Debevoise & Plimpton LLP advised Verizon Communications Inc. in connection with its $49 billion bond offering, the largest-ever corporate bond issue. The deal will help finance Verizon’s acquisition of Vodafone's 45 percent interest in Verizon Wireless for $130 billion. The offering consisted of a mix of 3-year, 5-year, 7-year, 10-year, 20-year and 30-year maturities with fixed or floating interest rates.
Davis Polk advised Credit Suisse Securities (USA) LLC as underwriter in connection with an SEC-registered, add-on offering by K. Hovnanian Enterprises, Inc. of $41,581,000 aggregate principal amount of 6.25% senior notes due 2016. The notes are a reopening of an offering of $300 million of such notes issued in 2005. The notes are guaranteed by Hovnanian Enterprises, Inc. and substantially all of its subsidiaries. The proceeds of the offering will be used to fund the redemption of K. Hovnanian Enterprises’ outstanding 6.5% senior notes due 2014 and 6.375% senior notes due 2014.
The Firm recently represented Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch, Goldman Sachs International, The Hongkong and Shanghai Banking Corporation Limited, The Korea Development Bank and Woori Investment & Securities Co., Ltd., as underwriters, in connection with The Republic of Korea’s US$1.0 billion takedown offering of 3.875% Notes due 2023 under its shelf registration program on Schedule B registered with the U.S. SEC.
Simpson Thacher is representing Hovnanian Enterprises, Inc. (NYSE: HOV) and its subsidiaries (the “Company”), one of the nation’s largest homebuilders and a long-standing client of the Firm, in connection with the registered offering by K. Hovnanian Enterprises, Inc., its wholly-owned subsidiary (“K. Hovnanian”), of $41.6 million of additional 6.25% Senior Notes due 2016 (the “Notes”). The Company intends to use the net proceeds from the offering of the Notes to fund the redemption of all of K.
Cravath represented Unilever Capital Corporation in connection with its US$750 million registered senior debt offering, guaranteed by Unilever N.V., Unilever PLC and Unilever United States, Inc. The Unilever Group is one of the world’s leading consumer goods companies with brands that span 14 categories of home, personal care and food products worldwide. The transaction closed on September 6, 2013.
The Cravath team included partner LizabethAnn R. Eisen, senior attorney G. Douglas Johnson and associate William D. Podurgiel.
Shearman & Sterling advised on Sprint Corporation’s $6.5 billion high-yield bond offering—reportedly the largest-ever high-yield bond offering sold directly to investors. The firm represented J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., and RBC Capital Markets LLC as joint book-running managers; Scotia Capital (USA) Inc.
Shearman & Sterling represented Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and The Huntington Investment Company as the joint bookrunning managers in connection with a registered offering by Huntington Bancshares Incorporated of $400 million aggregate principal amount of its 2.60% Senior Notes due 2018.
Milbank, Tweed, Hadley & McCloy LLP announced that it has represented the underwriters in the largest corporate debt offering on record – Verizon Communication’s $49 billion bond sale to fund the company’s purchase of Vodafone Group PLC’s interest in Verizon Wireless.
National business law firm, DWF, has advised Cyprotex, the drug testing specialist, as it has taken a £3 million loan to invest in its US facilities and drive growth, it has also made an open offer of a further £4 million of loan notes to its shareholders.
Ashurst has advised European Investment Bank ("EIB") on granting a corporate loan to Eberspächer. The Ashurst team was led by partner Dr Tom Beckerhoff and comprised associate Dr Endrik Kramski as well as transaction manager Dominique Blaurock (all Banking, Frankfurt). Ashurst regularly advises EIB in connection with corporate financings.