Davis Polk is advising the dealer managers in connection with cash tender offers by ERP Operating Limited Partnership, an operating partnership subsidiary of Equity Residential (the “Operating Partnership”), for (i) any and all of its outstanding 5.125% notes due 2016 and 5.375% notes due 2016 (collectively, the “Any and All Notes”) and (ii) up to $600 million aggregate principal amount of its outstanding 5.75% notes due 2017, 7.125% notes due 2017, 4.625% notes due 2021 and 7.57% notes due 2026.

Davis Polk advised the underwriters in connection with an SEC-registered Schedule B debt offering by The Korea Development Bank of $500 million aggregate principal amount of its 2.5% notes due 2021 and $1 billion aggregate principal amount of its 3.0% notes due 2026.

The Davis Polk corporate team included partner Eugene C. Gregor and registered foreign lawyers Tae-Hun Kim, Ryan J. Grimm and Ying Su. Counsel Alon Gurfinkel provided tax advice. Members of the Davis Polk team are based in the Tokyo, Hong Kong and London offices.

Cravath represented European Investment Bank in connection with its US$4.5 billion registered debt offering. European Investment Bank is a long-term financing institution of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on January 12, 2016.

The Cravath team included partner Philip J. Boeckman and associates Giacomo Reali and Lawrence J. Verhelst.

P+P Pöllath + Partners advised vasopharm GmbH as part of a financing round amounting to EUR 20 million.

Alongside existing investors such as Entrepreneurs Fund, Heidelberg Capital Private Equity, Bayern Kapital and funds, advised by Hanseatic Asset Management Ltd., investor Fort Rock Capital participated in the financing round. The venture partner of Fort Rock Capital, Mario Alberto Accardi, will remain an advisory board member.

Allen & Overy LLP advised Oesterreichische Kontrollbank on legal aspects of its public offering of $1.0 billion of 1.875% Guaranteed Global Notes due 2021.
The bonds are guaranteed by the Republic of Austria and will be listed on the regulated market of the Luxembourg Stock Exchange.

Clifford Chance has advised the Cordenka group on the refinancing of its existing loan facilties. The financing banks are Commerzbank, NIBC, IKB and BKB.

Tiwel Holding AG, a company controlled by the Renova Group, has completed a mandatory tender offer for all publicly held shares in Sulzer AG.  Sulzer AG is listed on SIX Swiss Exchange and specializes in the supply of equipment for the oil and gas sector, power generation, production of cellulose, and operates in space and machine engineering.

Nabarro has advised longstanding clients, Great Portland Estates plc (GPE) on a new £90 million loan with RBS and Crédit Agricole CIB for one of their joint vehicle ventures, the Great Ropemaker Partnership (GRP).

Ashurst advised Kartesia Credit Opportunities I, a €507 million pan-European credit fund with offices in Brussels, London and Luxembourg (Kartesia), in connection with the partial financing of the acquisition of Swatycomet d.o.o. (Swatycomet), one of Europe's leading manufacturers of bonded abrasives, by Weiler Corporation (Weiler), a leading provider of power brushes, abrasives and maintenance products for surface conditioning. Swatycomet, headquartered in Maribor, Slovenia, was sold by Avtotehna. The parties  agreed not to disclose the terms of the transaction.

In the autumn of 2014 we advised EBRD and DEG, the largest European development institutions, in connection with the refinancing of facilities provided to Tyazhpromarmatura JSC (“Oil & Gas Systems”), Russia’s largest machinery producer, and its leading manufacturer of pipeline valves. EBRD initially provided financing of €123 million in February 2014 and we acted in connection with the introduction of DEG into the lender group and an increase in the facilities to a total of €265 million.