Davis Polk advised Credit Suisse Securities (USA) LLC, Barclays Capital Inc, UBS Securities LLC, Macquarie Capital (USA) Inc. and Nomura Securities International, Inc. as joint book-running managers and the initial purchasers in Rule 144A/Regulation S offerings of $275 million principal amount of senior secured notes due 2022 and $660 million principal amount of senior notes due 2022 of WMG Acquisition Corp., a subsidiary of Warner Music Group Corp.
Latham & Watkins advised the Managers and the Delegate on the issuance of US$1.5 billion Certificates due 2024 and US$1 billion Certificates due 2044 by Saudi Electricity Company (SEC). The transaction represents the second sukuk issuance for SEC in 2014, with the company having successfully raised SAR4.5 billion through a public sukuk issuance in the Kingdom of Saudi Arabia in January 2014. Latham advised the Joint Lead Managers on this transaction.
Cravath represented GHD Bondco PLC in connection with its £165 million 144A/Reg. S high-yield senior secured debt offering, guaranteed by Lion/Gloria HoldCo Limited and certain of its subsidiaries. GHD Bondco is a leading premium hair-styling appliance brand in the salon channel in the United Kingdom, Australia, Spain and Italy. GHD Bondco is a portfolio company of private equity sponsor Lion Capital LLP. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on April 16, 2014.
Herbert Smith Freehills is pleased to announce that it has advised on a US$1 billion dual-tranche note offering by state-run Oil India Limited. The deal is the largest ever bond issue from an Indian public sector enterprise and also the largest ever Reg S-only issuance by an Indian company.
The firm's team on the transaction, led by Singapore partner Philip Lee, acted for Citi, Deutsche Bank, HSBC, the Royal Bank of Scotland (RBS) and Standard Chartered Bank as joint lead managers.
Clifford Chance advised a banking consortium of Deutsche Bank, HSBC, Commerzbank, LBBW and UniCredit on a EUR 300 million bond issue by Dürr AG. The bond matures in 2021 and the coupon is 2.875%.
Dürr is a global leader in plant engineering and construction. It generates more than 80% of its turnover from business with the car industry, but also supplies the aviation industry, the mechanical engineering sector and chemical and pharmaceutical companies. It has more than 50 sites in 24 countries and employs around 8,200 people and generated EUR 2.4 million in turnover in 2013.
Davis Polk advised BBVA Securities Inc. and J.P. Morgan Securities LLC as joint book-running managers on an SEC-registered offering of $400 million aggregate principal amount of 4.25% notes due 2024 by Empresa Nacional de Electricidad S.A. (Endesa Chile).
Cravath represented Crown Castle International Corp. in connection with its US$850 million registered high-yield senior debt offering. Crown Castle International Corp. is an owner, operator and lessor of shared wireless infrastructure. The transaction closed on April 15, 2014.
The Cravath team included partners Stephen L. Burns and Johnny G. Skumpija and associate Jared B. Taylor. Paul L. Sandler also worked on this matter.
Slaughter and May advised International Personal Finance plc (IPF), a leading international home credit business with a market capitalisation of circa £1.3 billion and a FTSE 250 company, on the update of its EUR 1 billion Euro Medium Term Note Programme (the Programme).
Simpson Thacher represented a finance subsidiary of Stonegate Pub Company in connection with a Rule 144A and Regulation S offering of £400 million in aggregate principal amount of its Senior Secured Notes due 2019. Additionally Simpson Thacher represented a subsidiary of Stonegate Pub Company in connection with its entry into a new £25 million Revolving Credit Facility. The transaction closed on April 11, 2014.
The Firm represented Barclays Bank PLC, BNP Paribas, HSBC Bank plc, Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International plc, Wells Fargo Securities, LLC and other underwriters in connection with a €1.5 billion offering of debt securities by Wal-Mart Stores, Inc.
Wal-Mart offered and sold €850 million principal amount of its 1.900% Notes due 2022 and €650 million principal amount of its 2.550% Notes due 2026. The net proceeds from the offering will be used for general corporate purposes.