LONDON: Allen & Overy has advised on the refinancing of communications infrastructure and media services company Arqiva's GBP3.4 billion existing senior and mezzanine bank facilities.

Addleshaw Goddard has advised UPP Group, the UK's largest provider of on-campus student accommodation, on its property-backed bond programme.

UPP raised an initial £382 million through the issuance of two tiers of bonds, a £309m 27 year fixed interest note with a 4.9% coupon and a £75m 34 year index linked bond. Both bonds will be secured against the rental revenue from its portfolio of student accommodation across six universities which, in total, generates an annual rent of £133 million.

London, Milan and Rome: International legal practice Norton Rose has advised the European Investment Fund (“EIF”) with respect to a guarantee provided for an asset backed floating rate note issue arranged by Société Générale Corporate & Investment Banking (“SocGen”).

Trowers & Hamlins advised Trifinium Advisers UK Limited on setting up a £2 billion social housing bond programme via a special purpose vehicle bond issuer, GB Social Housing Plc, and subsequent on lending under the programme of a total of £85 million to three Registered Providers.

Herbert Smith Freehills has advised the Healthscope Group on its offer of new ASX listed subordinated notes launched earlier today. The offer is seeking to raise A$150 million with the ability to raise more or less.

The proceeds of the offer will be used to repay part of the Healthscope Group’s senior debt, which will create additional financial flexibility to pursue its growth strategy. The Healthscope Group is one of Australia’s leading private healthcare services providers.

International law firm Freshfields Bruckhaus Deringer advised Hong Kong-listed Shanghai Industrial Holdings Ltd. (“SIHL”), a conglomerate whose core businesses include infrastructure facilities, real estate and consumer products, on its issuance of HK$3.9bn Zero Coupon Guaranteed Convertible Bonds due 2018. The bonds, issued through a wholly owned subsidiary of SIHL, are guaranteed by SIHL and are convertible into shares of SIHL.

Clifford Chance recently advised the European Stability Mechanism ("ESM") on its debt issuance programme and on the inaugural issue of EUR 39 billion of notes, on 5 December 2012.

The first issue of ESM notes was used to finance the first ESM lending operation to the Kingdom of Spain to finance the re-capitalisation of the Spanish banking sector.

Five different offices of Clifford Chance were involved in this transaction:

SJ Berwin a conseillé le groupe Gras Savoye dans le cadre du refinancement de sa dette LBO. L’équipe du cabinet, menée par Christophe Digoy, Managing Partner, est intervenue sur la structuration et les aspects corporate du refinancement de la dette.

Gras Savoye, premier courtier en assurance en France et dixième mondial, compte 3 800 collaborateurs dans 42 pays et a réalisé un chiffre d’affaires de plus de 555 millions d'euros en 2011.

Ashurst advises Crédit Agricole on the refinancing of the Gras Savoye group's debt

Ashurst has advised Caisse Régionale de Crédit Agricole Mutuel de Paris
et d'Ile-de-France ("Crédit Agricole Ile De France") and Caisse Régionale de Crédit Agricole Mutuel de Nord France ("Crédit Agricole Nord De France") on the refinancing of the existing LBO debt of the Gras Savoye group.

Hong Kong: Leading international law firm Clifford Chance has advised BOC International, Deutsche Bank, and JP Morgan as joint lead managers on the issue by Hainan Airlines (Hong Kong) Co. Ltd. of US$500 million 3.625% notes due in 2020. The bonds were backed by a RMB denominated standby letter of credit from the Bank of China, one of the few bond deals with this type of credit enhancement.