Trowers & Hamlins has advised the Government of the Sultanate of Oman, represented by the Ministry of Finance, on its debut sukuk issuance, valued at OMR250 million (circa USD650 million). The transaction is the first sovereign sukuk issued by Oman.

The sukuk employs an ijara structure (with Government land being the underlying asset) and has a tenor of five years. Application will be made to the Muscat Securities Market for listing and trading of the sukuk in Oman.

Olswang has advised design-led stationery, greeting cards and gifts specialist Paperchase on a £50 million refinancing package. 

The refinancing package will further support and enhance the company's strong growth ambitions in the UK and internationally. It includes a £32m six-year term loan from direct lending fund Permira Credit Solutions II and £18m of capex, revolving credit and ancillary facilities from Lloyds Banking Group.

Dentons has advised the Republic of Ghana on a high profile issue of bonds.

The Republic issued USD1 billion 10.75 per cent bonds with a 15 year term. The issue was highly innovative as it benefited from a partial guarantee from the International Development Association (IDA), a division of the World Bank. The deal is of particular interest as this was the first time that the IDA had given a guarantee of a public bond issue and it was the first time that the Republic had accessed 15 year funding in the international bond markets. The bonds were listed on the Irish Stock Exchange.

Herbert Smith Freehills is advising Lonmin, the world’s third-largest platinum producer, on its US$407 million rescue rights issue and associated US$370m debt refinancing.

Clifford Chance has advised on SNS Bank's first Tier 2 debt issue since its nationalisation in February 2013. On 29 October 2015, SNS Bank successfully placed EUR 500 million subordinated (Tier 2) notes with a wide range of institutional investors. The transaction marks the convincing return of SNS Bank to the capital markets.

Davis Polk advised the joint lead managers in connection with the Rule 144A/Regulation S offering by the Hashemite Kingdom of Jordan of $500 million principal amount of its 6.125% notes due 2026.

The Davis Polk corporate team included partner Reuven B. Young, European counsel John Taylor and associates Matt Hart and Michael D. Arena . Partner John D. Paton and associate Nicholas A. Machen provided U.S. tax advice. Counsel David Wilson provided U.K. tax advice. All members of the Davis Polk team are based in the London office.

King & Wood Mallesons has advised China General Nuclear Power Corporation (CGN) as its international counsel and PRC counsel on the offering of US$500,000,000 4.00 per cent. bonds due 2025, issued by China Clean Energy Development Limited, a wholly-owned subsidiary of CGN and guaranteed by CGNPC International Limited. The bonds are also supported by credit enhancement by CGN through a keepwell and equity interest purchase undertaking deed and a standby facility agreement.

Clifford Chance has advised on the issuance of US$500 million 4.5% trust certificates due 2025 by MAF Sukuk Ltd. and guaranteed by Majid Al Futtaim Holding LLC. Majid Al Futtaim is a leading shopping mall, retail and leisure company across the MENA region.

White & Case LLP has advised BNP Paribas, Natixis and Société Générale Corporate & Investment Banking as Joint Lead Managers on the issue by Wendel of its €300 million 1.875 percent Bonds due 2020 issued on October 12, 2015.

The White & Case team in Paris was led by partner Cenzi Gargaro with support from associate Petya Georgieva. Partner Alexandre Ippolito advised on tax issues. The issuer was advised by its internal legal team headed by Sébastien Willerval, Head of Legal and Sébastien Metzger.

Reed Smith has advised Intermediate Capital Group plc (ICG) on its £155 million financing to support the £241 million acquisition of Britain’s biggest bingo chain, Gala Bingo, by listed private equity house, Caledonia Investments plc. The vendor, Gala Coral Group Limited, is divesting the asset in connection with its £2.3 billion merger with Ladbrokes. The transaction is subject to the approval of the UK Gambling Commission.

The senior debt facility is fully underwritten by ICG.