Clifford Chance has advised Credit Suisse and Standard Chartered Bank as dealer managers for a S$60 million switch tender offer for Pacific International Lines (Private) Limited. Standard Chartered Bank intermediated the settlement of the switch as billing and delivery bank.

The transaction is the first time that switch tender technology has been used in the Singapore dollar bond market and for notes cleared through Singapore's Central Depository (Pte) Limited. This approach is more commonly used by sovereign issuers in the US dollar space.

Precision Drilling Corporation completed a Rule 144A and Regulation S offering of $400 million of 7.125% senior notes due 2026. Precision Drilling is using the proceeds from the offering, together with cash on hand, to repurchase any and all of its 6.625% senior notes due 2020 and a portion of its 6.5% senior notes due 2021 in a tender offer and to redeem any remaining 2020 notes not tendered during the tender offer. Canada-based Precision Drilling specializes in onshore drilling services in all major unconventional oil and natural gas basins.

Dentons has advised Germany-based dental healthcare technology company pritidenta GmbH on a €2 million bond financing by Norgine Ventures. The financing will help pritidenta to accelerate further product development and global commercial expansion.

Trowers & Hamlins has advised Affordable Housing Finance plc (AHF)  on their recent £92 million bond issue which was on-lent to five different housing associations.

To date AHF has issued over £1.1 billion of bonds pursuant to this scheme with the funds all being on-lent to registered providers to provide affordable housing, which the firm has advised on.

Partner Naomi Roper commented:

King & Wood Mallesons (KWM) has advised ME Bank on Australia’s third-ever wholesale Additional Tier 1 Capital deal – and the first to feature write-off only (rather than conversion) at the point of non-viability. 
 
ME Bank has issued A$200 million of Additional Tier 1 Capital-qualifying unrated Capital Notes via National Australia Bank and Westpac Institutional Bank.  The transaction is intended to support ME’s capital adequacy.
 

Allen & Overy has advised Citigroup, Deutsche Bank, J.P. Morgan and Maybank as the joint lead managers and joint bookrunners in connection with the debut US dollar high yield bond issuance by Press Metal (Labuan) Ltd., an issuing SPV wholly owned by Press Metal Aluminium Holdings Berhad (Press Metal). The issuance was guaranteed by Press Metal together with certain of its subsidiaries.
The US dollar-denominated 4.80% bond, which was over-subscribed by 9.5 times, raised USD400 million for Press Metal and was the first high yield bond offering out of Malaysia in over a decade.

We advised Abertis Infraestructuras, S.A. on the cash tender offer by its subsidiary, Holding d’Infrastructures de Transport S.A.S., for an amount of its outstanding EUR1,500,000,000 4.875% Notes due 2021. Holding d’Infrastructures de Transport announced on 17 November 2017 that it had accepted for purchase in cash an aggregate principal amount of Notes equal to EUR140,200,000 and the expected tender offer settlement date is 27 November 2017.

Contacts

Robert Byk (partner), Andrew Chaplin (associate), Chris Parrott (associate)

Slaughter and May advised SEGRO European Logistics Partnership (SELP) on its issue (the Issue) of €500m 1.50 per cent. Guaranteed Notes due 2025 (the Notes).  The Notes were issued by SELP Finance S.à r.l. and guaranteed by SEGRO European Logistics Partnership S.à r.l., and are listed on the Main Market of the Irish Stock Exchange.  The net proceeds of the Issue will be used for general corporate purposes and repayment of certain secured bank facilities.

Global law firm White & Case LLP has advised initial purchasers BNP Paribas, UniCredit Bank AG, Banca Akros S.p.A. – Gruppo Banco BPM, Banca IMI and MPS Capital Services on the €325 million high yield issuance of 6% senior unsecured notes due 2023 by Cooperativa Muratori & Cementisti - C.M.C. di Ravenna Società Cooperativa.

The notes have been issued pursuant to Rule 144A and Regulation S under the Securities Act, and are listed on the Luxembourg Stock Exchange.

Global law firm White & Case LLP has advised Trafigura, one of the world's leading independent commodity trading and logistics companies, on the establishment of the world's first 'true sale' commodities securitisation programme.

The programme is structured to an 'A' equivalent level and the initial US$470 million issuance finances Trafigura's crude oil and refined metals inventories across 12 jurisdictions in Europe, the Middle East and Asia-Pacific.