Allen & Overy Paris advised Air Liquide, the world leader in gases, technologies and services for Industry and Health, on its first bond issuance on the Chinese domestic market for an aggregate nominal amount of 2.2 billion Renminbi (approximately 280 million euros). Air Liquide becomes therefore one of the first European companies to issue on this market.
Slaughter and May advised Standard Chartered PLC on its issue of US$1.25 billion 3.885% Fixed-to-Floating Rate Notes due 2024 and US$500 million 4.866% Fixed Rate Reset Subordinated Notes due 2033 under its US$77.5 billion Debt Issuance Programme.
Dentons has advised longstanding client Faurecia, one of the world's largest automotive equipment suppliers, on a significant new refinancing transaction.
Davis Polk & Wardwell LLP advised Telefónica, S.A. and Telefónica Emisiones, S.A.U. on an SEC-registered $2 billion aggregate principal amount off-the-shelf notes offering by Telefónica Emisiones, S.A.U., fully guaranteed by Telefónica, S.A. The offering consisted of $750 million aggregate principal amount of 4.665% fixed-rate senior notes due 2038 and $1.25 billion aggregate principal amount of 4.895% fixed-rate senior notes due 2048.
National law firm Mills & Reeve have advised The Mercer’s Company on a deal with Pension Insurance Company (PIC) of a £60 million, 50 year debt investment.
The Mercers’ Company is the Premier Livery Company of the City of London, founded in 1394. The Company, and its associated charitable trusts, make substantial grants annually to support its philanthropic programmes with young people and education, older people and housing and church and communities. The Company also supports 16 schools across the country, primarily through the appointment of governors.
Ashurst advised DIC Asset AG (DIC) on the successful increase of a corporate bond. Ashurst has already advised DIC on four bond issues and several increases.
The corporate bond, which has a coupon of 3.25 per cent and was issued in July 2017, has been increased by a volume of €50 million in a private placement. The bond is listed on the official list of the Luxembourg Stock Exchange and admitted for trading on the regulated market of Bourse de Luxembourg. DIC intends to use the net issue proceeds for general corporate purposes.
Clifford Chance advised a syndicate of international banks in connection with the EUR 100 million hybrid bond issuance of UBM Development Aktiengesellschaft.
UBM is a leading hotel developer in Europe and headquartered in Vienna, Austria. The bonds consist of Undated Resettable Fixed Rate Subordinated Notes with a first call date in March 2023. The notes are listed on the Official Market of the Vienna Stock Exchange.
Shearman & Sterling advised Commerzbank as arranger on the refinancing of Huber Packaging Group. The new financing will ensure long-term financial flexibility and enable further expansion opportunities.
Huber Packaging is a fifth generation family-owned company headquartered in Öhringen, Germany. The company is a leading manufacturer of metal tinplate and plastic-blown packaging in Europe. With over 1,000 employees in eight production sites and seven countries, Huber generated €200 million of revenue in 2017.
The Team
Slaughter and May is advising GKN plc on the proposed combination of its automotive business and Dana Inc, a NYSE-listed global leader in vehicle drive systems.
The combination is being undertaken as part of GKN’s defence against a share and cash unsolicited offer by Melrose Industries plc announced on 1 February 2018, which has been rejected by the Board of GKN.
On both the proposed Dana Inc combination and Melrose offer, Slaughter and May is working closely with a Cravath, Swaine & Moore LLP team led by Richard Hall, George Schoen and Jenny Hochenberg.
Simpson Thacher recently represented the underwriters, for which Morgan Stanley & Co. LLC and MUFG Securities Americas Inc. acted as representatives, in connection with the offering by Mitsubishi UFJ Financial Group, Inc. of $750 million of Floating Rate Senior Notes due 2023, $1.5 billion of 3.455% Senior Notes due 2023, $750 million of 3.777% Senior Notes due 2025 and $500 million of 3.961% Senior Notes due 2028. The offering was made pursuant to MUFG’s shelf registration statement on Form F-3 under the Securities Act.