DLA Piper has advised leading international property specialist Aareal Bank Group, on the provision of a complex five-year term debt facility of up to €800 million to certain funds affiliated with Apollo Global Management LLC, together with its consolidated subsidiaries "Apollo." The debt will finance a pan-European portfolio of logistics properties, with the tailor-made facility providing stability, security and flexibility for Apollo’s growing and diverse pan-European logistics portfolio.

Global law firm White & Case LLP has advised Groupe Michelin, the leading tire company, on a three-tranche, €2.5 billion bond issue, with seven-year, 12-year and 20-year maturities respectively.

The bonds, which were offered via an international private placement to qualified investors, were issued by Compagnie Générale des Etablissements Michelin and will be admitted to trading on Euronext Paris. The proceeds from the issue, which was largely oversubscribed, will be used for general corporate purposes.

Shearman & Sterling advised the lenders on the refinancing and recapitalization of Ipsen, a portfolio company of Quadriga Capital. The financing was structured as a unitranche, provided by funds advised by Barings Global Advisers, in combination with a super senior revolving credit facility and a guarantee facility, both provided by ABN AMRO and HSBC Trinkaus & Burkhardt.

International law firm Trowers & Hamlins has advised longstanding client Global Net Lease (GNL) on its £230 million refinancing which closed on 16 August.

The deal puts in place new debt for GNL's entire UK property portfolio, which consists of large, single-let buildings, let to anchor tenants including Amec Foster Wheeler, Harper Collins and Fujitsu on long leases.  The financing was led by Lloyds, acting as agent and arranger, with a £130m participation by PGIM Real Estate.

Global law firm White & Case LLP has advised a bank consortium consisting of BNP Paribas, Credit Suisse Securities (Europe) Limited, ING Bank N.V., MUFG Securities EMEA plc and Skandinaviska Enskilda Banken AB (publ) on a €1.75 billion dual tranche bond issue by BMW Finance N.V.

Slaughter and May, Hong Kong, advised Cathay Pacific Airways Limited on the annual update of the US$2 billion Medium Term Note Programme of Cathay Pacific MTN Financing Limited, its wholly-owned subsidiary (the Programme).

Notes issued under the Programme are unconditionally and irrevocably guaranteed by Cathay Pacific Airways Limited and may be listed on The Stock Exchange of Hong Kong Limited.
Contacts

Financing: Lisa Chung (partner), Adrienne Yeung (associate), Pariya Rojtanongchai (associate), Conrad Cheung (trainee)

Jones Day advised Greystar Real Estate Partners, LLC in a recapitalization of its and PSP’s Chapter portfolio of student accommodation properties, one of the largest in Central London, by consolidating the portfolio under a new joint venture in which Allianz acquired an interest. Simultaneously, Jones Day advised the new joint venture on their entry into new debt financings relating to the portfolio.

Contact: David Smith, Giles P. Elliott, Emily Stew