On 20 December 2016, Meyer Burger Technology AG completed a rights offering as part of a recapitalization program. The recapitalization program consisted of three pillars: the amendments of the terms and conditions of the outstanding convertible bonds approved in a bondholder meeting (subject to the approval of the High Court of the Canton of Berne), a capital increase by way of a rights offering in the amount of approximately CHF 164 million, and the extension and amendments of existing bank credit facilities.

Watson Farley & Williams (“WFW”) has advised a syndicate of banks consisting of BNP Paribas, BMO, Commonwealth Bank of Australia, Danske Bank, DnB Bank, ING, The Royal Bank of Scotland, SEB, SR-Bank and Wells Fargo, on two major banking facilities in favour of Faroe Petroleum to finance its expansion.

The two facilities are:

Watson Farley & Williams (“WFW”) has advised a syndicate of banks consisting of BNP Paribas, BMO, Commonwealth Bank of Australia, Danske Bank, DnB Bank, ING, The Royal Bank of Scotland, SEB, SR-Bank and Wells Fargo, on two major banking facilities in favour of Faroe Petroleum to finance its expansion.

The two facilities are:

Dentons have advised on the early termination of the agreement regarding the rescheduling of Beghelli Group’s financial debt. The agreement was originally executed with credit institutions in 2013, and in accordance with the pre-insolvency procedures pursuant to Article 67, third paragraph, point d) of the Italian Bankruptcy Law.

The Dentons team of Italy Managing Partner Federico Sutti and Senior Counsel Cristian Fischetti assisted banking institutions involved in the agreement.

Clifford Chance has advised BOC International acting as sole Bookrunner and Manager on Air France-KLM's bond issuance made by way of an unlisted private placement with Asian institutional investors.

The senior issue of $ 145 million 4.35% fixed rate Notes due 15 December 2026 was backed by a standby letter of credit granted by Bank of China Limited, Paris Branch.

The Clifford Chance team was led by Cédric Burford, partner in the Paris office, assisted by Marie-Caroline Schwartz and Andrew McCann, senior associates.

Baker McKenzie has advised BNP Paribas which acted as documentation agent and lead arranger of a term loan taken out by EEHC (Egyptian Electricity Holding Company), as well as the banking syndicate involved in the operation. This 470 million dollar loan will make it possible to convert two power plants, in Assiut and West Damietta, from simple cycle to combined cycle. In the context of this financing, EEHC is covered by a guarantee from the Egyptian Ministry of Finance. The signing ceremony for the financing agreements will be held today in Cairo.

Ashurst advised Natixis and the institutional investors as lenders on a hybrid financing via a second bond issuance and bank financing for Azienda Solare Italiana S.p.A. (ASI) (company controlled by Quercus and Swiss-Life) aimed at refinancing, amongst other things, part of ASI's solar portfolio.

Eversheds Bitans advised AS Citadele banka, a leading Latvian commercial bank, on its €40 million First Unsecured Subordinated Bonds Programme and issuance, public offering in Latvia and Lithuania, as well as the listing of subordinated bonds on the Baltic Bond List of Nasdaq Riga.

Slaughter and May advised the Central Bank of Egypt on its $2 billion repurchase transaction with a consortium of international banks.

The consortium’s financing was provided against newly issued Arab Republic of Egypt dollar-denominated sovereign bonds, which are listed on the Irish Stock Exchange.

The transaction bolsters the liquidity and size of the international reserves of the Central Bank of Egypt.
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Travers Smith has advised new client Paymentsense, the leading card processing services provider, on its £110m refinancing and equity capital restructuring with debt finance provided by CVC Credit Partners and EQT Mid-Market Credit Fund. Paymentsense provides card processing services to more than 50,000 small and medium-sized businesses and has processed in excess of £5bn transactions in the last year.