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.
Davis Polk advised the sole global coordinator, sole bookrunner and sole lead manager on a Regulation S only offering of $100 million 6.95% senior notes due 2022 (to be consolidated and form a single class with the $200 million 6.95% senior notes due 2022 issued on July 5, 2017 after the SAFE Completion Event with respect to both the original notes and the new notes has occurred) by Prime Bloom Holdings Limited, a wholly owned subsidiary of Shandong Ruyi Technology Group Co., Ltd., guaranteed by Shandong Ruyi and Forever Winner International Development Limited.
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:
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.
Davis Polk advised Rumo Luxembourg S.à r.l., as issuer, and Rumo S.A., as guarantor, in connection with Rumo Luxembourg’s $500 million offering of 5.875% senior notes due 2025, which were issued pursuant to Rule 144A and Regulation S under the Securities Act.
Based in Brazil, Rumo is the largest intermodal logistics operator in Latin America, focusing on rail transportation, warehousing, operation of terminals and other logistics services.
Davis Polk advised Sumitomo Mitsui Banking Corporation in connection with a global medium-term note program update and a benchmark takedown, which consisted of $1.25 billion aggregate principal amount of 2.514% senior notes due 2020 and $750 million aggregate principal amount of senior floating-rate notes due 2020, each guaranteed by SMBC’s New York branch.
SMBC is one of world’s largest commercial banks by assets.
Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior TLAC notes, which consisted of $1.5 billion aggregate principal amount of 3.102% senior notes due 2023, $750 million aggregate principal amount of 3.544% senior notes due 2028 and $500 million aggregate principal amount of floating-rate senior notes due 2023. The notes are structured to count as total loss-absorbing capacity (“TLAC”) when TLAC regulations are implemented in Japan.
Heuking Kühn Lüer Wojtek advised Aschheim-based Munich Brand Hub AG on converting receivables from a bond issued by Laurèl GmbH into shares in Munich Brand Hub AG (“debt-to-equity swap”). The company was also advised on listing the shares on the Munich Stock Exchange.
Global law firm Norton Rose Fulbright has advised GuarantCo, which has been acting in collaboration with the Nigeria Sovereign Investment Authority (NSIA), on the establishment of a new Nigerian entity, InfraCredit.
GuarantCo has provided a USD 50 million Callable Capital Facility to InfraCredit as part of its capital structure.
GuarantCo encourages infrastructure development in low income countries through the provision of credit guarantees that enable infrastructure projects to raise debt finance.
Watson Farley & Williams (“WFW”) advised Dutch investor Maas Capital Renewables, part of ABN AMRO Private Equity, on the circa €38m refinancing of its solar portfolio comprising of six ground-mounted photovoltaic plants.
The plants, with a total installed capacity of 15.6 MWp, are located in the Molise, Puglia and Lazio regions of Italy.