Travers Smith LLP has advised long-standing client Pret A Manger on a significant upsizing and amend/extend of their senior debt facilities, which included the addition of approximately £227m of new commitments to refinance existing shareholder debt and to support expansionary capex.
Global law firm White & Case LLP has advised bank syndicates on Wendel's tender offer to repurchase its 2017, 2018, 2019 and 2021 bond issues for a total of €635 million, and on Wendel's €300 million bond issue maturing in 6.5 years with a coupon of 1 per cent.
Wendel will use the net proceeds of the new issue for its general corporate purposes, to repurchase the bonds that have been tendered under the tender offer and to continue improving its financial structure.
Cadwalader has advised on the first securitization of marketplace consumer loans in Europe. The firm advised the arranger of a securitization backed by £150m of loans to UK consumers originated on the Zopa platform. This is the first public, rated securitization of marketplace consumer loans in Europe.
Simpson Thacher, acting as sole international counsel, represented UBS AG Hong Kong Branch, as Arranger and Dealer and BNP Paribas, Citigroup Global Markets Limited, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Hana Financial Investment Co., Ltd., The Hongkong and Shanghai Banking Corporation Limited, J.P.
Simpson Thacher, acting as sole international counsel, represented UBS AG Hong Kong Branch, as Arranger and Dealer and BNP Paribas, Citigroup Global Markets Limited, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, Hana Financial Investment Co., Ltd., The Hongkong and Shanghai Banking Corporation Limited, J.P.
Gide advised CNP Assurances on the issuance of its Tier 3 subordinated bonds issuance for an amount of EUR 1 billion due 2022, bearing interest at a fixed rate of 1.875%; admitted to trading on Euronext Paris. Allen & Overy Paris advised the joint lead managers.
This is the first issue of Tier 3 euro-denominated subordinated bonds by a European insurer since the beginning of 2016, date of the entry into force of the Solvency 2 Directive.
Gide's team was led by partner Hubert du Vignaux, assisted by Bastien Raisse and Laure Bellenger.
Ashurst advised a syndicate of senior lenders including Rabobank, Goldman PIA, Bank of Ireland, BNP Paribas, HSBC, ING, RBS and Societe Generale on the increase of senior debt facilities made available to the Pret a Manger group to approximately £570 million.
The Freshfields team was led by partners Stuart Grider and Duncan Kellaway
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised MTN Group on the issuance of US$500m guaranteed notes due 2022 for 5.373 per cent yield and the issuance of US$500m guaranteed notes due 2026 for 6.5 per cent yield. MTN Group is a market-leading mobile telephone network operator headquartered in South Africa with operations across Africa and the Middle East, which services approximately 230 million customers.
White & Case LLP has advised HSBC Bank plc, ING Bank NV (Belgian Branch), Natixis and Société Générale, as joint lead managers, and Banco Santander, BNP Paribas, Citigroup Global Markets Limited and the Royal Bank of Scotland plc, as co-lead managers, on Sodexo's €600 million bond issue.
The bonds bear interest at a rate of 0.75 percent and will mature in April 2027. The bonds, issued on October 14, 2016, are listed on the regulated market of Euronext Paris.
White & Case LLP has advised the bank syndicate, led by BNP Paribas and Crédit Agricole CIB, on Rallye's €200 million offering of bonds exchangeable for existing ordinary shares of Casino, redeemable in cash only.