King & Wood Mallesons (KWM) has advised Sydney Airport on its new 10 year €500 million European bond issue, being its first European bond issue since 2014.

The KWM team was led by Partners Jo Dodd and Elizabeth Hundt Russell, with support from Senior Associate Will Stawell, and Solicitors Zoe Anderson, Marina Lauer and Alex Stevens.

Partner Jo Dodd said, “we have recently witnessed a flurry of activity in the euro market from Australian corporates, driven by greater competitiveness of euros versus US dollars.”

Clifford Chance has acted for the joint lead managers on the issuance by Euroclear Investments of €300 million 12-year senior bonds (rated AA/AA- by Fitch and Standard and Poor's) and €400 million 30-year corporate hybrid bonds with the first call date at year 10 (rated A+/A by Fitch and Standard and Poor's). The coupons are 1.50% and 2.625% for the senior and hybrid bonds respectively. The bonds, issued on 11 April 2018, were issued under English law and have been admitted to trading on the Irish Stock Exchange plc, trading as Euronext Dublin.

Hogan Lovells advised initial purchasers BB Securities and BNP Paribas in the structuring, distribution and issuance of US$600 million in 144A/Regulation S notes issued by Rio Oil Finance Trust, an SPV created for purposes of issuing notes backed by oil royalties allocable to the State of Rio de Janeiro. The offerings are designed to assist the State of Rio de Janeiro and its pension fund RioPrevidência to monetize their future entitlements to national oil royalties.

Shearman & Sterling advised Silversea Cruise Holding Ltd. (“Silversea Cruises”) on the offering of $70 million aggregate principal amount of 7.250% senior secured notes due 2025 by its wholly owned subsidiary Silversea Cruise Finance Ltd.  The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on April 16, 2018. The proceeds of the offering will be used to fund future capital expenditure on its current fleet and for general corporate purposes.

Slaughter and May advised Euroclear Investments on the issuance of €300 million 1.50% 12-year Senior Bonds and €400 million 2.625% 30-year Corporate Hybrid Bonds. The Bonds, issued on 11 April 2018, were issued under English law and have been admitted to trading on the Irish Stock Exchange plc, trading as Euronext Dublin. Placement was made across a broad range of qualified investors.

Citi was sole structuring advisor and global coordinator for the transaction, and joint lead manager with MUFG Securities EMEA plc.

Contacts

A King & Wood Mallesons (KWM) team led by Rebecca Finkelstein and Yuen-Yee Cho advised Infigen Energy on its recent $605 million financing transaction and the unwinding of its existing global corporate finance and Woodlawn project finance arrangements. 

This transaction complements the corporate and capital markets work that KWM has been undertaking with Infigen Energy over a number of years, led by Shannon Finch and David Friedlander.
 

Frankfurt/Main – Hanover-based Continental AG has renewed and expanded its issuance platform for short-term bonds. Continental AG’s commercial paper programme now has a maximum value of EUR 1.5 billion. Commerzbank AG is acting as arranger and dealer. The dealer consortium also includes Bank of America, Merrill Lynch International Limited, Bayerische Landesbank, BNP Paribas, DZ BANK AG, ING Bank N.V., Landesbank Baden-Württemberg and The Royal Bank of Scotland plc (trading as NatWest Markets).

Cleary Gottlieb represented SK Telecom Co., Ltd. in its Rule 144A/Reg S offering of $500 million 3.75 percent notes due 2023.

The notes were listed on the Singapore Exchange. The offering priced on April 9, 2018, and closed on April 16, 2018. BofA Merrill Lynch, BNP PARIBAS, Goldman Sachs International, J.P. Morgan, Mizuho Securities, and Standard Chartered Bank were the joint bookrunners.

Shearman & Sterling advised Coca Cola European Partners plc (CCEP) on its offers to exchange certain U.S. dollar-denominated notes issued by its subsidiary, Coca-Cola European Partners US, LLC (CCEP US), for new notes issued by CCEP and guaranteed by CCEP US and cash, as well as related consent solicitations.  Concurrently, Shearman & Sterling also advised CCEP US on its solicitations of consents to substitute CCEP as the issuer and principal debtor and CCEP US as the guarantor under certain euro-denominated notes previously issued by CCEP US.

Shearman & Sterling advised Citigroup Global Markets Limited, Goldman Sachs International and RBC Capital Markets, LLC, as joint book-running managers, and Barclays Bank PLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, as co-managers, in connection with Ontario Teachers’ Finance Trust’s (OTFT) U.S. Rule 144A/Regulation S private placement of $2 billion aggregate principal amount of 2.750% Senior Notes due 2021. The notes are guaranteed by OTFT’s parent, Ontario Teachers’ Pension Plan Board.