Allen & Overy said today that Bank of Communications Co., Ltd. (“BoCom”) USD1.63 billion cross-border Basel III compliant bond, the first by a mainland Chinese bank, highlights the increasing use of international markets by Chinese banks.
Milbank, Tweed, Hadley & McCloy’s capital markets practice closed three Brazilian bond offerings within 10 days in late September and early October with a total value of US$860 million.
Details on the three transactions:
Allen & Overy advised Cowen Group, Inc. with respect to regulatory and structuring issues under the U.S. Investment Company Act of 1940 in connection with Cowen's public offering of USD64 million of 8.25% senior notes due 2021 (the “Notes”), including the Notes issued pursuant to the full exercise of the underwriters' option to purchase up to USD8.25m aggregate principal amount of additional Notes on the same terms and conditions.
Dentons has advised the National Bank Oman, one of the largest banks in the Sultanate of Oman, on the establishment of a listed and rated US$600 million Euro Medium Term Note programme, and the debut issue of US$500 million 3.125% Notes (due 2019).
The Programme and issue are rated (A3, Moody's) and listed on the Irish Stock Exchange. The Programme was arranged by HSBC, National Bank of Abu Dhabi, Credit Agricole Corporate Investment Bank and Standard Chartered Bank.
Mayer Brown advised Raiffeisen Bank International AG as arranger and dealer on the establishment of a EUR 5 billion Debt Issuance Programme of Raiffeisen Zentralbank Osterreich AG as issuer. CSSF in Luxemburg approved the respective prospectus.
Raiffeisen Zentralbank Osterreich AG is the central institution of the Austrian Raiffeisen Banking Group one of Austria's largest banking groups.
Linklaters has advised Bank of Communications Co., Ltd. (“BOCOM”) on its issuance of US$1.2 billion 4.50 per cent. Tier 2 Capital Bonds due 2024 and EUR500 million 3.625 per cent. Tier 2 Capital Bonds due 2026. The Basel III compliant Tier II instrument is the first international regulatory capital issue by a mainland Chinese financial institution, the largest ever international regulatory capital offering by a Chinese related financial institution and the first to be issued in Euro and US dollars.
Linklaters has advised the Managers on the issue by the Luxembourg Government of a €200 million sukuk (Islamic bond). The transaction represents the first euro-denominated non-Islamic sovereign sukuk, which follows the UK Government’s issuance of the first ever sukuk outside the Muslim world, which Linklaters advised the UK government on in July 2014.
BNP Paribas and HSBC acted as joint lead managers and Banque Internationale à Luxembourg S.A. and QInvest LLC acted as co-managers on the transaction.
Simpson Thacher represents TDR Capital LLP and Sun Capital Partners Limited in connection with the financing of their acquisition of Keepmoat, including (i) a Rule 144A and Regulation S offering of £263 million aggregate principal amount of 9.500% Senior Secured Notes due 2019, issued by a finance affiliate of Keepmoat, and (ii) a £75 million Revolving Credit Facility Agreement. The notes offering closed into escrow on October 3, 2014 and will be released upon completion of the acquisition.
Norton Rose Fulbright has advised UniCredit (as Mandated Lead Arranger, Bookrunner and Facility/Security Agent) and GE Capital (as Mandated Lead Arranger) in connection with the debt package supporting the acquisition by international private equity firm Ardian of a majority stake in RGI S.p.A. from 21 Investimenti, Quadrivio and other shareholders. RGI’s founder, Paolo Benini, and other managers, including CEO Vito Rocca, will maintain a shareholding in the company. The syndicate of lenders is comprised of UniCredit, GE Capital, UBI Banca and Banco Popolare.
CMS in London has advised Enterprise Inns plc (“ETI”) on a substantial refinancing transaction which completed today. The refinancing involved:
* A tender offer by ETI in respect of its £600 million secured bond issue maturing in 2018. The nominal amount of bonds tendered and purchased was £249.5 million.
* A new issue by ETI of £249.5 million secured bonds maturing in 2023 to finance the tender offer in part.
* A new £138m revolving credit facility on improved terms.