White & Case LLP has advised BNP Paribas and J.P. Morgan, as Joint Global Coordinators and Joint Bookrunners, on the placement of €2 billion 1.125 percent Unsecured Equity-Linked bonds due March 2022 that have been issued by Telecom Italia S.p.A.

Barclays, Citi, Credit Suisse and UniCredit acted as Joint Bookrunners alongside the Joint Global Coordinators.

The White & Case team included partners Michael Doran (London), Richard Pogrel (London), Ferigo Foscari (Milan), local partner Paul Alexander (Milan) and associate Piero de Mattia (Milan).

Gernandt & Danielsson advises in 4finance’s issue of corporate bonds amounting to SEK 225 million

The Luxembourg consumer credit provider 4finance S.A. has issued Swedish corporate bonds amounting to SEK 225 million through a private placement. The bonds have been issued within a framework amount of SEK 600 million. The company has undertaken to list the bonds on the Corporate Bond List at Nasdaq Stockholm.

Baker & McKenzie has once more acted as arranger counsel for Société Générale Corporate, Investment Banking (Société Générale) in the third public ABS (asset-backed securities) transaction of Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK) in Germany.

Consilium AB (publ) has issued SEK 600 million senior unsecured notes with a total volume of up to SEK 900 million. The notes are due in 2020, carry a floating interest rate of 5.75 percentage units above 3-month STIBOR and have been issued partially for the purpose of refinancing Consilium’s outstanding note loan. Consilium intends to apply for listing of the notes on NASDAQ Stockholm.

The Alternative Fixed-Income Market (MARF) has admitted to trading a €55 million bond issue launched by Sidecu, with a five-year maturity and a 6% annual coupon. We advised Sidecu’s underwriting entities on refinancing the company’s existing debt.

Arcano, the global coordinator and lead manager of the transaction has distributed bonds among Spanish and foreign qualified investors, while Banco Cooperativo has acted as co-lead manager.

Eversheds has advised University College London (UCL) on a new financing loan arrangement provided by a syndicate of banks.

The £150m loan was provided by HSBC, Lloyds Bank, RBS and Barclays to help the University with its continued growth and development.

The Eversheds team was led by Partner Nigel Dale, assisted by Associate Marie-Charlotte Chambers.

Nigel Dale commented:

Norton Rose Fulbright has advised The Bank of New York Mellon in its role as delegate trustee for Petroliam Nasional Berhad (PETRONAS)’s US$1.25 billion Sukuk offering.

The issue was the Malaysian state-owned energy group’s first after a hiatus of almost six years, and also represents part of Asia’s second largest corporate dollar bond.

Clifford Chance advised Volkswagen International Finance N.V. and Volkswagen AG in connection with the issuance of EUR 2.5 billion in hybrid bonds consisting of two tranches, a tranche with an aggregate principal amount of EUR 1.1 billion with a first call date in March 2022 and a tranche with an aggregate principal amount of EUR 1.4 billion with a first call date in March 2030.

 The joint lead banks advising Volkswagen were BNP Paribas, Commerzbank Aktiengesellschaft, J.P. Morgan and Bank of America Merrill Lynch.

Clifford Chance advised Merck KGaA and its U.S. finance subsidiary EMD Finance LLC in connection with the debut yankee bond issuance in an aggregate of USD 4 billion in investment grade notes consisting of a USD 250 million floating rate tranche due in 2017, a USD 400 million 1.700% fixed rate tranche due in 2018, a USD 750 million 2.400% fixed rate tranche due in 2020, a USD 1,000 million 2.950% fixed rate tranche due in 2022 and a USD 1,600 million 3.250% fixed rate tranche due in 2025.

Slaughter and May advised NewDay Cards Ltd (NewDay Cards) and its affiliates in relation to a  public debt issue under its credit card, store card and instalment credit securitisation.

The transaction involved the issuance, through a master trust structure, of £244.25 million of Series 2015-1 Floating Rate Asset Backed Notes (the Series 2015-1 Notes) by NewDay Partnership Funding 2015-1 Plc.