MILAN (June 19, 2017) – International law firm McDermott Will & Emery represented Fincontinuo S.p.A. as originator in a securitization transaction concerning receivables derived from consumer loans, supported by salary assignment and payment delegation, for a maximum amount of approximately €200 million.
Allen & Overy has advised Lloyds Banking Group and Bank of America Merrill Lynch as arrangers on the UK’s first securitisation of insurance premium loans, a GBP300 million issuance originated by Premium Credit Limited (PCL).
This innovative triple-A-rated transaction, backed by a speciality asset class, borrows from UK residential and credit card master trust transactions to create its own unique structure. This enables Premium Credit to access the public market frequently via a programme structure as well as access funds via an existing warehouse.
We advised Caverion, as well as Nordea, OP and SEB as the joint lead managers, in Caverion’s EUR 100 million hybrid bond issue. Due to excellent demand, the issue size was increased from the original EUR 80 million to EUR 100 million. The coupon of the hybrid bond is 4.625 per cent per annum until 16 June 2020. The coupon of the hybrid bond is the lowest coupon ever in the Finnish hybrid bond market.
Allen & Overy has advised BNP Paribas as sole global coordinator and Citi as joint runner in connection with the debut high-yield bond issuance by PT Agung Podomoro Land Tbk (APLN). The dollar-denominated 5.95% bond raised USD300 million for the Indonesian property developer.
APLN is a Jakarta-listed integrated property developer, which owns and develops diversified holdings in commercial, residential and retail real estate in Indonesia. Several of its landmark projects are Podomoro City, Kuningan City, Green Bay Pluit, Borneo Bay City, and Senayan City.
This is the first Sukuk Programme and also the first retail Sukuk to be issued in the Sultanate of Oman and a landmark transaction that marks Meethaq’s debut in the Sukuk market.
Davis Polk advised the representative of the initial purchasers on a Rule 144A/Regulation S offering by KFC Holding Co., Pizza Hut Holdings, LLC and Taco Bell of America, LLC of $750 million aggregate principal amount of 4.75% senior notes due 2027. The issuers are domestic subsidiaries of Yum! Brands, Inc.
Proceeds from the senior notes will be used to repay amounts outstanding under the issuers’ revolving credit facility and make a cash distribution to Yum! Brands to fund share repurchases, dividends to shareholders and repayment of other indebtedness.
Groupe Acrotec SA, a high precision manufacturer of small components and specialised service provider for the watchmaking and industrial sectors, has completed the placement of CHF 70 million 3.75% bonds due 2023. The bonds were issued at 100% of their principal amount and, unless previously redeemed or repurchased and cancelled, will mature on 14 June 2023 at 100% of their principal amount.
Slaughter and May, Hong Kong, advised Shanghai Zendai Property Limited (Zendai) on a RMB632 million loan facility of its subsidiary Richtex Holdings Limited which is guaranteed by China Orient Asset Management (International) Holding Limited (COAMI). The facility was entered into on 8 June 2017. The lender, a Cayman Islands special purpose vehicle, will fund the facility by issuing loan participation notes listed on the Singapore Exchange Securities Trading Limited.
Schmolz + Bickenbach Group (“Schmolz + Bickenbach”) has refinanced itself by issuing a EUR 200m high yield bond with a term until 2022 and from the proceeds, inter alia, prematurely redeemed its 2012 high yield bond. Parallel to the issuance, the existing EUR 450m syndicated facility agreement was extended until 2022 with a reduced loan volume of EUR 375m. With both transactions, implemented in a very narrow time frame, Schmolz + Bickenbach managed to significantly reduce its financing costs.
Mayer Brown JSM advised Bank of Communications International Holdings Co. as sole global coordinator of the Republic of Maldives' recent issuance of US$200 million 7.0% notes due 2022.
BOCOM International (BOCMI) is the securities arm of China's fifth-largest bank. The debut US dollar bond issued by the island nation marked the first transaction in which a Chinese investment bank has been the sole lead of an international sovereign bond issuance.