NEW YORK, September 11, 2013 – In its latest major transaction in the service of Brazil’s burgeoning offshore energy sector, Milbank, Tweed, Hadley & McCloy has advised Teekay Shuttle Tanker Finance LLC, as issuer, in the $174,150,000 financing of two Suezmax-class shuttle tankers designed to operate between Brazil’s offshore oil fields and coastal refineries and terminals.
Hogan Lovells has advised the unitranche and super senior lenders on Exponent Private Equity’s £190m dividend recapitalisation of UK ticketing company thetrainline.com which closed on 6 September. The transaction represents the largest unitranche facility put together for a UK-based company this year and the second largest across Europe.
Watson, Farley & Williams (“WFW”), a leading international law firm, has advised a consortium of banks and Sace on a US$57,800,000 financing to PT Asian Bulk Logistics.
The loan has been provided by leading European banks, including Italian bank Carige. Sace, the Italian insurance and financial group, acted as guarantor for the borrower on 50% of the loan.
Frankfurt am Main, 10 September 2013. Allen & Overy LLP has advised Deutsche Bank AG and J.P. Morgan as arrangers and lead managers on the refinancing of the Quokka Finance p.l.c. securitisation by a new CMBS (Monnet Finance Ltd.) in the amount of EUR 406.1 million.
With this transaction, the volume of European CMBS transactions entered into this year has increased to approximately EUR 5.5 billion.
Herbert Smith Freehills has advised Wesfarmers and Bunnings on an innovative securitised lease transaction. The transaction combines the sale and lease-back of 15 Bunnings Warehouse properties with a structured debt capital raising of approximately A$304 million for Wesfarmers. The transaction is the first of its kind in Australia and was significantly over-subscribed.
Clifford Chance advised Volkswagen Aktiengesellschaft in connection with the placement of two issues of undated subordinated notes subject to interest rate reset, consisting of EUR 1.25 billion of notes with a first call date in 2018 (NC5 Notes) and EUR 750 million of notes with a first call date in 2023 (NC10 Notes).
Slaughter and May is advising Unilever on the issue of a US$750 million bond under its US shelf programme. The issue consists of a single tranche of 2.2% Fixed Rate Notes due 6 March 2019, issued by Unilever Capital Corporation and guaranteed by Unilever N.V., Unilever PLC and Unilever United States, Inc. The anticipated closing date of the offering is 6 September 2013.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint bookrunners for the offering.
Louis Dreyfus Commodities BV has successfully issued its first senior Eurobonds in the amount of EUR 400 million. The bonds are listed on the Official List of the Luxembourg Stock Exchange.
Banks involved as leaders on the issue of bonds are BNP Paribas, ING, Natixis and Société Générale Corporate & Investment Banking, which were recommended by a team composed of Clifford Chance Cédric Burford (partner) and Gemma Doyle.
Simpson Thacher recently represented the initial purchasers in connection with the offering of US$2 billion of senior bonds in tranches due 2016, 2018 and 2023 by Japan’s Sumitomo Mitsui Banking Corporation, guaranteed by the bank’s New York branch. The senior bonds were offered and sold in reliance on the exemption from SEC registration provided in Section 3(a)(2) of the Securities Act. Goldman Sachs & Co., Citigroup Global Markets Inc., Barclays Bank PLC, Merrill Lynch, Pierce, Fenner and Smith Incorporated and SMBC Nikko Capital Markets Limited were the joint lead manager
Global law firm White & Case LLP has advised Citigroup and Barclays as Dealer Managers and Joint Lead Managers on the Republic of Ghana's US$1 billion, 7.875 per cent Reg S/Rule 144A Eurobond issue.
The deal comprised an issue of US$750 million in new Notes and an exchange offer of US$250 million in new Notes issued by Ghana in exchange for its existing Notes issued in 2007. The new Notes are due in 2023 and are listed on the Irish Stock Exchange.