Davis Polk advised Morgan Stanley & Co. LLC as the underwriter on an SEC-registered block trade of 3,000,000 shares of common stock, par value $0.01 per share, of Tower International, Inc., sold by Tower International Holdings, LLC, an affiliate of Cerberus Capital Management, L.P. The net proceeds from the offering totaled $60.3 million.
Norton Rose Fulbright has advised Lekoil Limited, the AIM listed oil and gas exploration and development company with a focus on Nigeria and West Africa, in relation to the placing of 113,282,000 new Ordinary Shares at a price of 55 pence per Ordinary Share, raising gross proceeds of approximately £62 million.
The placing was conducted in two stages. The first placing shares were admitted to trading on AIM on 6 November 2013 and the second placing shares were admitted on 22 November 2013.
Slaughter and May, Hong Kong, advised Semiconductor Manufacturing International Corporation (SMIC) in relation to its issue of US$200 million zero coupon convertible bonds due 2018 (the Bonds). The joint managers for the issue were J.P. Morgan Securities plc and Deutsche Bank AG, Hong Kong Branch. The Bonds were listed on the Singapore Stock Exchange on 8 November 2013.
Cravath represented the underwriters, led by Credit Suisse, in connection with the US$424 million registered common stock offering of Gulfport Energy Corporation, an independent oil and natural gas exploration and production company. The shares were listed on the NASDAQ Global Select Market.
The Cravath team included partner William J. Whelan III and associate Bomi Lee on corporate matters; partner Andrew W. Needham on tax matters; and partner Matthew Morreale on environmental matters. Steven Wu and Sara L. Lykken also worked on corporate and tax matters, respectively.
Cravath represented Blue Capital Reinsurance Holdings Ltd. in connection with its US$125 million initial public offering of common shares and a concurrent private placement of US$50 million of common shares to a subsidiary of Montpelier Re Holdings Ltd., a provider of global property and casualty reinsurance and insurance products. Blue Capital Reinsurance Holdings will primarily offer collateralized reinsurance in the property catastrophe market. The shares were listed on the New York Stock Exchange and the Bermuda Stock Exchange. The transaction closed on November 12, 2013.
Cravath represented the underwriters, led by J.P. Morgan Securities and Citigroup, in connection with the US$270 million initial public offering of Surgical Care Affiliates, Inc., a leading national provider of solutions to physicians, health systems and payors to optimize surgical care. Surgical Care Affiliates is a portfolio company of private equity sponsor TPG Capital, L.P. The shares were listed on the NASDAQ Stock Market.
A tax and corporate team, led by Corporate Partner Helen Croke, Tax Partner Russell Warren and Tax Senior Counsel Hannah Manning have advised Merlin and its management team on the listing of Merlin Entertainments plc on the main market of the London Stock Exchange on 13 November 2013 and an IPO involving the sale of shares by the management team, Kirkbi and funds managed by Blackstone and CVC.
Eversheds has recently advised the BOCI Asia Limited, as the sole placing agent, on a top-up placing of existing shares of China Singyes Solar Technologies Holdings Limited held by Strong Eagle Holdings Ltd. at an aggregate placing price valued HK$324 million.
Corporate partner Richard Spedding is advising Peel Hunt LLP on the £130m firm placing and placing & open offer by Telecom Plus PLC announced today. The proceeds will be used to part fund the £218m acquisition of Electricity Plus Supply Limited and Gas Plus Supply Limited from Npower Limited. Peel Hunt has fully underwritten the issue.
Richard is assisted by senior corporate associate Alan Ball. US Securities law advice has been provided by US partner Charles Casassa and senior associate Dan McNamee.
Ashurst is advising Jefferies International Limited and Akur Limited on the proposed IPO of Tritax Big Box REIT plc (the "Company"). The Company, which will be managed by Tritax Management LLP and Tritax Securities LLP, is seeking to raise up to £200m by way of a placing and offer for subscription of ordinary shares.