Allen & Overy has advised a consortium of six banks on the purchase of USD470 million worth of senior variable funding notes issued by Trafigura Commodities Funding Pte Ltd (“TCF”), a non-recourse, stand-alone special purpose vehicle launched by Trafigura Pte Ltd (“Trafigura”), one of the world’s leading independent commodity trading and logistics companies.
Linklaters has advised Manchester Airports Group (MAG), a leading UK airport operator, on the update of its £5bn multicurrency programme and the issuance of £300m, 22-year bond with an annual coupon of 2.875%. MAG serves c. 56m passengers through its ownership and operation of Manchester Airport, London Stansted Airport, East Midlands Airport and Bournemouth Airport.
Gide has advised Crédit Logement on its tender offer on two series of subordinated notes.
Concurrently with the tender offer, Crédit Logement issued EUR500 million 1.350 per cent. subordinated fixed rate resettable notes due in 2029 and admitted to trading on the Euro MTF.
Gide’s team was led by Hubert du Vignaux (partner), assisted by Laurent Vincent (counsel), Aude-Laurène Dourdain and Louis Ravaud.
The bank syndicate was assisted by Allen & Overy.
Reliance Rail, a public-private partnership (PPP) formed with the NSW State Government, has built and owns the Waratah Trains on Sydney’s rail network, and is one of Australia’s largest PPP projects with a value of A$3.6 billion.
Reliance Rail, together with support from its existing shareholders (Amber Infrastructure, AMP Capital and Downer), sought approval from the State to refinance its A$2 billion debt earlier this year.
On 21 November 2017, PostNL successfully settled and issued EUR 400 million of fixed rate Notes due 2024. The Notes were sold to institutional investors across Europe.
The net proceeds of the offering will be used for general corporate purposes including redemption of existing debt. The issue price for the Notes is 99.987% with an annual coupon of 1.000%. Notes are listed on Euronext Amsterdam and are rated BBB+ by Standard & Poor’s.
The world’s first fully automated cryptocurrency-denominated bond issuance that is also cleared, settled and registered on a public blockchain infrastructure was successfully completed today by Nivaura, a fintech company that has developed a cloud-based service for the issuance and administration of financial instruments by small and medium-sized issuers.
DLA Piper (Canada) LLP and Boughton Law Corporation represented the First Nations ETF Limited Partnership in its previously announced C$545 million offering of 25 year senior secured notes and the acquisition of a 49% interest in the East Tank Farm Development.
The First Nations ETF Limited Partnership is a partnership formed by the Fort McKay First Nation and Mikisew Cree First Nation for the purpose of the transactions.
Norton Rose Fulbright has advised infrastructure investment group BBGI SICAV S.A. on the refinancing of a £180 million multicurrency secured holdco accordion facility with ING Bank and KfW IPEX-Bank.
The new facility will replace an existing £180 million facility when it reaches the end its term in January 2018.
Watson Farley & Williams (“WFW”) advised a syndicate of seven international banks led by HSH Nordbank AG (“HSH”), in its capacity as agent and security trustee, in relation to a senior secured term loan facility of US$460m made available to Capital Product Partners L.P. (“CPLP”). The facility was arranged by HSH and ING Bank N.V., London Branch (“ING”), each acting as mandated lead arrangers and bookrunners. BNP Paribas (“BNP”) and National Bank of Greece S.A. (“NBG”), also acted as arrangers.
Leading international law firm Clifford Chance advised WTT Investment Ltd, which conducts its business through its wholly owned subsidiary, WTT HK Limited (previously Wharf T&T, WTT), a fixed-line telecommunication services operator in Hong Kong, on refinancing of existing acquisition facilities by issuing a 144A/Reg S high yield bond. WTT was acquired in 2016 by leading private equity funds, MBK Partners and TPG Capital, who currently jointly own WTT group. The US$670 million senior notes offering due 21 November 2022 will pay a fixed coupon of 5.5% per annum.