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Finance & Banking

Indiabulls Housing Finance Limited Scheme of Arrangement and GDR Listing

17 Sep 2013

Davis Polk advised Indiabulls Housing Finance Limited (IHFL) in connection with its amalgamation with Indiabulls Financial Services Limited and listing of IHFL’s Global Depositary Receipts (GDRs) on the Luxembourg Stock Exchange. The amalgamation was effected pursuant to a scheme of arrangement approved by the High Court of Delhi. The GDRs were issued in reliance on Section 3(a)(10) of the Securities Act of 1933, as amended.

Shearman & Sterling Advises on Sprint Corporation’s $6.5 Billion High-Yield Notes Offering

17 Sep 2013

Shearman & Sterling advised on Sprint Corporation’s $6.5 billion high-yield bond offering—reportedly the largest-ever high-yield bond offering sold directly to investors. The firm represented J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., and RBC Capital Markets LLC as joint book-running managers; Scotia Capital (USA) Inc.

Shearman & Sterling Advises on Huntington Bancshares’s $400 Million Notes Offering and $350 Million Notes Offering by The Huntington National Bank

17 Sep 2013

Shearman & Sterling represented Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and The Huntington Investment Company as the joint bookrunning managers in connection with a registered offering by Huntington Bancshares Incorporated of $400 million aggregate principal amount of its 2.60% Senior Notes due 2018.

Paul Hastings Represents Capita Asset Services as Servicer on €406 Million Monnet Finance CMBS

17 Sep 2013

London, UK -- Paul Hastings LLP, a leading global law firm, has advised Capita Asset Services (Ireland) Limited and Capita Asset Services (UK) Limited (together, “Capita Asset Services”) as servicer and special servicer on the refinancing of certain loans securitised through the Quokka Finance Plc CMBS.  The refinanced loans are securitised by a new €406.1 million CMBS issued by Monnet Finance Ltd. The refinanced loans are secured by a portfolio of mostly German multi-family residential properties in towns and cities including Berlin, Cologne and Nuremberg.

Paul Hastings Represents Wells Fargo in $750 Million Credit Facility for Parsley Energy, L.P.

17 Sep 2013

Houston, Texas – Paul Hastings LLP, a leading global law firm, announced today that the firm represented Wells Fargo Securities, LLC as sole lead arranger and sole bookrunner, and Wells Fargo Bank, National Association, as the administrative agent, in connection with a $750,000,000 senior secured revolving credit facility for Parsley Energy, L.P.

Finance partner Paris Theofanidis led the Paul Hastings team, which also included associates R. Cramer Miller and Brian Carter, and property analyst Norman Carnahan.

Milbank Represents Underwriters in Verizon’s Record-Breaking $49B Bond Offering to Fund Buyout of Vodafone Interest in Verizon Wireless

17 Sep 2013

Milbank, Tweed, Hadley & McCloy LLP announced that it has represented the underwriters in the largest corporate debt offering on record – Verizon Communication’s $49 billion bond sale to fund the company’s purchase of Vodafone Group PLC’s interest in Verizon Wireless.

Davis Polk Advises Sterling Financial on Its Merger with Umpqua Holdings

17 Sep 2013

Davis Polk is advising Sterling Financial Corporation in connection with its $2 billion merger with Umpqua Holdings Corporation. The transaction, which is subject to approval by each company’s shareholders, regulatory approvals and other customary closing conditions, is expected to close during the first half of 2014.

Sterling Financial of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a Washington state-chartered and federally insured commercial bank. Umpqua Holdings is the parent company of Umpqua Bank, an Oregon-based community bank.

Ashurst advises European Investment Bank on the financing of exhaust specialist Eberspächer

17 Sep 2013

Ashurst has advised European Investment Bank ("EIB") on granting a corporate loan to Eberspächer. The Ashurst team was led by partner Dr Tom Beckerhoff and comprised associate Dr Endrik Kramski as well as transaction manager Dominique Blaurock (all Banking, Frankfurt). Ashurst regularly advises EIB in connection with corporate financings.

Milbank Advises on $175 Million Financing of Two Brazilian Oil Tankers

16 Sep 2013

NEW YORK, September 11, 2013 – In its latest major transaction in the service of Brazil’s burgeoning offshore energy sector, Milbank, Tweed, Hadley & McCloy has advised Teekay Shuttle Tanker Finance LLC, as issuer, in the $174,150,000 financing of two Suezmax-class shuttle tankers designed to operate between Brazil’s offshore oil fields and coastal refineries and terminals.

WFW advises Santander on the acquisition of UK solar project

16 Sep 2013

Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Santander on the acquisition of a 31.6 MW solar park in Suffolk, which will be one of the UK’s largest ground mounted solar projects.

WFW advised Santander Asset & Capital Structuring, the risk equity arm of the bank, on the acquisition of Broxted Solar Farm Limited from development company Lark Energy.