Cravath represented NH Hotel Group, S.A. in connection with its EU115 million 144A/Reg. S high-yield senior secured debt offering. NH Hotel Group is a leading international hotel operator. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on April 4, 2017. Cravath also represented NH Hotel Group in connection with its EU122 million third-party debt tender offer by Deutsche Bank. The transaction closed on April 3, 2017.

DLA Piper has advised St James's Oncology SPC Ltd and it's investors, Civis (a Dalmore managed fund) and Aberdeen Asset Management, on the bond refinancing of the world-leading oncology centre at the St. James's University Teaching Hospital in Leeds, the largest teaching hospital in Europe.

Clifford Chance advised Volkswagen on a bond issue in the total volume of EUR 8 billion. The bond was issued by Volkswagen International Finance N.V. and is guaranteed by Volkswagen Aktiengesellschaft.

The bond is divided in four tranches: one tranch bears floating rate interest and has a two-year term with a volume of EUR 2.5 billion. The other three tranches have fixed interest rates of 0.500 %, 1.125 % and 1.875 % with terms of four, six and a half and ten years and volumes of EUR 1.5 billion (twice) and EUR 2.5 billion (once).

Allen & Overy LLP advised Taiwan-based E.SUN Commercial Bank, Ltd. as manager in the context of the successful issue of bonds in the amount of USD 250 million by NRW.BANK.  The zero coupon multi-callable bonds, known as "Formosa Bonds", were placed with institutional investors in Taiwan. The Formosa Bonds are listed on the Taipei Exchange (TPEx) and are due 2047.  This makes NRW.BANK the first public sector issuer from Germany to have bonds listed in Taiwan.

Allen & Overy LLP advised the initial purchasers on the offering of U.S.$7.5 billion aggregate principal amount of U.S. dollar denominated bonds by Siemens Financieringsmaatschappij N.V.

The bonds are guaranteed by Siemens Aktiengesellschaft.

The company issued seven tranches of bonds with maturities of three, five, seven, ten and 30 years. In the three-year and five-year categories, Siemens issued a series of floating rate and a series of fixed rate notes. The other series are fixed rate notes.

Cravath represented the initial purchasers, Bank of America Merrill Lynch, J.P. Morgan Securities and Santander, in connection with the US$500 million 144A/Reg. S debt offering of Inversiones CMPC S.A., unconditionally guaranteed by Empresas CMPC S.A., an integrated and diversified producer of pulp, tissue, paper, forest and packaging products in Latin America. The transaction closed on April 4, 2017.

The Cravath team included partner David Mercado, senior attorney Ralph B. Currey III and associate Marina Lemos Pires.

Genova Property Group AB (publ) has decided to issue corporate bonds amounting to SEK 300 million. The bonds are issued within a framework amount of SEK 750 million and the bond proceeds will be used for general corporate purposes, including acquisitions and investments in the existing property portfolio. The company has undertaken to list the bonds on Nasdaq Stockholm.

Novartis Finance S.A. completed the placement of EUR 1,250,000,000 Guaranteed Notes due 2021 and EUR 600,000,000 Guaranteed Notes due 2027. The 2021 Notes were issued at 99.133% of their principal amount with a zero coupon and will mature on 31 March 2021 at their nominal value. The 2027 Notes were issued at 99.874% of their principal amount with an interest of 1.125% and will mature on 30 September 2027 at their nominal value. The Notes are guaranteed by Novartis AG.

Slaughter and May advised the University of Bristol on the amendment of its £250,000,000 facilities with Barclays and the amendment, increase and extension of a £75,000,000 revolving credit facility with RBS, as well as aspects relating to its simultaneous issuance of £200m notes by way of a US private placement.

Contacts

Financing: Edward Fife (partner), Yoshihisa Watanabe (visiting lawyer), Charlie Court (trainee)

Allen & Overy has advised Goldman Sachs, HSBC, J.P. Morgan, Merrill Lynch and UBS, as joint lead managers, in connection with a USD475 million high-yield bond transaction by a Mauritian special purpose vehicle, Neerg Energy Limited (Neerg Energy), the proceeds of which were used to subscribe to “masala bonds” (Indian rupee denominated bonds typically settled in US dollars) issued by certain subsidiaries of ReNew Power Ventures Private Limited (ReNew), one of India’s largest renewable energy companies.