We advised Finnair Plc in the issue and listing of EUR 200 million hybrid bonds as well as in the tender offer for its 2012 hybrid bonds.
Our team of advisers was headed by partner Merja Kivelä and included partner Sari Laaksonen, counsel Mikko Heinonen, senior associate Thomas Landell and associates Aksu Tuominen and Jenni Parviainen.
King & Wood Mallesons has advised Qingdao City Construction Investment (Group) Limited (QCCI) as international counsel on its US$500 million perpetual capital bond offering through its Hong Kong subsidiary.
On September 24, 2015, UBS launched its inaugural issuance of "Bail-inable Bonds", a class of newly designed senior debt instruments. The USD 1.5 bn 2.95% Senior Notes due 2020, the USD 2.5 bn 4.125% Senior Notes due 2025 and the USD 300 mio Floating Rate Senior Notes (together, the "Notes") have been issued by UBS Group Funding (Jersey) Limited on September 24, 2015 on a Rule 144A/RegS basis and are guaranteed by UBS Group AG ("UBSG"). The Notes will be listed on the SIX Swiss Exchange Ltd.
Simpson Thacher represented Stonegate Pub Company Financing plc (“Stonegate”), a TDR portfolio company, in connection with a Rule 144A and Regulation S offering of £80 million in aggregate principal amount of its Senior Secured Notes due 2019. The transaction closed on October 7, 2015. Stonegate used the net proceeds from this offering to repay borrowings under a senior secured term loan facility that was used to finance the consideration for the acquisition by certain entities within the Stonegate group of freehold pubs and certain other assets.
Gleiss Lutz is advising Joh. Friedrich Behrens AG on the issue of a bond that is to be admitted for trading on the Entry Standard for corporate bonds on the Frankfurt Stock Exchange. The five-year bond has an issue volume of up to 25 million euros and can be subscribed from 12 October 2015 up until, presumably, 9 November 2015 through, among other things, the subscription functionality of the Frankfurt Stock Exchange.
White & Case LLP has advised Kedrion S.p.A., as offeror, on the partial repurchase of its notes by means of a cash tender offer for a total aggregate principal amount equal to approximately €151 million.
Banca IMI S.p.A., Mediobanca – Banca di Credito Finanziario S.p.A. and Natixis acted as Joint Dealer Managers and Joint Structuring Advisors on the transaction, the aim of which is the optimization of Kedrion S.p.A.'s financial structure.
Hogan Lovells has advised EDF on the first bond issue in USD ever launched by a European corporate in Taiwan ("Formosa bond") with a 30-year maturity for a total amount of 1.5 billion USD.
Through this bond issue, which is part of EDF's Euro Medium Term Notes (EMTN) program governed by French law, EDF raised 1.5 billion USD. This is the largest bond issue ever carried out by a foreign group in Taiwan.
Allen & Overy has advised ANZ as sole lead manager and bookrunner in relation to the Republic of Fiji’s USD200 million sovereign bond offering. The transaction comprised a simultaneous cash tender offer for Fiji’s outstanding bonds due 2016 and an offering of new bonds.
ANZ was mandated as dealer manager of the tender offer and lead manager of the new bond offering. Fiji’s most recent USD-denominated bond issue was in 2011, a transaction on which Allen & Overy also advised.
Clifford Chance has advised the Republic of Fiji on its issuance of US$200 million 6.625% bonds due 2020. The sole lead manager was ANZ. The issuance was done in conjunction with a cash tender offer for Fiji's existing bonds due 2016, managed by ANZ. This is the country's first sovereign capital raising since 2011, on which the Firm also advised.
Castres & Snellman advised Municipality Finance in the issue and listing of a EUR 350 million Additional Tier 1 (AT1) instrument as to Finnish law. Municipality Finance is globally the first SSA issuer of a publicly listed AT1 instrument. In Finland the AT1 transaction itself is first of its kind. The AT1 instrument was listed on the Irish Stock Exchange in Dublin. The instrument is perpetual, and Municipality Finance has the first option to call the securities in 6.5 years after the issue date, in 2022. The coupon rate is 4.5 per cent.