Shearman & Sterling advised DNB Bank ASA, Sweden Branch, Nordea Bank Danmark A/S and Swedbank AB (publ), in their capacity as joint lead managers, on Volvo Car AB’s (“Volvo”) SEK 2.5 billion (approx. €256 million) of senior floating rate notes due 2022 and SEK 500 million (approx. €51 million) of 2.500% senior fixed rate notes due 2022. The proceeds of the offering will be used for Volvo’s general corporate purposes.

Gernandt & Danielsson has acted as legal advisor to Moberg Pharma in connection with an approximately MSEK 148 private placement of shares in Moberg Pharma and an issuance of new bonds at an amount of MSEK 215.

The proceeds from the private placement and the issuance of new bonds will be used to finance the company’s acquisition of DermoPlast®, an anesthetic spray used externally for relief of pain and itching from skin chaps and skin injuries, from Prestige Brands.

King & Wood Mallesons (KWM) has advised the joint lead managers as their US counsel on the US$300 million 8.75% senior perpetual securities issuance with customary high yield covenants by China Grand Automotive Services Co. Ltd. (China Grand Auto) through its subsidiary, Baoxin Auto Finance I Limited. The deal is the first high yield perpetual bond offering by a non-real estate PRC company to date.

Kirkland & Ellis is acting for Hong Kong-listed Baoxin Auto Group Ltd (HKSE: 1293), a leading luxury 4S dealership in China, in its debut issuance of US$300 million of senior perpetual securities, which will be guaranteed by China Grand Automotive Services Co., Ltd. (SSE: 600297) and China Grand Automotive Services (Hong Kong) Ltd. The Sole Global Coordinator is China International Capital Corporation Hong Kong Securities Limited (CICC). The Joint Bookrunners and the Joint Lead Managers are CICC and China Securities (International) Corporate Finance Company Limited.

On November 30, 2016, UBS Group Funding (Jersey) Limited completed its issuance of EUR 1.25 bn Bail-In Bonds under its USD 30 bn Senior Debt Programme (the "Programme"). The EUR 1.25 bn 1.50% Senior Notes due November 30, 2024 (the "Notes") will be listed on the SIX Swiss Exchange Ltd.

Setterwalls has advised Recipharm AB (publ) in connection with the placing of SEK 1,000 million senior unsecured convertible bonds. The bonds will be convertible into new Class B shares of Recipharm. The bonds will carry a coupon of 2.75 percent per annum, payable semi-annually in arrears on 6 April and 6 October in each year. The conversion price is set at SEK 181.955 which represents a 30 percent premium over the volume-weighted average price of the Recipharm Class B share on Nasdaq Stockholm between launch and pricing of the offering. The bonds will mature on 6 October 2021.

Slaughter and May advised Bupa Finance plc on its issuance of £400 million Subordinated Notes due 2026. The Notes bear interest at the rate of 5 per cent. per annum and are listed on the Regulated Market of the London Stock Exchange.

Barclays Bank PLC and HSBC Bank plc acted as Joint Lead Managers.

Contacts

Financing: Oliver Storey (partner), Andrew Chaplin (associate); Corporate: Paul Dickson (partner), Greg James (associate); Tax: William Watson (partner), Stephanie Baxter (associate)

Slaughter and May is advising Ensco on a private placement of $750 million aggregate principal amount of 3.00% exchangeable senior notes due 2024 (the “Notes”) to be issued by Ensco Jersey Finance Limited, a wholly owned subsidiary of Ensco (the “Offering”) and the concurrent private offers to exchange outstanding senior notes issued by Ensco and Pride International, Inc. (“Pride”), another wholly owned subsidiary of Ensco (the “Exchange Offers”). The commencement of the Offering and the Exchange Offers was announced on 06 December 2016.

On November 30, 2016, UBS Group Funding (Jersey) Limited completed its issuance of EUR 1.25 bn Bail-In Bonds under its USD 30 bn Senior Debt Programme (the "Programme"). The EUR 1.25 bn 1.50% Senior Notes due November 30, 2024 (the "Notes") will be listed on the SIX Swiss Exchange Ltd.

Shearman & Sterling advised Merrill Lynch International, DNB Markets, Lloyds Bank, Société Générale, Barclays, BNP Paribas, Citigroup, Credit Industriel et Commercial, Credit Suisse, KBC, Morgan Stanley, RBS and UniCredit on Thomas Cook's €750 million high yield bond offering.

The offering comprised €750 million of 6.25% senior notes due 2022. The proceeds of the offering will be used to refinance existing indebtedness of the Thomas Cook group.