Cleary Gottlieb represented BNP Paribas, J.P. Morgan and Morgan Stanley as initial purchasers in the global bond offering by Nemak, S.A.B de C.V.
The transaction consisted of an offering of $500 million 4.750 percent senior notes due 2025 pursuant to Rule 144A and Regulation S. The offering was the first high-yield debt issuance by a Mexican corporation in 2018.
The transaction priced on January 11, 2018, and is expected to close on January 23, 2018.
The Firm is representing Melrose Industries PLC in connection with its recently announced unilateral offer to acquire GKN plc, the FTSE 100 engineering firm. GKN designs, manufactures and services systems and components for the aerospace, driveline and powder metallurgy industries globally.
Melrose’s £7.4 billion share and cash offer is the largest unilateral bid in the U.K. since 2009. The cash element will be financed through a new debt facility, which will also be used to refinance the existing Melrose and GKN indebtedness.
Linklaters advised on the establishment of a Global Medium Term Note Programme for the Government of the Sultanate of Oman, and on the issuance of three series of bonds under it with an aggregate issuance size of $6.5bn. It was the Sultanate’s largest ever foray into the international debt capital markets. Oman sold a $1.25bn bond with a five-year tenor, a $2.5bn bond with a 10-year tenor and a $2.75bn bond with a 30-year tenor.
Jonathan Fried, Capital Markets partner at Linklaters, says:
Paul Hastings LLP, a leading global law firm, represented Nemak, S.A.B. de C.V., a leading global supplier of aluminum components to automotive manufacturers, in an international bond offering. The offering involved the issuance of $500 million of 4.750% Senior Notes due 2025 pursuant to Rule 144A and Regulation S. The offering was the first high-yield debt issuance by a Mexican corporation in 2018. The underwriters involved were BNP Paribas, J.P. Morgan and Morgan Stanley.
Davis Polk advised the dealers in connection with a Rule 144A and Regulation S offering by Banco del Estado de Chile of $500 million aggregate principal amount of 2.668% senior notes due 2021 under Banco Estado’s medium-term notes program.
Banco Estado is the fourth-largest financial institution in Chile in terms of aggregate loans, the largest in terms of number of customers and geographic coverage (in terms of number of Chilean cities with a branch) and the market leader in Chile in residential mortgages (in terms of the number of loans made).
The Firm is representing Melrose Industries PLC in connection with its recently announced unilateral offer to acquire GKN plc, the FTSE 100 engineering firm. GKN designs, manufactures and services systems and components for the aerospace, driveline and powder metallurgy industries globally.
Melrose’s £7.4 billion share and cash offer is the largest unilateral bid in the U.K. since 2009. The cash element will be financed through a new debt facility, which will also be used to refinance the existing Melrose and GKN indebtedness.
The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised funds managed by VR Equitypartner GmbH, Granville and Baird Capital in relation to the debt financings aspects of the sale of their investments in ZARGES Group to WernerCo, a portfolio company of Triton Partners. The parties have agreed not to disclose the purchase price.
ZARGES Group, headquartered in Weilheim, Bavaria, is an internationally operating, leading producer of access technology and logistics equipment made of aluminium, in particular for professional trade and industry sectors.
The Firm recently represented Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as dealer managers, in connection with a cash tender offer by Gol Finance, a subsidiary of Gol Linhas Aéreas Inteligentes S.A. (“Gol”), the Brazilian airline, to purchase for cash up to US$50 million in aggregate principal amount of its outstanding 9.25% Senior Notes due 2020. The tender offer expired on January 12, 2018. Approximately US$21.3 million in aggregate principal amount of notes was tendered.
Shearman & Sterling represented The Bank of Nova Scotia in connection with its registered offering of $1 billion aggregate principal amount of 2.5% senior notes due 2021 and $500 million aggregate principal amount of floating rate senior notes due 2021.
The Bank of Nova Scotia is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia, offering a broad range of advice, products and services to its approximately 23 million customers around the world.
Global law firm White & Case LLP has advised the initial purchasers, including Credit Suisse and Goldman Sachs International as global coordinators and joint bookrunners, and BNP Paribas as joint bookrunner, on the high yield offering of €200 million principal amount 8.00%/8.75% Senior PIK Toggle Notes due 2022 by NewCo GB, a parent entity of Burger King France.