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Banking & Finance - Capital Markets: Debt

Herbert Smith Freehills advises joint lead managers on ANZ’s A$1 billion capital notes offer

03 Jul 2013

Herbert Smith Freehills has advised the joint lead managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of new Tier 1 hybrid securities known as ANZ Capital Notes (Notes), which are fully paid, mandatorily convertible, subordinated, perpetual notes issued by ANZ (Offer). The Offer raised A$1 billion, with the ability to raise more.

The Notes are offered at an issue price of $100 and are expected to be quoted on the ASX.

Barry Callebaut finances acquisition of the Cocoa Ingredients Division from Petra Foods with Linklaters

03 Jul 2013

Linklaters advised Barry Callebaut, the leading global manufacturer of top-quality cocoa and chocolate products with registered office in Switzerland, in relation to the offering of a US$400m high yield bond and a CHF 279m capital increase. The high yield bond has a term of ten years and a fixed coupon of 5.5 per cent and was also offered to U.S. investors.

Allen & Overy LLP has advised the German bank in issuing its first bond denominated in Chinese Renminbi in Taiwan.

02 Jul 2013

The German bank was the first international financial institution that issued such a bond in Taiwan. The so-called "Formosa bond" (issued in Taiwan borrowing in foreign currency), with a volume of 1.1 billion CNY the largest renminbi bond that has been issued in Taiwan. The bond will be listed on the Taiwan Stock Exchange GreTai, which Taiwanese private investors can invest directly in the bond.

Ashurst advises lenders on the refinancing of Pret A Manger

02 Jul 2013

Ashurst advised Bank of Ireland, BNP Paribas, HSBC, ING, Rabobank, Royal Bank of Scotland and Societe Generale as arrangers and underwriters of the £375 million refinancing of the Pret A Manger group. This marked a continuation of Ashurst's relationship with Pret A Manger since acting on the acquisition financing provided to Bridgepoint Capital in 2008.

Clifford Chance advised Goldman Sachs International and Bank of America Merrill Lynch on German multifamily CMBS of real estate loans to companies in the Gagfah group

27 Jun 2013

Clifford Chance advised Goldman Sachs International and Bank of America Merrill Lynch on the largest CMBS transaction in Europe since the beginning of the financial crisis. The bonds issued by the Irish special purpose vehicle German Residential Funding 2013-1 Limited are secured by real estate loans secured on residential real estate granted to two limited partnerships which are companies in the GAGFAH group, the largest listed residential company in Germany.

Allen & Overy advises GAGFAH on multi-billion refinancing and securitisation by way of CMBS

26 Jun 2013

Allen & Overy has advised GAGFAH, the second-largest German multi-family property company, on the refinancing and securitisation by way of CMBS (Commercial Mortgage-backed Securities).

The proceeds of the new CMBS (German Residential Funding 2013-1 Limited) with a volume of EUR 2.061 bn were applied to refinance a loan that was securitised in 2006 and secured by GAGFAH’s GRF portfolio comprising approx. 61,600 residential and 469 commercial units.