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Banking & Finance - Capital Markets: Debt

Macfarlanes advises as ING backs Mulberry flagship store with £108.9m loan

19 Dec 2016

ING Real Estate Finance has solely underwritten a five year investment loan facility secured against the £198m purchase of Mulberry’s flagship store on New Bond Street by Oxford Properties, Richemont and Crown Acquisitions.

The loan, secured against the property at 47-50 New Bond Street, represents a loan to value ratio of 55 per cent and is the largest transaction on Bond Street since June 2014.  ING acted as mandated lead arranger, facility agent, hedge counterparty and account bank, and is in the process of syndicating a portion of the loan financing.

Hogan Lovells acts for European Investment Bank on its first pharma loan in Ireland

16 Dec 2016

Hogan Lovells, the global law firm, has advised the European Investment Bank (EIB) on a new €20 million loan to Amryt Pharma plc (Amryt), which has developed a new treatment for the rare and inherited skin condition called Epidermolysis Bullosa (EB).  Amryt is a specialty pharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or 'orphan' diseases.

Gernandt & Danielsson acts as legal advisor to Troax in relation to its issuance of further bonds and sale of bonds owned by Troax

16 Dec 2016

Gernandt & Danielsson has acted as legal advisor to Troax Group AB (publ) in connection with an issuance of further bonds amounting to 17 million euro under the company’s existing bond loan and sale of bonds owned by Troax amounting to 2.7 million euro.

The proceeds from the bond issue will be used to partly finance the company’s acquisition of Folding Guard, a leading American manufacturer of indoor perimeter protection solutions, from the publicly traded company Legget & Platt.

White & Case Advises Autostrade per l’Italia S.p.A. on €500 Million Partial Repurchase of Atlantia Notes and €600 Million Issuance

16 Dec 2016

White & Case LLP has advised Autostrade per l'Italia S.p.A., as offeror, on the partial repurchase of Atlantia S.p.A.'s notes via a cash tender offer with a maximum aggregate principal amount of €500 million.

Concurrently, White & Case has also advised Autostrade per l'Italia on its issuance of €600 million 1.75 percent notes due 2027 under its €7 billion Medium Term Note Programme. The Notes have been listed on the Irish Stock Exchange.

Slaughter and May advised Santander Consumer (UK) plc (SCUK) as originator in relation to SCUK's Motor-2016-1 UK auto loan ABS transaction

15 Dec 2016

The transaction involved the issuance of £528,000,000 Class A Fixed Rate Notes (rated AAA(sf) (S&P)/Aaa (sf) (Moody’s)), £15,000,000 Class B Fixed Rate Notes (rated AAA(sf)/Aa2 (sf)), £30,000,000 Class C Fixed Rate Notes (rated A(sf)/A1 (sf)), £9,000,000 Class D Fixed Rate Notes (rated A-(sf)/Baa1 (sf)), £13,000,000 Class E Fixed Rate Notes (rated BBB(sf)/Baa3 (sf)) and £5,000,000 Class F Fixed Rate Notes (unrated/Ba3 (sf)).

Clifford Chance acts for the Joint Lead Managers on the Euroclear Investments SA €600 million 10-year bond issue

15 Dec 2016

Clifford Chance has acted for Société Générale CIB, Citi and J.P. Morgan as joint lead managers on the issuance by Euroclear Investments SA of €600 million 1.125 per cent bonds due 2026.

The new senior, unsecured bonds, which are rated AA/AA- by Fitch and Standard and Poor's, respectively, are issued by Euroclear Investments SA, a holding company with identical credit ratings.

Placement was made across a broad range of qualified investors across Europe.

White & Case Advises Novasep on Exchange Offer

14 Dec 2016

White & Case LLP has advised Novasep on the issuance of €181 million principal amount of  OBSAs (bonds with share warrants attached) maturing in May 2019 in exchange for US$195 million principal amount of  Novasep's existing high yield bonds due on December 15, 2016 pursuant to an exchange offer and consent solicitation.

Novasep is a leading global provider of integrated purification and manufacturing solutions to pharmaceutical and other life science industries.

Shinhan Bank Completes US$500 Million Tier II Subordinated Notes Offering

14 Dec 2016

Simpson Thacher, acting as sole international counsel, represented BNP Paribas, Commerzbank Aktiengesellschaft, The Hongkong and Shanghai Banking Corporation Limited, Merrill Lynch International, Standard Chartered Bank, Shinhan Asia Limited and Shinhan Investment Corp., as joint lead managers in connection with the offering of US$500 million 3.875% Tier II Subordinated Notes due 2026 by Shinhan Bank under its US$6 billion Global Medium Term Note program. The offering was conducted in reliance upon Regulation S under the U.S. Securities Act of 1933, as amended.

WFW advises global leader in electrical power and advanced materials Mersen on Schuldschein loan

14 Dec 2016

Watson Farley & Williams (“WFW“) advised Mersen S.A. (“Mersen“) on the signing of the company’s first Schuldschein loan. The €60m loan has a term of seven years, the interest coupon is based on EURIBOR. The unsecured loan was successfully placed by Landesbank Hessen-Thueringen Girozentrale (“Helaba”) and Commerzbank AG. Helaba acts as payment agent during the term of the transaction.