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Banking & Finance - Capital Markets: Debt

The Korea Development Bank $1 Billion Notes Offering

21 Sep 2017

Davis Polk advised the underwriters in connection with an SEC-registered Schedule B debt offering by The Korea Development Bank of $500 million aggregate principal amount of its floating-rate notes due 2020, $150 million re-opening of its floating-rate notes due 2022 and $350 million aggregate principal amount of its 2.750% notes due 2023. The 2022 notes are consolidated and form a single series with The Korea Development Bank’s $500 million floating-rate notes due 2022 issued on February 27, 2017.

Baker Botts Represents Tallgrass Energy Partners in $500 Million Senior Notes Offering

21 Sep 2017

On September 12, 2017, Tallgrass Energy Partners, LP (NYSE: TEP) (“TEP”) announced that it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, priced an offering of $500 million in aggregate principal amount of 5.50% senior unsecured notes due 2028 at an offering price equal to 100% of par (“the Notes Offering”).

The Notes Offering closed on Friday, September 15, 2017. TEP intends to use the net proceeds of the offering to repay outstanding borrowings under its existing senior secured revolving credit facility.

Dentons in Poland advises on the financing of Warsaw Spire

19 Sep 2017

Dentons advised a consortium of three German banks - Helaba, Deutsche Pfandbriefbank and Berlin Hyp - on the refinancing of the Warsaw Spire office complex. The value of the loan facility was €370 million.

The prestigious office complex, situated at Europejski Square in Warsaw, consists of the 180 m tall Warsaw Spire high-rise tower and two other buildings, comprising jointly 115,000 sqm of office space.

Simpson Thacher Represents Underwriters in $1.25 Billion Senior Notes Registered Offering by ORIX

18 Sep 2017

Simpson Thacher’s Tokyo office recently represented the underwriters, led by J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley, in connection with the offering by ORIX Corporation of $750 million of 2.9% Senior Notes due 2022 and $500 million of $3.7% Senior Notes due 2027. The offering was made pursuant to ORIX Corporation’s newly filed shelf registration statement on Form F-3 under the Securities Act.

Simpson Thacher Represents Underwriters in Offering of an Aggregate of $4 Billion of Senior Notes by Mitsubishi UFJ Financial Group

18 Sep 2017

Simpson Thacher recently represented the underwriters, for whom Morgan Stanley & Co. LLC and MUFG Securities Americas Inc. acted as representatives, in connection with the offering by Mitsubishi UFJ Financial Group, Inc. of $1 billion of Floating Rate Senior Notes due 2022, $2 billion of 2.665% Senior Notes due 2022 and $1 billion of 3.287% Senior Notes due 2027. The offering was made pursuant to MUFG’s shelf registration statement on Form F-3 under the Securities Act.

Shearman & Sterling Advises on Amigo Luxembourg’s High Yield Tap Offering

18 Sep 2017

Shearman & Sterling advised J.P. Morgan, Jefferies and NatWest Markets in connection with Amigo Luxembourg S.A.’s tap offering of £75 million 7.625% senior secured notes due 2024. The notes are guaranteed by Amigo Loans Group Ltd, Amigo Loans Holdings Ltd, Amigo Loans Ltd (Amigo Loans), Amigo Management Services Ltd and R G Catering Limited.

KWM advises Goldman Sachs and JPMorgan on first Australian corporate cov-lite Term Loan B

18 Sep 2017

King & Wood Mallesons (KWM) advised joint lead arrangers and bookrunners, Goldman Sachs (as left lead) and JPMorgan on a landmark A$350 million Term Loan B facility for leading tech companies LEAP Legal Software Pty Ltd (LEAP) and InfoTrack Group Pty Limited (InfoTrack), under the holding company, Australian Technology Innovators.

InfoTrack is considered Australia’s leading regulated data provider for property, company and personal information, while LEAP provides practice management software for small and medium-sized law firms.

Debt Capital Markets team advises British Land

18 Sep 2017

Simmons & Simmons advises on £300 million note issuance by British Land

Simmons & Simmons has advised FTSE 100 Index constituent British Land on its inaugural issuance of £300m 2.375 per cent. Notes due 2029 under its £1bn Euro Medium Term Note Programme. This is the first syndicated note issuance by British Land under its EMTN Programme. The Notes are listed on the London Stock Exchange.

The Simmons & Simmons team was led by Capital Markets partner Piers Summerfield, supported by managing associates Tony Geffin and Leon Yap.