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Banking & Finance - Capital Markets: Debt

White & Case Advises Nigerian Government on First GDN Issuance by an African Country

20 Aug 2014

Global law firm White & Case LLP has advised the Federal Republic of Nigeria on the first ever issuance of local bonds in the form of Global Depository Notes by an African country.

The bonds were issued in two tranches of 15.10% FGN Bonds due April 2017 and 16.39% FGN Bonds due January 2022. Citigroup acted as Global Coordinator and Joint Bookrunner while Stanbic IBTC and Standard Chartered Bank acted as Joint Bookrunners.

Union Pacific's Registered Debt Offering

20 Aug 2014

Cravath represented the underwriters, led by BofA Merrill Lynch, J.P. Morgan Securities and Morgan Stanley, in connection with the US$700 million registered debt offering of Union Pacific Corporation, owner of one of America’s leading transportation companies. The transaction closed on August 12, 2014.

The Cravath team included partner Craig F. Arcella and associate Michael S. Atamas. Summer associate Nicholas Kypriotakis also worked on this matter.

CBS Corporation's $1.75 Billion Registered Senior Debt Offering

19 Aug 2014

Cravath represented CBS Corporation in connection with its US$1.75 billion registered senior debt offering. The transaction closed on August 19, 2014.

The Cravath team included partner William J. Whelan III and associates Elizabeth E. Burke and Stephen K. Wallant on corporate matters and associate Jay S. Gill on tax matters. Summer associate Alex Winkelman also worked on this matter.

Baker & McKenzie Advises China Railway Construction Corporation on its USD800 Million Bond Issuance

15 Aug 2014

Baker & McKenzie’s US Securities team in China and Hong Kong recently advised its longstanding client China Railway Construction Corporation Limited (CRCC), a state-owned construction enterprise in China, on a USD800 million 3.95 percent guaranteed bonds issuance pursuant to Regulation S under the U.S. Securities Act.

This is the second bond issuance under Regulation S made by CRCC, on which the Firm has advised. In May 2013, the Firm also advised CRCC on the offering of USD800 million 3.50 percent guaranteed bonds due 2018.

Paul Hastings Represents Deutsche Bank and Standard Chartered Bank in US$350 Million High Yield Bond Offering for Global Cloud Xchange

15 Aug 2014

Hong Kong (August 12, 2014) - Paul Hastings, a leading global law firm, announced today that the firm represented Deutsche Bank AG, Singapore Branch and Standard Chartered Bank in connection with a Rule 144A and Regulation S offering of US$350 million of 7.0% senior secured notes due 2019 by GCX Limited, a subsidiary of India’s Reliance Communications, and a leading global data communications service provider with one of the largest global subsea cable and terrestrial networks. The notes were listed on the Singapore Stock Exchange.

Norton Rose Fulbright acts on major transaction for Brookfield Rail

14 Aug 2014

Global legal practice Norton Rose Fulbright has advised rail infrastructure provider Brookfield Rail on its successful US s144A Private Placement (USPP).

The placement consisted of three $US tranches of senior secured notes – for 7 years, 10 years and 12 years respectively – totalling US$485 million. It also included a refinancing of syndicated bank facilities totalling $100 million. The USPP transaction, which closed on July 16, was heavily oversubscribed and taken up by 18 note investors.

Simpson Thacher Represents Underwriters in $250 Million Senior Notes Offering by Symetra Financial Corporation

11 Aug 2014

Simpson Thacher represented the underwriters, led by J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, in an offering of $250 million in aggregate principal amount of 4.25% Senior Notes due 2024 by Symetra Financial Corporation (“Symetra”).

Proceeds from the offering are expected to be used for general corporate purposes, which may include but are not limited to working capital, capital expenditures, repayment of outstanding indebtedness, stock repurchases and dividends.

Simpson Thacher Represents the Initial Purchasers in $250 Million Notes Offering by Compass Minerals International, Inc.

11 Aug 2014

The Firm represented the initial purchasers, led by J.P. Morgan Securities LLC and Goldman, Sachs & Co. as joint book-running managers and Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Lloyds Securities and PNC Capital Markets LLC as co-managers, in a Rule 144A/Regulation S offering by Compass Minerals International, Inc. (NYSE: CMP) of $250 million principal amount of 4.875% Senior Notes due 2024. The offering closed on June 23, 2014.

Synchrony Financial $8 Billion Unsecured Term Loan Facility

11 Aug 2014

Davis Polk advised JPMorgan Chase Bank, N.A., as administrative agent, and Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc., as joint lead arrangers and joint bookrunners, and BNP Paribas Securities Corp., The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSBC Bank USA, National Association, Mizuho Bank, Ltd., RBC Capital Markets, RBS Securities Inc., Santander Bank, N.A., Societe Generale, S

White & Case Advises Play Topco S.A. on PIK Toggle Transaction

11 Aug 2014

London, Warsaw, August 2014 ... Global law firm White & Case LLP has advised Play Topco S.A., the indirect shareholder of Polish mobile telecoms operator P4 Sp. Z o.o., on its €415 million senior PIK toggle notes offering.

P4 Sp. Z o.o., which trades as Play, is a portfolio company co-owned by Olympia Development and London based investment firm, Novator. The proceeds of the transaction have been distributed to shareholders.