Leading international law firm Clifford Chance advised Unibail-Rodamco, Europe's leading listed commercial property company, on its first €650 million "green" loan.
This is a first-of-its kind "green" loan as the interest margin is not only tied to the Group’s long-term credit ratings, but also to three green Key Performance Indicators based on the Group's "Sustainability Vision" and "Better Places 2030" strategies.
Credit Suisse AG acted as joint-lead manager together with BNP Paribas (Suisse) SA. The bonds will be listed on the SIX Swiss Exchange.
Homburger acted as counsel to Credit Suisse AG. The Homburger team consisted of partner Jürg Frick and counsel Eduard De Zordi (both Financial Services).
Mayer Brown represented lead managers Credit Suisse, J.P. Morgan and Morgan Stanley on the issuance of EUR 300,000,000 callable and resettable subordinated notes of Deutsche Pfandbriefbank AG. The notes have been issued under the EUR 50 billion debt issuance program of Deutsche Pfandbriefbank.
The so-called Tier 2 notes are due on 28 June 2027 and provide for an issuer call right. Initially, the rate of interest is set at 2.875 per cent and will be reset based on a swap rate on a reset date specified in the terms and conditions of the notes.
Allen & Overy Casablanca has advised the Euro-Mediterranean University of Fes (UEMF) in relation to a EUR70m financing by the European Investment Bank (EIB). UEMF, whose honorary President is King Mohammed VI of Morocco, was founded in 2012 with the support of the Kingdom of Morocco and the Union for the Mediterranean and has been pursuing its development strategy since its creation.
Ashurst advised the banks on the €205 million financing for 2i Aeroporti S.p.A. and €45 million financing for its subsidiary GESAC. 2i Aeroporti S.p.A. is a subsidiary of F2i and Ardian and has a shareholding in some major Italian airports (including Milan, Turin and Bologna). GESAC operates Capodichino Airport in Naples. The amount will be used, amongst other things, to refinance the existing debt of the aforementioned companies and their subsidiary 2i Sac.
Allen & Overy has advised the Co-operative Group on the terms of the GBP700m capital raising plan to secure the long term future of The Co-operative Bank and on the revised structure of the shared Co-operative “PACE” pension scheme. Terms of the deal were reached between the Bank, the Group, the pension trustee and an ad-hoc committee of the Bank’s bondholders on 28 June 2017 and the plan was accepted and approved by the Prudential Regulation Authority.
Davis Polk advised IHS Markit Ltd. in connection with its Rule 144A/Regulation S offering of an additional $300 million aggregate principal amount of its 4.75% senior notes due 2025. The additional notes will form a single series with the $500 million aggregate principal amount of 4.75% senior notes due 2025 that IHS Markit Ltd. issued in February 2017.
Davis Polk advised Sumitomo Mitsui Financial Group, Inc. on its SEC-registered takedown offering of senior TLAC notes, which consisted of $2 billion aggregate principal amount of 2.784% senior notes due 2022, $1.75 billion aggregate principal amount of 3.364% senior notes due 2027 and $500 million aggregate principal amount of floating-rate senior notes due 2022.
SMFG is the holding company for one of the three largest banking groups in Japan. Its wholly owned subsidiary, Sumitomo Mitsui Banking Corporation, is one of the world’s largest commercial banks by assets.
Simpson Thacher, acting as sole international counsel, represented The Hongkong and Shanghai Banking Corporation Limited, as arranger and dealer, and Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc, Nomura International plc, Standard Chartered Bank and UBS AG Hong Kong Branch, as dealers, in connection with the update of the US$2.5 billion global medium term note program of Korea Land & Housing Corporation. The update was conducted in reliance upon Regulation S under the Securities Act of 1933, as amended.
Shearman & Sterling advised Credit Suisse, China CITIC Bank International, BOC International and Deutsche Bank as dealer managers in connection with Kaisa Group Holdings Ltd.’s exchange offer of approximately US$2.7 billion aggregate principal amount of newly issued 7.25% senior notes due 2020, 7.875% senior notes due 2021, 8.50% senior notes due 2022 and 9.375% senior notes due 2024 (Notes), in exchange for any and all of its outstanding Series A variable rate senior notes due 2019, Series B variable rate senior notes due 2020, Series C variable rate senior notes due 2020,