Milbank, Tweed, Hadley & McCloy has advised on two large capital markets deals on behalf of first-time corporate issuers in Guatemala. The two offerings of senior notes together raised $500 million.
Freshfields Bruckhaus Deringer has advised ATON, a holding company of mainly German providers of industrial engineering services, on its debut EUR 200 million bond issue.
The notes are issued by ATON Group Finance GmbH under the guarantee of the group’s parent company ATON GmbH. The notes have a maturity of five years and a fixed coupon of 3.875% per annum. The bond proceeds will be used to refinance existing financial indebtedness of the Group and for general corporate purposes.
Shearman & Sterling represented Citigroup Global Markets Limited and Barclays Bank PLC as joint bookrunners on Bilbao (Luxembourg) S.A.’s offering of €150 million of its 10.50%/11.25% PIK Toggle Notes due 2018. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on October 24, 2013.
Shearman & Sterling represented BNP Paribas Securities Corp. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead managers in connection with the issuance by the North American Development Bank of $300,000,000, 2.300% Notes due 2018.
Shearman & Sterling represented Jefferies International Limited and Jefferies LLC, which acted as the sole manager and placement agent, respectively with respect to the offering by Emma Delta Finance plc of its €250,000,000 8.50% First-Lien Senior Secured Notes due 2017 and €150,000,000 12.00% Second-Lien Senior Secured Notes due 2017. The proceeds of the offering will be used to fund the privatization of a controlling stake of Hellenic Football Prognostics Organisation S.A.
Cravath represented the initial purchasers, led by Credit Suisse, RBC Capital Markets, Deutsche Bank Securities, Goldman, Sachs & Co. and Morgan Stanley, in connection with the US$1.6 billion 144A/Reg. S high-yield senior debt and senior payment-in-kind (PIK) “toggle” debt offering of Mariposa Borrower, Inc. and Mariposa Merger Sub LLC. The issuers are controlled by Ares Management and the Canadian Pension Plan Investment Board.
A Cravath team including partner Andrew J. Pitts and associate Isaac C. Beerman. Samantha J. Reitz acted for Citigroup, J.P. Morgan Securities, Morgan Stanley and PNC Capital Markets LLC, in connection with the US$750 million senior and US$500 million subordinated debt offering of PNC Bank, National Association, a wholly owned indirect subsidiary of PNC Financial Services Group, Inc.
Davis Polk advised Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities plc, Deutsche Bank AG, Singapore Branch and China Merchants Securities (HK) Limited, as initial purchasers of a Rule 144A/Regulation S offering by Evergrande Real Estate Group Limited of $1 billion aggregate principal amount of its 8.75% senior notes due 2018.
Evergrande Real Estate Group Limited, listed on the Hong Kong Stock Exchange, is one of the largest national property developers in China.
Davis Polk advised Citigroup Global Markets Limited and Merrill Lynch (Singapore) Pte Ltd as the joint lead managers in connection with a Regulation S offering by DFCC Bank of its $100 million 9.625% senior notes due 2018.
Created in 1955 by an act of the Sri Lankan parliament and listed on the Colombo Stock Exchange since 1956, DFCC Bank is an independent policy bank and is the only financial institution in Sri Lanka to hold both commercial bank and specialized bank licenses.
Davis Polk advised J.P. Morgan Securities LLC as sole underwriter in connection with an SEC-registered offering by General Mills, Inc. of $250 million aggregate principal amount of floating-rate notes due 2016. The newly issued notes constitute with the notes already outstanding a single series of $500 million aggregate principal amount of floating-rate notes with identical terms.