Clifford Chance has advised NIBC Bank Deutschland AG and Delta Lloyd Asset Management on the refinancing of its warehousing for a portfolio of photovoltaic leases originated by MEP Werke GmbH in 2015 and 2016.

The refinancing by Delta Lloyd Asset Management of a warehousing originally provided by NIBC Bank Deutschland AG was implemented via the existing Irish platform Deutsche Ökostrom Limited. It achieves a long-term refinancing of MEP Werke Group's photovoltaic power plant lease model.

With a Frankfurt-based team led by partner Thomas K. Schrell, the business law firm of Heuking Kühn Lüer Wojtek advised Eckes-Granini Group on optimizing and extending its outside financing liabilities. The financing volume was not disclosed.
 
Heuking Kühn Lüer Wojtek comprehensively supported Eckes-Granini Group from drafting, structuring, and negotiating of the loan contract documentation up to the final implementation of the individual funding elements.
 

White & Case LLP has advised Michelin on its US$500 million offering of non-dilutive convertible bonds due 2022, redeemable in cash only.

The bonds, issued by Compagnie Générale des Etablissements Michelin, will not bear interest and the net proceeds of the issuance will be used for Michelin's general corporate purposes.

A cross-departmental BLP team have advised listed REIT, Capital & Regional PLC, on the refinancing of their existing loan facilities secured on the Mall fund and a corporate restructuring of the Mall fund, a portfolio of five shopping centres located in Blackburn, Maidstone, Wood Green, Walthamstow and Luton.

The finance work resulted in the repayment of the existing £334.6m debt secured against the Mall and replacement of the existing indebtedness with:

The infrastructure group Comsa has reached an agreement with a group of eight Spanish banks to refinance its debt worth €719 million.

The banks involved are Bankia, Bankinter, BBVA, CaixaBank, Popular, Sabadell, Santander and Unicaja, who have granted a syndicated loan to be repaid in four and a half years. They have established a convertible debt tranche amounting to €250 million for 50% of the capital in 2021.

New York, 22 December 2016 – Hogan Lovells has advised Banco Cuscatlán in El Salvador in creating and sponsoring a new diversified payment rights securitization program (DPR). Titularizadora de DPRs Limited, a special purpose vehicle organized in the Cayman Islands, borrowed US$100 million of Series 2016-1 Loans. Credit Suisse was the sole lender.

The transaction closed on December 9, 2016.

The Hogan Lovells team included New York partners Emil Arca and Oscar Stephens, and associate Rebecca Francus.

Shearman & Sterling represented Santander Investment Securities Inc., Goldman, Sachs & Co. and Morgan Stanley & Co. LLC as underwriters in connection with the SEC-registered offering by Grupo Financiero Santander México, S.A.B. de C.V. of US$500 million of its 8.500% perpetual subordinated non-preferred contingent convertible additional Tier 1 capital notes.

Davis Polk advised the initial purchaser in connection with a $100 million Regulation S offering by Fantasia Holdings Group Co., Limited (the “Company”) of its 7.375% senior notes due 2021 to be consolidated and form a single class with the $400 million aggregate principal amount of 7.375% senior notes due 2021 issued by the Company on October 4, 2016.

Baker McKenzie acted as arranger counsel for Société Générale Corporate, Investment Banking (Société Générale) in a public ABS (asset-backed securities) transaction of ALD Autoleasing D GmbH ("ALD") in Germany.

Baker McKenzie advised Berlin Hyp and ING Wholesale Banking as Joint Bookrunner and Mandated Lead Arranger on the financing of the Frankfurt-based TaunusTurm. Financing was closed at the end of December 2016.

The TaunusTurm tower was developed by Tishman Speyer and completed in 2014. The building comprises a 40-story office tower and a 19-story residential tower with 44 apartments.