Shearman & Sterling represented E.CL S.A. (“E.CL”), a Chilean power company, in connection with its Rule 144A/Regulation S offering of US$350 million aggregate principal amount of its 4.500% Senior Notes due 2025. The proceeds of the offering, together with other available cash, were used for the full repayment of the outstanding project financing loans of one of its subsidiaries and all costs arising from the early termination of the related interest-rate swaps.

Shearman & Sterling represented Jaguar Land Rover Automotive plc (“Jaguar Land Rover”) on its offering of $500 million fixed rate high yield bonds due 2019. Jaguar Land Rover Automotive plc, an indirectly-owned subsidiary of Indian-owned Tata Motors Limited (India), bought luxury carmakers Jaguar Land Rover Limited and Land Rover in 2008.

Freshfields Bruckhaus Deringer has advised Hutchison Whampoa Limited on its €1.5bn (US$1.89bn) bond issue.  The bonds have a coupon of 1.375% and a term of seven years.

An application will be made to Singapore Exchange Securities Trading Limited for the subsequent listing of the notes.

The Freshfields team was led by Hong Kong finance partner Andrew Heathcote.

Baker & McKenzie advised Citigroup on the securitization of car loans worth EUR973 million for Toyota Kredit Bank GmbH. The relevant authorities approved the transaction on 22 October 2014.

"Citibank acting as lead manager established a securitization of high-quality assets for Toyota. German Auto ABS are securitizations that suffered no losses during the financial crisis and are therefore currently promoted by the European Central Bank," commented Dr. Martin Kaiser, head of Baker & McKenzie's Finance group in Germany.

Simpson Thacher represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc., as initial purchasers, in connection with an offering of US$250 million of 4.375% Notes due 2025 by Sociedad Química y Minera de Chile S.A.  The offering was conducted in reliance upon Rule 144A and Regulation S under the Securities Act of 1933.

Slaughter and May advised Tata Steel UK Holdings Ltd ('TSUKH') and Tata Steel Global Holdings Pte Ltd ('TSGH') – each wholly owned subsidiaries of the India based Tata Steel Limited – on the refinancing of existing bank debt through EUR 3.05 billion and US$1.5 billion of new term loan and revolving credit facilities.
 

Davis Polk advised IHS Inc. and certain of its subsidiaries in connection with a Rule 144A offering by IHS Inc. of an aggregate principal amount of $750 million of 5% senior notes due 2022. IHS Inc. used the net proceeds from the offering of the notes, together with cash on hand, to repay all amounts outstanding under its existing $250 million unsecured term loan and to repay a portion of the $850 million of outstanding borrowings under its new $1.3 billion senior unsecured revolving facility.   

Davis Polk advised Goldman Sachs & Co., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book-running managers and representatives of the several underwriters in connection with an SEC-registered offering of senior notes by Ingersoll-Rand Luxembourg Finance S.A. The offering consisted of $300 million aggregate principal amount of 2.625% notes due 2020, $500 million aggregate principal amount of 3.550% notes due 2024 and $300 million aggregate principal amount of 4.650% notes due 2044.

Clifford Chance has advised The Lords Commissioners of Her Majesty's Treasury, on behalf of the UK Government, with its issuance of Renminbi 3.0 billion fixed rate bonds.

The bond issuance further cements the UK's position as the western hub for Renminbi, and represents the next step in the UK Government’s long term economic plan to establish the UK as the centre of global finance.

Simpson Thacher represented Tesoro Logistics LP (“TLLP”) and Tesoro Logistics Finance Corp., as co-issuers, in connection with a Rule 144A/Regulation S offering of $500 million aggregate principal amount of their 5.50% Senior Notes due 2019 (the “2019 Notes”) and $800.0 million aggregate principal amount of their 6.25% Senior Notes due 2022 (the “2022 Notes”). TLLP will use the proceeds from the 2019 Notes to repay indebtedness outstanding under its revolving credit facility and for general partnership purposes.