A&O has seen a flurry of emerging market sovereign of debt issues in recent weeks as the Fed’s decision to postpone the start of tapering its quantitative easing programme had opened the window for emerging market sovereigns.
US, English and Turkish-qualified lawyers from DLA Piper in London and YukselKarkinKucuk advised Coca-Cola icecek, the Turkey-based international Coca-Cola bottler, in its inaugural offering of $500 million 4.750% investment grade notes due 2018.
Paul, Weiss client Reckitt Benckiser Treasury Services plc, a subsidiary of Reckitt Benckiser Group plc, one of the world's leading manufacturers and marketers of branded health, hygiene and home products, completed an offering of $500 million 2.125% senior notes due 2018 and $500 million 3.625% senior notes due 2023. The offering was Reckitt Benckiser's first in the U.S. market. Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. acted as joint bookrunning managers.
Milbank, Tweed, Hadley & McCloy LLP recently represented affiliates of KKR Asset Management LLC (KAM) in connection with the upsize by $300 million of the existing KKR Financial CLO 2011-1, Ltd. secured financing transaction, permitting the CLO issuer to borrow up to an incremental $225 million to purchase senior secured corporate loans. In connection with the upsize, KKR Financial Holdings LLC increased its residual interest in the transaction through the acquisition of an additional $75 million of subordinated notes.
Ashurst has advised Iona Energy on its issuance of US$ 275 million senior secured bonds.
The purposes of the bond issue include refinancing Iona Energy's senior secured borrowing base facility, retirement of all or parts of its structured energy derivative transaction and the development of the Orlando and Kells projects.
The bond has the usual comprehensive security package including a charge over Iona Energy's interest in the Huntington, Trent & Tyne, Orlando and Kells fields.
SJ Berwin has advised investment fund Capzanine 2 on the acquisition by investee company Nerim Group of Boost and Normaction. The team, led by Olivier Vermeulen advised Capzanine 2 on the mezzanine financing of the operation. Senior debt was arranged by LCL Neuflize OBC, Palatine Bank and BNP Paribas.
Founded in 1999, the company Nerim is an Internet and telecom operator for companies with more than 20,000 customers in 2012 and achieved a turnover of around 26 million euros.
Davis Polk advised the initial purchasers on a Rule 144A/Regulation S offering of $600 million aggregate principal amount of 5.875% senior notes due 2021 by DuPont Fabros Technology, L.P. We also advised Goldman, Sachs & Co. as dealer manager in connection with DuPont Fabros Technology L.P.’s cash tender offer for its outstanding 8.5% senior notes due 2017 and related consent solicitation. The tender offer will be funded in part with the proceeds of the notes offering.
Slaughter and May advised Standard Chartered PLC on its issue of US$1 billion 5.20% Dated Subordinated Notes due 2024 under its US$50 billion Debt Issurance Programme. Barclays Capital, BofA Merrill Lynch, Deutsche Bank Securities and Standard Chartered Bank acted as joint lead managers and RBC Capital Markets acted as co-lead manager.
Sullivan & Cromwell advised on New York law.
CONTACTS
Corporate and Commercial: Nilufer von Bismarck (partner); Financing: Andrew Chaplin (associate), Richard Mailey (associate).
International law firm Weil, Gotshal & Manges has advised Polish Television Holding, B.V. (PTH), a special purpose subsidiary of the ITI Group, the leading media and entertainment group in Poland, in connection with an offering of €300 million of high yield PIK toggle notes to finance the redemption of outstanding high yield notes. Weil acted as US and Polish counsel to PTH.
Allen & Overy LLP has advised that Hapag-Lloyd AG on the successful placement of a EUR 250 million high yield bond under New York law. The bond, which was placed with institutional investors, has a term of five years, a coupon of 7.75 percent per annum and was several times oversubscribed. The issue price was 100.00 percent. The bond will be listed on the Luxembourg Stock Exchange.