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Finance & Banking

Clifford Chance advises banking consortium on EUR 2.75 billion Siemens bond

17 Sep 2018

Clifford Chance has advised a banking consortium led by Morgan Stanley and including Commerzbank, ING, Société Générale, UniCredit Bank as well as other banks on a bond issuance by Siemens Financieringsmaatschappij N.V.

The bond guaranteed by Siemens AG amounts to a total volume of EUR 2.75 billion and was issued in three tranches, maturing in 2023, 2027 and 2030 and bearing interest at 0.375 percent, 1.000 percent and 1.375 percent respectively.

Siemens generated very strong demand resulting in an order book of EUR 6.8 billion.

Hogan Lovells advises Pekao Bank Hipoteczny on the issue of public mortgage bonds worth PLN 350 million

14 Sep 2018

The Warsaw Hogan Lovells office advised Pekao Bank Hipoteczny on the issue of public mortgage bonds.

This has been the first issuance of this type on the Polish market for five years. The total value of the issuance carried out by Pekao Bank Hipoteczny on August 30, 2018 amounted to PLN 350 million, and the security pool consisted of receivables from loans granted to local government units.

Freshfields advises on Nasdaq listing of 111, Inc., a leading integrated online and offline healthcare platform in China

14 Sep 2018

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised JP Morgan Securities LLC, Citigroup Global Markets Inc., China International Capital Corporation, as the joint book-running managers and representatives of the underwriters in the listing of American Depositary Shares (‘the shares’) of 111, Inc. on the Nasdaq. The total offer value is estimated to be approximately US$100m (before the exercise of the over-allotment option). Trading of the shares commenced on 12 September 2018.

Clifford Chance Paris advises on €2.5 billion bond issue by Michelin

14 Sep 2018

Clifford Chance Paris has advised Citigroup, Crédit Agricole CIB, Commerzbank, MUFG, Natixis, Santander and Société Générale on the issuance by Compagnie Générale des Etablissements Michelin of €2.5 billion bonds. The bonds have been admitted to trading on Euronext Paris on 3 September 2018.

The bonds were issued in three tranches on the following terms:

Milbank Advises Lenders in Advent International’s Acquisition of Deutsche Fachpflege Gruppe

12 Sep 2018

Milbank, Tweed, Hadley & McCloy LLP advised the lenders in the acquisition of Deutsche Fachpflege Gruppe by private equity investor Advent International.

Deutsche Fachpflege Gruppe is the market leader in high quality outpatient intensive care in Germany. With a total of 18 outpatient nursing providers and a non-profit inpatient facility, the Group offers a broad spectrum of care services in individual as well as community care settings. The company has a strong reputation as a provider of high-quality nursing care and is a pioneer in outpatient intensive care.

CMS advises SIX on acquisition of SECB Swiss Euro Clearing Bank GmbH of Germany

12 Sep 2018

Düsseldorf – Financial infrastructure operator SIX has increased its stake in German payment transactions bank SECB Swiss Euro Clearing Bank from its previous holding of 25% to 100%. As a result, it now fully owns the bank. The shares were acquired from Credit Suisse, UBS and PostFinance, which had previously each also held 25%. The parties agreed not to disclose details of the transaction value. The transaction is currently awaiting approval from the authorities and should close by the fourth quarter of the current year.

DLA Piper advises FirstRand Limited on Discovery Limited’s acquisition of its stake in the "Discovery" branded credit and fuel cards business

12 Sep 2018

DLA Piper has advised South African financial services institution the FirstRand Group on the disposal of its 25.01% interest in Discovery Card and Discovery Bank for R1.8 billion. This transaction, when combined with the payment of R1.3 billion in 2016 when Discovery increased its participation in the FNB/Discovery Card JV from 20% to 74.99% has unlocked R3 billion of value for FirstRand shareholders.

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