Global law firm White & Case LLP has advised Banco BPM S.p.A. on the update of its €25 billion Euro Medium Term Note Programme.

The programme was amended to allow the bank to issue Senior Non-Preferred Notes and in order to comply with European banking regulations regarding the minimum requirement for own funds and eligible liabilities (MREL). The Notes issued under the programme will be listed on the Luxembourg Stock Exchange and offered and sold pursuant to Regulation S under the Securities Act.

Milbank, Tweed, Hadley & McCloy LLP has advised J.P. Morgan and Danske Bank as initial purchasers in connection with the issuance of €275 million 5.00% Senior Secured Notes due 2025 by Kongsberg Actuation Systems B.V.

The proceeds of the bond issuance will be used to repay amounts outstanding under an existing revolving credit facility. Milbank also advised J.P. Morgan and Danske Bank in their capacity as Lead Arrangers on the entering into a super senior revolving credit facility.

Cravath represented the European Investment Bank in connection with its $4 billion registered notes offering. The European Investment Bank, which functions as the bank of the European Union, supports projects that make a significant contribution to growth, employment, economic and social cohesion and environmental sustainability, both in the EU and beyond. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on July 17, 2018.

Davis Polk advised the joint lead managers in connection with Mizuho Financial Group, Inc.’s debut SEC-registered takedown offering of Australian dollar-denominated senior notes, which consisted of A$275 million aggregate principal amount of 3.752% senior notes due 2023 and A$350 million aggregate principal amount of floating-rate senior notes due 2023. The notes are structured to count as total loss-absorbing capacity (“TLAC”) when TLAC regulations are implemented in Japan. The notes are listed on the Singapore Exchange Securities Trading Limited.

Refinancings showcase Ropes & Gray’s integrated bank/bond finance practice in London, offering clients a one-stop shop for complex cross-border financings

Gide advised Société d'Infrastructures Gazières in connection with the structured and guaranteed bond issuance for a total amount of €586.4 million at a rate of 2.715 per cent. and due 2029.

Gide’s team was led by Hubert du Vignaux (partner), assisted by Laurent Vincent (counsel), Louis Ravaud (associate) for the bond aspects, Laetitia Lemercier (partner), assisted by Faten Anis (associate) for the security aspects, and Pierre-Adrien Lienhardt and Aurélia Rambaud (associates) for the energy law aspects.