million 1.500% Senior Medium-Term Notes due 2016 and $750 million 2.625% Senior Medium-Term Notes due 2018.
TD is the sixth largest bank in North America by branches. It serves approximately 22 million customers around the globe in four key businesses: Canadian Personal and Commercial Banking, Wealth and Insurance, U.S. Personal and Commercial Banking, and Wholesale Banking.
Simpson Thacher represented GSO Capital Partners LP (“GSO”), the credit division of The Blackstone Group L.P. (NYSE: BX), in the establishment of its second “capital solutions” fund, GSO Capital Solutions Fund II LP (“GSO CSF II”). GSO CSF II raised $5 billion of total capital commitments and will focus primarily on providing “rescue financing” to distressed companies primarily in North America and Western Europe.
The Firm is representing TDR Capital on the financing for its £750 million acquisition of David Lloyd Leisure Group, one of Britain's biggest health club chains. David Lloyd Leisure operates 87 clubs in the U.K. and an additional 10 clubs across Europe. It has over 440,000 members and employs 6,000 people.
The Simpson Thacher team is Stephen Short, Manas Chandrashekar, Richard Kiveal and Tanim Rahman.
Davis Polk advised RBC Capital Markets, LLC and J.P. Morgan Securities LLC as lead managers on an SEC-registered offering by Royal Bank of Canada of $800 million aggregate principal amount of 1.45% senior notes due 2016 and $1.2 billion aggregate principal amount of senior floating-rate notes due 2016 under its $25 billion medium-term notes program.
Davis Polk advised Credit Suisse Securities (USA) LLC as underwriter in connection with an SEC-registered, add-on offering by K. Hovnanian Enterprises, Inc. of $41,581,000 aggregate principal amount of 6.25% senior notes due 2016. The notes are a reopening of an offering of $300 million of such notes issued in 2005. The notes are guaranteed by Hovnanian Enterprises, Inc. and substantially all of its subsidiaries. The proceeds of the offering will be used to fund the redemption of K. Hovnanian Enterprises’ outstanding 6.5% senior notes due 2014 and 6.375% senior notes due 2014.
Davis Polk advised Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC as representatives of the initial purchasers in connection with an unregistered Rule 144A offering by Clean Energy Fuels Corp. of $220 million aggregate principal amount of its 5.25% convertible senior notes due 2018.