We acted as counsel to Nordea, Aktia Bank p.l.c., Ilmarinen, LocalTapiola General Mutual Insurance Company and LocalTapiola Mutual Life Insurance Company in a large finance arrangement in which Erikoissijoitusrahasto eQ Hoivakiinteistöt signed a facilities agreement with the aforementioned financiers.

The C&S team included Partner Tero Tuomisto, Senior Associate Antti Rintakoski and Associates Riikka Mustonen and Niko Johansson.

Shearman & Sterling advised BNP Paribas, as arranger and lender, and various lending institutions, as lenders, on the senior financing of the acquisition of Maltese telecommunications operator Melita by private equity firms Apax Partners and Fortino Capital from GMT Communications Partners, MC Venture Partners, Gasan Group and Blackrock Communications. 

A pool of banks arranged the senior financing through a €135 million credit agreement, while the €40 million second-lien financing took the form of an English-law notes issuance.

Ashurst has advised the Commonwealth Bank of Australia (CBA) on an Offer of unsecured, subordinated notes (CommBank PERLS VIII Capital Notes), seeking to raise up to A$1.25 billion, net profits of which will be used to fund CBA's business.

The Offer, which includes a Broker Firm Offer, a Reinvestment Offer and a Securityholder Offer, will raise Tier 1 Capital to satisfy CBA's regulatory capital requirements and maintain the diversity of CBA's sources and types of funding. The net proceeds of the Offer will be used to fund CBA's business.

Simpson Thacher, acting as sole international counsel, represented The Hongkong and Shanghai Banking Corporation Limited as Dealer in connection with the offering of HK$780 million 1.83% Fixed Rate Notes due 2018 by Korea Land & Housing Corporation under its U.S.$1 billion Global Medium Term Notes Program. The offering was conducted in reliance upon Regulation S under the Securities Act of 1933, as amended, and settled through the Central Moneymarkets Unit (CMU) Service operated by the Hong Kong Monetary Authority.

Sidley has advised the underwriters, led by Morgan Stanley & Co. LLC, in connection with Morgan Stanley’s SEC-registered global offering of $5.5 billion aggregate principal amount of senior notes. The three-tranche offering was comprised of $2 billion of 2.450% fixed rate senior notes due 2019, $500 million of floating rate senior notes due 2019 and $3 billion of 3.875% fixed rate senior notes due 2026. The transaction settled on January 27, 2016.

Davis Polk advised the underwriters in connection with an SEC-registered Schedule B debt offering by KEXIM of $400 million aggregate principal amount of its 2.125% notes due 2021. The net proceeds from the offering will be used by KEXIM to extend loans to fund projects that promote the transition to low-carbon and climate-resilient growth.

KEXIM is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business.

Gernandt & Danielsson advises in Studsvik’s issue of corporate bonds amounting to SEK 300 million

The listed nuclear engineering company Studsvik AB (publ) has decided to issue corporate bonds amounting to SEK 300 million. The bonds are issued within a framework amount of SEK 350 million. The company has undertaken to list the bonds on Nasdaq Stockholm.

Herbert Smith Freehills is pleased to be advising Commonwealth Bank of Australia (CBA) on its issue of CommBank PERLS VIII Capital Notes and concurrent PERLS III Reinvestment Offer to raise approximately A$1.25 billion (with the ability to raise more or less), announced on 16 February 2016.

CBA is one of Australia’s leading providers of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, and investment and share broking products and services.

Clifford Chance has advised Edge Holding GmbH on a refinancing of P&I Group worth EUR 365 million.

Edge Holding GmbH, based in Wiesbaden, Germany, is a portfolio company of funds advised by the private equity investor HgCapital. P&I Personal & Informatik AG, a leading company in Europe in the development of innovative software for all HR management tasks, is a subsidiary of Edge Holding.

Mills & Reeve, regarded as an expert in alternative sources of financing for not-for-profit institutions, has advised Cardiff University on the launch of a £300 million public bond issue.

The net proceeds of the bond issue, the first capital markets fundraising undertaken by a Welsh university, will help support the university’s ambitious innovation campus and other general corporate purposes, including investment in research, teaching and student facilities.