Ashurst has advised UniCredit S.p.A. in relation to the disposal to Cerberus on non-recourse basis (pro soluto) of a non performing unsecured consumer and personal loans credit portfolio for an aggregate gross book value amount of about €950 million. The portfolio has been purchased by Cerberus pursuant to a securitisation transaction where Credito Fondiario S.p.A. has acted as sponsor and servicer.

The Ashurst team was led by Milan partner Gianluca Fanti and included associate Francesco Scebba.

Davis Polk advised PepsiCo, Inc. on its registered offering of €500 million aggregate principal amount of 1.750% senior notes due 2021 and €500 million aggregate principal amount of 2.625% senior notes due 2026. BNP Paribas, Deutsche Bank AG, London Branch and HSBC Bank plc acted as joint book-running managers for the offering.  

Cravath represented Time Inc. in connection with its US$700.0 million high-yield senior debt offering. Time Inc. is the largest magazine publisher in the United States based on both readership and print advertising revenue and the largest magazine publisher in the United Kingdom based on print newsstand revenues.

The transaction closed on April 29, 2014. The Cravath team included partner Joseph D. Zavaglia and associates Michael E. Mariani and Michael S. Atamas.

Allen & Overy LLP advised ANOA Capital S.A., quirin bank AG and Close Brothers Seydler Bank AG in connection with the issue of four series of bonds by Air Berlin PLC in connection with its recapitalization.

The fixed bonds have terms of five and seven years, denominations in Euro and Swiss Franc and a high-yield style covenant package. The bonds have an aggregate principal amount of EUR 250 million (or the equivalent in Swiss Franc).

Dentons has advised banking group Emirates NBD on a US$90.5 million term loan facility to Abu Dhabi-based investment company Centurion Investments.

The loan was to finance Centurion's acquisition of CSH Investment, a leading regional healthcare group with a growing portfolio of hospitals, pharmacies and clinics, including Emirates Hospital, CosmeSurge. The deal is considered the largest by Centurion to date.

Slaughter and May, Hong Kong, is advising China Power International Development Limited in relation to its issue of RMB 2 billion 4.5% bonds due 2017. The joint bookrunners and lead managers in respect of the bond issue are BOCI Asia Limited, Bank of China (Hong Kong) Limited, Bank of Communications Co., Ltd Hong Kong Branch and Industrial and Commercial Bank of China (Asia) Limited.

An application has been made for the bonds to be listed on the Hong Kong Stock Exchange as a debt issue to professional investors only.

Cravath represented the underwriters, led by Morgan Stanley and Citigroup, in connection with the US$3.0 billion registered high-yield senior debt offering of Chesapeake Energy Corporation, the second-largest producer of natural gas and the 10th largest producer of oil and natural gas liquids in the United States. The transaction closed on April 24, 2014. Cravath also represented Morgan Stanley and Citigroup as dealer managers for a concurrent senior notes tender offer by Chesapeake Energy Corporation.

Davis Polk advised The Royal Bank of Scotland Group plc, a public limited company incorporated in Scotland, in connection with its SEC-registered shelf takedown of $700 million aggregate principal amount of 1.875% senior notes due 2017 and $300 million aggregate principal amount of floating-rate notes due 2017. The notes were underwritten by RBS Securities Inc. as sole bookrunner and joint lead manager, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co.

Simpson Thacher represented Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, BBVA Securities Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc. and other underwriters in connection with a $2.5 billion offering of debt securities by Wal-Mart Stores, Inc.

Largest ever international bond offering by Pakistan and first issuance for seven years. Global legal practice Norton Rose Fulbright has advised the Government of Pakistan on a US$2 billion bond issue. The transaction represents the largest ever international bond offering by Pakistan, and is its first international bond issuance since 2007.