Launch of a € 175 million debt issuance programme with listing on the Official Market of the Vienna Stock Exchange
Successful exchange offer of € 44 million through exchange of bonds issued in 2016
New issue of another € 50 million bond under the debt issuance programme
Cravath represented the initial purchasers, led by Citigroup and NatWest Markets, in connection with the EU600 million Regulation S senior notes offering of Smurfit Kappa Acquisitions Unlimited Company, a wholly owned subsidiary of Smurfit Kappa Group plc. Smurfit Kappa Group plc is one of the world's largest integrated manufacturers of paper-based packaging products, with operations in Europe, Latin America, the United States and Canada. Proceeds of the offering were used to finance the acquisition of Reparenco Holding B.V. and to repay existing indebtedness.
Global law firm White & Case LLP has advised Vontobel and Zürcher Kantonalbank, as bookrunners, on Sunrise Communications AG’s CHF 200 million secured bond issue.
The bonds have a term of six years and a fixed coupon of 1.500%, and will be admitted to trading on the SIX Swiss Exchange.
Linklaters advised Credit Suisse (Singapore) Limited, DBS Bank Ltd. and Standard Chartered Bank on the issuance by Astrea IV Pte. Ltd. of S$242,000,000 Class A-1 Secured Fixed Rate Bonds, US$210,000,000 Class A-2 Secured Fixed Rate Bonds and US$110,000,000 Class B Secured Fixed Rate Bonds. The Bonds are collateralised fund obligations which are backed by cashflows from interests in private equity funds owned by Astrea IV.
Clifford Chance has advised Global Jet Capital, Inc., as servicer, and Business Jet Securities 2018-2, LLC, as issuer, on the issuance of $674 million of secured notes in an asset backed securitization on June 28, 2018. The securitization ("BJETS 2018-2"), is the second ABS offering that Global Jet Capital has closed in the last four months, bringing total assets securitized to over $1.5 billion (by asset value).
Ashurst advised Commerzbank Aktiengesellschaft (Commerzbank), Raiffeisen Bank International AG (RBI) and a Landesbank on the extension and increase of the existing co-funded securitisation programme for receivables of the German Wepa Group, one of Europe's largest suppliers of sanitary paper.
Simpson Thacher advised Blackstone on a high yield bond offering to finance a portion of the acquisition price of Cirsa Gaming Corporation S.A. LHMC Finco S.à r.l., a Blackstone special purpose vehicle, has completed a Rule 144A and Regulation S offering of €1.5 billion (equivalent) of euro denominated and dollar denominated Senior Secured Notes.
Gide has advised CNP Assurances on the issuance of its EUR 500 million perpetual deeply subordinated "Restricted Tier 1" notes, admitted to trading on Euronext Paris.
This transaction is the largest euro-denominated Restricted Tier 1 subordinated notes issue by a European insurer so far.
Gide's team was led by Hubert du Vignaux (partner, Capital Markets), assisted by Bastien Raisse (senior associate) and Laure Bellenger (associate). Laurent Modave (partner, Tax), assisted by Foulques Delaporte (associate), provided assistance on tax issues.
Mills & Reeve advised the University of Cambridge on its £600m bond issue, which will be used to invest in the University’s revenue-generating projects and other facilities.
Allen & Overy advises Oak Hill Advisors and Värde Partners on $1bn shipping loans
The $1bn portfolio of shipping loans is the second significant shipping loan portfolio that Oak Hill Advisors and Värde Partners have acquired from European banks. With a broad spread of vessel types, the loan portfolio has underlying exposure to a diversified pool of shipping sectors and borrowers.