Davis Polk advised J.P. Morgan Securities LLC and Goldman Sachs (Asia) L.L.C. as joint bookrunners and representatives of the underwriters on an SEC-registered offering by Baidu, Inc. of $1 billion aggregate principal amount of its 3.25% notes due 2018.
Baidu is the leading Chinese-language Internet search provider. Baidu’s ADSs currently trade on the NASDAQ Global Select Market.
Trowers & Hamlins has acted as United Arab Emirates legal counsel to the lenders and bond underwriters on the US$2.3 billion refinancing of the Shuweihat S2 Independent Water and Power Project (IWPP) in the Emirate of Abu Dhabi, UAE.
The refinancing comprised US$1.475 billion of long-term facilities from lenders, including Japan Bank for International Cooperation, and a US$825 million bond issuance by the project company, Ruwais Power Company PJSC. The refinancing reached financial closing on 6 August 2013.
International law firm Pinsent Masons has advised Barclays on a £35m asset based financing deal for Costcutter Supermarkets Group.
The Firm represented the underwriters led by Citigroup Global Markets, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and RBS Securities Inc.
The Firm represented Barclays Capital Inc., J.P. Morgan Securities LLC and CIBC World Markets Corp., as initial purchasers, in connection with a Rule 144A/Regulation S offering of US$750 million of 4.854% Notes due 2024 by the Government of Bermuda. This was the single largest sovereign bond offering by the Government of Bermuda to date.
Bermuda is a self-governing Overseas Territory of the United Kingdom and is located in the Atlantic Ocean.
Olympique Lyonnais Groupe announced the launch of an offering, with shareholders’ preferential subscription rights, of subordinated mandatory convertible bonds into new and/or existing shares (OSRANE) for a total nominal amount of €80,250,200, for which subscription is fully underwritten by Pathé and ICMI, its two reference shareholders.
The OSRANE will be redeemed on July 1st, 2023. The subscription period has begun since August 1, 2013 and will run to the close of trading on August 14, 2013. The listing of the OSRANE on Euronext Paris is expected on August 27, 2013.
The partial refinancing of JBIC and commercial banks as existing creditors to the US$2.3 billion Shuweihat S2 independent water and power project closed on 6 August 2013. Ruwais Power Company PJSC (sponsored indirectly by TAQA, GDF Suez, Marubeni, Osaka Gas and ADWEA) issued US$825 million in project bonds (with a 6% yield) and applied such proceeds towards the refinancing (among other purposes).
Dentons in Poland advised TAURON Polska Energia S.A. in clinching a financing deal with Bank Gospodarstwa Krajowego (BGK) worth one billion Polish zlotys. This is BGK’s biggest financing transaction ever, without precedent in the bank’s history.
The agreement to organize and guarantee a bonds issue was executed by BGK and TAURON on July 31, 2013. The bonds will be issued to finance investment projects to be implemented as part of the investment strategy of the TAURON Group until 2020. The agreement is an element of the Polish Investments Program.
Baker & McKenzie Diwok Hermann Petsche advised Bruneckerstraße Ost GmbH, a PEMA Group company, on the issue of a EUR 52.8 million secured corporate bond pursuant to the Austrian Curator Act. Erste Group Bank AG acted as lead manager and structurer of the bond issue. The secured bond issue was rated by Credit Reform with an "A +" rating.
Shearman & Sterling represented Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC, as joint book-running managers, in connection with Dana Holding Corporation’s registered public offering of $450 million aggregate principal amount of 5.375% Senior Notes due 2021 and $300 million aggregate principal amount of 6.000% Senior Notes due 2023.