Herbert Smith Freehills has advised the Joint Lead Managers of Westpac Banking Corporation’s (Westpac) offer of a new Tier 1 hybrid security known as Westpac Capital Notes, which are fully paid, non-cumulative, convertible, transferable, redeemable, subordinated, perpetual, unsecured notes issued by Westpac. The offer is to raise $1.25 billion, with the ability to raise more or less.

Westpac Capital Notes are expected to be quoted on the ASX and offered with an issue price of $100 each.

Ashurst advised the existing lending and hedging banks, Barclays Bank PLC, GE Corporate Finance Bank SAS, Lloyds TSB and RBS on the sale of freehold interests in a large proportion of the hospitals owned by the Spire Group to Moor Park Capital Partners. This resulted in a prepayment to the existing banks of circa £600m. The firm also advised on a complex tax driven group re-organisation and a resizing of both the opco and propco facilities.

Slaughter and May advised Prudential plc in connection with the update and revision of its £5,000,000,000 Medium Term Note Programme (the "Programme") and its subsequent issuance of US$700,000,000 5.25% Tier 1 Notes (the "Notes") under the Programme.

The dealers under the Programme are Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, Goldman Sachs International, The Royal Bank of Scotland plc and UBS Limited.

Legal Team Supports Banking Giant In Major Deal

A team from Irwin Mitchell’s Sheffield and Leeds offices has advised banking giant HSBC on its multi-million pound refinancing of Naylor Industries.

In a deal which sees South Yorkshire Investment Fund manager YFM Equity Partners exit the organisation five years after its original investment, HSBC’s regional Commercial team has provided a comprehensive £14 million finance package to support its growth.

Partner Sylvia Kierszenbaum, senior associate Willem Van de Wiele and associate Steven De Jonghe have advised the dealers on the establishment of the EUR10 billion Belgian Mortgage Pandbrieven Programme of Belfius Bank.

The team advised on the inaugural issue of the EUR1.25 billion Mortgage Pandbrieven 1.25% covered bond due in November 2017.

Advised Banca IMI S.p.A. as arranger in the structuring and documentation of €500 million securitisation deal of fondiari and ipotecari residential mortgage loans originated by Cassa di Risparmio di Asti S.p.A.

International legal practice Norton Rose has advised Gatehouse Bank, the London based Shariah compliant investment bank, on its UK real estate based sukuk, the first sukuk of its kind to be issued in the UK.

The London office of Norton Rose advised Gatehouse Bank on the sukuk, which has an innovative structure involving an ijara (lease) with a sale and purchase undertaking that gives noteholders recourse to Gatehouse Bank in addition to security over the sukuk asset, in effect acting as an Islamic covered bond.

Allen & Overy LLP advises its long-standing client News Corporation in connection with a comprehensive refinancing of Sky Deutschland AG. The refinancing comprises financing measures with expected gross proceeds totalling EUR 438 million, a guarantee for the Bundesliga broadcasting licence and new credit facilities guaranteed by News Corporation with a total volume of EUR 300 million.

CliffordChance has advised Nakheel PJSC in relation to its issuance of AED120.9 million, 10% tap certificates due 2016 to its trade creditors under its AED8.5 billion sukuk programme. This latest issuance brings the total amount issued by Nakheel to its trade creditors to AED4.148 billion, and further underpins Nakheel's commitment towards successfully implementing its revised business plan and the settlement of trade creditor claims.

Global legal practice Squire Sanders has advised the State of Berlin on a unique agreement with Gewerbesiedlungsgesellschaft Berlin (GSG), a Berlin-based commercial property and project development company, to secure €200 million of state funds (GA-Mittel) and facilitate the refinancing of the business, in a deal announced at the end of 2012.