Green Bonds - Our Green Bonds German Issuers Survey 2018-2020 has been completed. Please refer to our Debt Capital Markets pages for more information. This is the first in our global survey of law firms advising on Green Bonds with France being the next scheduled survey.
10 Nov 2020
GetLink Issuance of Green Bonds due 2025
GetLink Issuance of Green Bonds due 2025 - On 9th November 2020, GetLink announced that it had successfully priced an offering of EUR700 million senior secured notes due 2025. The notes accrue interest at 3.50% per annum. The notes meet the current requirements of the International Capital Markets Association Green Bond Principles. Proceeds are to be used to refinance an existing green bond and to finance capital expenditure in relation to the Group's ElecLink project and other eligibl Read more
09 Nov 2020
DealFolio.NET Survey - ICMA Green Bond Database
Forthcoming DealFolio.NET Survey - ICMA Green Bond Database - DealFolio.NET will soon be launching a regular survey of the law firms most active in the burgeoning green bond market. We will assess activity in the defined universe of ICMA compliant green bonds looking not only at legal advisors but also the industry, jurisdictions and issuance types which have seen the most issuance in the last 24 months. Deals will be classified using the ICMA classification as Green Bonds, Social Bond Read more
26 Oct 2020
Morgan Stanley Inaugural Offering of Social Bonds
Morgan Stanley Inaugural Offering of Social Bonds - Morgan Stanley announced the issuance of a EUR1bn social bond to support affordable housing projects which aim to provide housing at affordable rates to low- or moderate-income individuals and/or families in the United States. Morgan Stanley's first green bond was issued in 2015. The bond was issued in the form of fixed-to-floating senior notes due 2025. (Davis Polk advised the Issuer).
21 Oct 2020
Partners Group Acquisition of Equity Stake in Telepass
Partners Group Acquisition of Equity Stake in Telepass - Partners Group, the global private markets investment manager, agreed on behalf of its clients, to acquire a significant equity stake in Telepass SA, a leading European provider of toll collection services. Telepass provides these servies to approximately 7 million customers with a strong asset base of more than 12 million active payment devices. (Clifford Chance advised Partners Group).
14 Oct 2020
Risk Free Rate Syndicated Loan Facility for Tesco plc
Risk Free Rate Syndicated Loan Facility for Tesco plc - Tesco, a leading UK supermarket chain, became one of the first companies to enter into a credit line linked to the new benchmark lending rates which are replacing LIBOR. Its new syndicated revolving credit facility will be linked to the Secured Overnight Financing Rate (SOFR) for US dollars and the Sterling Overnight Index Average (SONIA) for sterling. Additionally, the loan is also notable in that Tesco will benefit from lower in Read more
13 Oct 2020
BlackRock Global Renewable Power III Fund Acquisition of Windvision Assets
BlackRock Global Renewable Power III Fund Acquisition of Windvision Assets - As part of its development of its Global Renewable Power III Fund, BlackRock has invested in Windvision's portfolio of development, construction and operational assets to be built-out across Belgium, France and Spain. The investment is the first by GRP III in Belgium, and offers the opportunity to accelerate Windvision's growth. The pipeline consists of about 1GW of greenfield projects in different development Read more
07 Oct 2020
Climate Change Crisis Real Impact I Acquisition Corporation IPO
Climate Change Crisis Real Impact I Acquisition - The world's first Special Purpose Acquisition Company aimed specifically at carbon tach startups. The company is led by Chairperson Mary Powell, the former CEO of Green Mountain Power, and CEO and Director David Crance, the former CEO of NRG Energy. The company's business strategy is to identify, acquire and maximise the value of a company operating in a climate sector such as renewable energy, energy efficiency and green energy service Read more
07 Oct 2020
The Province of Mendoza Liability Management Exchange Offer
The Province of Mendoza Exchange Offer - The Province of Mendoza became the first Argentine province to complete a restructuring of its international bonds in 2020 after a proposal, amended twice, achieved enough backing to trigger the collective action clause. The exchange offer for the Province's USD590m 8.375% 2024s achieved lower interest payments and pushed out the maturity. Linklaters advised the Dealer Managers.
08 Feb 2018
Credit Agricole - EIB French SMEs Synthetic Securitisation
Credit Agricole - EIB French SMEs Synthetic Securitisation - Credit Agricole completed a synthetic securitisation with the European Investment Bank and its subsidiary the European Investment Fund to provide over EUR1.1bn in new funding for the French SME sector. This is one of the largest disbursements to date under the EU Investment Plan for Europe (Juncker Plan). This underlines the growing importance of securitisation within the mandate of the Juncker Plan to provide new SME fi Read more
10 Jul 2017
FSN Capital Sale of Lagkagehuset
FSN Capital Sale of Lagkagehuset to Nordic Capital - FSN Capital announced the sale of popular Danish bakery chain Lagkagehuset to Nordic Capital Fund VIII. The bakery chain has 67 outlets and recently established a presence in the UK.
17 Nov 2016
Reliance Industries Large Ethane Carriers
Financing for Reliance Industries Very Large Ethane Carriers - Reliance Industries took delivery from Samsung Heavy Industries of "Ethane Crystal", the first of six Very Large Ethane Carriers being built under the project. Ethane is a major byproduct and its delivery from the US to India will permit its use within Reliance refineries and processors. At 80,000 cbm, they have almost twice the capacity of older Ethane carriers. The project was financed with an 80:20 debt:equity Read more
17 Nov 2016
Sankofa Gas Project Ghana
HSBC France/Standard Chartered Bank L/C Facility for the Sankofa Gas Project, Ghana - The Sankofa Gas Project is a transformational development for Ghana's energy requirements in the coming decade. The project is for extraction of deepwater gas 60km off the shore of Western Ghana. Gas from the project will fuel up to 1,000MW domestic generation, equal to 40% of Ghana's current installed capacity.
Read more
02 Nov 2016
Formation of Baker Hughes, a GE Company
Formation of Baker Hughes, a GE Company - GE and Baker Hughes entered into an agreement to combine GE's oil and gas business with Baker Hughes to "create a world-leading oilfield services provider". The combined business would have annual revenue of USD32bn per annum with operations in more than 120 countries. The business expected synergies of USD1.6bn to be realised by 2020. (Davis Polk advised Baker Hughes).
17 Oct 2016
Cinven/Permira/Mid Europa Acquisition of the Allegro Group
Cinven/Permira/Mid Europa Acquisition of the Allegro Group - Cinven, Permira and Mid Europa announced the acquisition by funds advised by them of the Allegro Group. Allegro is the largest online marketplace and non-food destination in Poland. The seller was Naspers Limited and the consideration was USD3.253bn. Established in 1999, Allegro has more than 20 million users who carry out 14 million transactions monthly. (Clifford Chance advised the Financial Buyers).
Cinven and CVC Capital Partners announced on 11th October 2016 that funds advised by Cinven and CVC Capital Partners had agreed to acquire NewDay, a leading consumer finance provider in the UK credit card market. NewDay is one of the UK's fastest growing speciality finance companies proving credit to more than five million customers with GBP1.6 billion of receivables.
13 Oct 2016
Abu Dhabi IA Purchase of Abertis Chilean Toll Roads Business
Abu Dhabi Investment Authority Investment in Abertis Chilean Toll Road Business - Abertis reached an agreement with a wholly owned subsidiary of the Abu Dhabi Investment Authority, which will resulted in the latter achieving a minority 20% economic stake in Abertis’ Chilean assets. The transaction valued the company at EUR3.7Bn (100% EV without a control premium). Read more
16 Jun 2016
Datwyler Holding Recommended Cash Offer for Premier Farnell
Datwyler Holding Recommended Cash Offer for Premier Farnell. Datwyler Holding, based in Switzerland acquired Premier Farnell, a leading distributor of Raspberry Pi devices. (Slaughter and May advised Datwyler Holding.
Financial Centre : London
Law Firm : Slaughter and May
Lawyer : Martin Hattrell
Practice Area : Corporate and M&A
Classification : Strategic Buyer Acquisitions
Sub-classification : Public Company - Recommended Offer
Industry : Electronic & Electrical Equipment
Advised Read more
16 May 2016
UK M&A Deals
UK M&A Deals - We have published a brief survey of some notable deals involving UK businesses for the first few months of 2016. Available via the London Market Commentary page: http://www.legaldealfolio.com/financial_centers.php?frmFinancialCenter=1
24 Feb 2016
Kuveyt Turk Tier 2 Subordinated Sukuk Notes
Kuveyt Turk Tier 2 Subordinated Sukuk Notes - In a year which has proved prohibitively expensive for Turkish bank bond issuers to date, Kuveyt Turk has been one of the few Turkish issuers to tap the market. The bonds were structured to be Basel II compliant and were rated BBB- by Fitch Ratings. (Clifford Chance advised the Joint Lead Managers).
Financial Centre : Dubai Read more
28 Jan 2016
Legg Mason Acquisition of Clarion Partners
Legg Mason Acquisition of Clarion Partners - Legg Mason announced the acquisition of 83% of the share capital of Clarion Partners, a leading diversified real estate investment firm, based in New York. Founded in 1982 and based in New York, the company has broad market reach in the Americas. (Shearman & Sterling advised Legg Mason, King & Spalding advised Clarion Partners).
Shire Combination with Baxalta - Shire plc and Baxalta Incorporated announced their combination which would create a global biotechnology company with over EUR20bn in revenues. Rare diseases are expected to account for 65% of combined revenues and the combined portfolio will include over 30 recent and planned launches. The value of the offer, as of Shire's 8th January ADS price, represented a 37.5% premium as to Baxalta's unaffected share price as at the first public announcement date. Read more
11 Dec 2015
AccorHotels Acquisition of Fairmont Raffles
AccorHotels Acquisition of Fairmont Raffles - AccorHotels announced this week its acquisition of FRHI Holdings, the company which owns the Fairmont, Raffles and Swissotel chains. AccorHotels paid for the acquisition by issuing 46.7m new shares and with EUR840m cash. Qatar Investment Authority and Kingdom Holdings will become shareholders of Accor, owning 10.5 per cent and 5.8 per cent respectively. The acquisition adds 155 hotels to the group including some of the most famous hote Read more
08 Dec 2015
ABN AMRO - Amsterdam Stock Exchange Initial Public Offering
ABN AMRO - Amsterdam Stock Exchange Initial Public Offering - ABN AMRO completed, towards the end of November, an IPO on the Amsterdam Stock Exchange which raised EUR3.3bn. This was the largest ever IPO in the Netherlands, and represented the end of a long road back to private hands for the bank which was nationalised during the onset of the financial crisis 2008. The Dutch state sold shares for EUR17.75 each. (Shearman & Sterling advised the Underwriters).
Read more
07 Dec 2015
Volkswagen AG - Syndicated Revolving Credit Facility Agreement
Volkswagen AG - Syndicated Revolving Credit Facility Agreement - Citibank Global Markets Limited and UniCredit Bank AG led a syndicated of 13 banks which provided an unsecured syndicated revolving credit facility for Volkswagen AG. The volume of the loan is EUR20 billion and is reported to be for 1 year extendable by a further 6 months. Volkswagen AG is rated BBB+ (Negative Outlook) by Standard and Poors and A3 (Negative Outlook) by Moody's. (Clifford Chance advised Volkswagen AG Read more
07 Dec 2015
Purplebricks - LSE AIM Initial Public Offering
Purplebricks – LSE AIM Initial Public Offering - Purplebricks, the hybrid estate agency, has conditionally raised GBP58.1 million before expenses from an institutional placing and is expected to be admitted to AIM with a market capitalisation of GBP240.3 million and on a fully diluted valuation of GBP255.0m. Purplebricks launched in April 2014, offering a fixed-fee service costing between GBP665 to 995 plu Read more
07 Dec 2015
Non-Standard Finance Acquisition of Everyday Loans
Non-Standard Finance Acquisition of Everyday Loans – Non-conforming lender Non-Standard Finance plc is to acquire lender Everyday Loans Holdings Limited from Secure Trust plc. The high street consumer credit business has been acquired in a deal worth GBP235m. John van Kuffeler, NSF Chairman, commented “Everyday Loans is a strong and differentiated business for which we have exciting expansion plans. By applying our expertise and management skills we int Read more
07 Dec 2015
PKO BH Establishment of Polish Covered Bond Programme
PKO BH – Establishment of Polish Covered Bond Programme - PKO Bank Hipoteczny SA (PKO BH) has completed the establishment of a rated mortgage covered bond programme. This programme, rated Aa3 by Moody’s Investor Service, has been set up to target the international covered bond market. Whereas Poland has had a mortgage covered bond market for many years, this has been purely domestic and with only a handful of issuers. The new Polish legislation still requires Read more
02 Dec 2015
European Additional Tier 1 CoCo Bonds Market
Allen & Overy and Linklaters Dominate European Additional Tier 1 CoCo Bonds Market - Allen & Overy and Linklaters have dominated the European Additional Tier 1 CoCo Bonds Market, according to a report published today by DealFolio.NET. In our report, we analyse this important segment of the European bank bond issuance market and get the views of Pauline Lambert, a leading credit ratings analyst at Scope Ratings. The report is available in our Debt Capital Markets pages.
17 Nov 2015
UK Asset Resolution Sale of Northern Rock Portfolio
UK Asset Resolution Sale of Northern Rock Portfolio - UK Asset Resolution's sale of GBP13bn mortgages and unsecured loans from the legacy book of the Northern Rock mortgage business was the largest sale of financial assets by a European government to date. Cerberus Capital Man Read more
16 Nov 2015
IAG Convertible Bonds due 2020, due 2022
IAG Issuance of Convertible Bonds due 2020, due 2022 - International Airlines Group (via Internationa Consolidated Airlines Group SA) last week issued one of the largest convertible bonds seen in the European market in 2015. The EUR1bn bond met with strong investor demand and eventually priced at 0.25 per cent for the 5-year maturity and 0.625 per cent for the 7-year. The bonds will convert to equity if the share prices rises 62.5 per cent from the price at closing. Slaughter and May a Read more
02 Nov 2015
Additional Tier 1/Contingent Convertible Notes
Contingent Convertible Bonds - The European Additional Tier 1/CoCo bond market has been busy throughout 2014 and 2015. DealFolio.NET will be publishing our list of law firms which have advised on this asset class.
Favorable macroeconomic conditions support good year of M&A and IPO work for Sweden’s leading legal advisers
London, 30 September 2015 – Supportive macroeconoomic conditions have led to an active year for the leading law firms in t Read more
29 Sep 2015
BBA Aviation Acquisition of Landmark Aviation
BBA Aviation Acquisition of Landmark Aviation - BBA Aviation is a fixed base operator meaning it provides aircraft servicing facilities at airports, particularly for the corporate jet market. The UK based company, which is the largest in its field, is in the process of buying the third biggest company, Landmark Aviation. Landmark is currently owned by private equity giant Carlyle. The acquisition is being financed by a combination of debt facilities and a fully underwritten rights issue Read more
03 Sep 2015
DEFRA - Thames Tideway Project
Ashurst advised the Department for Environment, Food and Rural Affairs in respect of the GBP2.4 billion Thames Tideway Project which was approved in late August 2015. The Thames Tideway is described as London's super sewer and is designed to protect the River Thames from increasing pollution. It will be a 25km tunnel running under the River Thames.
Green Bonds are now a separate classification within Debt Capital Markets. We follow the ICMA system and further sub-classify Green Bonds as follows: Green Use of Proceeds Bonds, Green Use of Proceeds Revenue Bonds, Green Project Bonds and Green Securitised Bonds. Where relevant, each deal will also be classified in Corporate Bonds, Project Bonds or Securitisation and Structured Finance.
14 Mar 2015
Cote d'Ivoire Staggered Repayment Bond Issuance
Cote d'Ivoire Staggered Repayment Bond - The Republic of Cote d'Ivoire issued USD 1 billion Rule 144A/Reg S amortizing bonds due 2028 with an annual coupon of 6.375 percent and re-offer yield of 6.625 per cent.
10 Feb 2015
Northrop Grumman Corporation Registered Senior Debt Offering
Northrop Grumman Corporation Registered Senior Debt Offering - Northrop Grumman Corporation, the global security company, announced that it had priced its USD600 million registered senior debt offering at 3.85%. The notes are due April 2045.
09 Feb 2015
Royal Bank of Canada Issuance of Covered Bonds due 2020
Royal Bank of Canada Issuance of Covered Bonds due 2020 - Royal Bank of Canada issued the latest tranche under its Global Covered Bond Programme. The bonds were rated Aaa by Moody's Investor Service, which assigned a Timely Payment Indicator of Probable, permitting a several notch uplift from the Bank's senior unsecured rating.
Read more
12 Dec 2014
Federal Democratic Republic of Ethiopia Debut Bond Offering
Federal Democratic Republic of Ethopia Debut Bond Offering - Ethiopia is Africa's fastest growing economy and this issuance (which follows those from other African sovereigns such as Kenya and Ivory Coast) is the first step in the country's attempt to fund cUSD50m in infrastructure. The republic is rated B1 by Moodys and B by both Fitch and Standard and Poors. (Linklaters advised the Lead Managers).
08 Dec 2014
Sukuk Offering by International Finance for Immunisation Company
International Finance for Imminisation Company - IFIC issued one of the largest debut offerings ever in the capital markets by a non-profit organisation. (Slaughter and May advised IFIC).
05 Dec 2014
Antin Solar Investments - PV Portfolio Project Bond
Antin Solar Investments PV Portfolio Project Bond - Antin Solar Investments refinanced a portfolio of seven solar photovoltaic plants in Italy with a combined bond and bank package. (Ashurst advised the Bookrunner.)
Financial Centre: Milan Read more
05 Dec 2014
Financing for 950MW CCGT Power Station, Kirikkale, Turkey
Financing for 950 MW CCGT Power Station, Kirikkale, Turkey - The Kirikkale IPP is one of the largest power projects in Turkey in recent years. ACWA of Saudi Arabia is a sponsor and EBRD and KEXIM were amongst the lending group. (Norton Rose Fulbright advised the Debt Providers).
EUR Denominated Czech Covered Bonds - Raiffeisenbank a.s. issued EUR denominated Czech covered bonds aimed at the international market. The covered bond market has had net negative supply for the last few years as eurozone banks have been deleveraging on the one hand and utilising other sources of liquidity on the other. The ECB's announcement in September 2014 of its third Covered Bond Purchase Programme has compressed primary market yields even further for eurozone issuers. The Czech Read more
08 Nov 2014
Lloyds Banking Group Subordinated Tier 2 Notes due 2024
Lloyds Banking Group Subordinated Tier 2 Notes due 2024 - Lloyds Banking Group plc issued an SEC-registered offering of USD1 billion aggregate principal amount of 4.5% subordinated Tier 2 notes due 2024. The deal priced at 225bps over Treasuries.
Financial Centre : London Law Firm : Davis Po Read more
29 Oct 2014
Bohai General Capital Guaranteed Bonds due 2017
Bohai General Capital Guaranteed Bonds due 2017 - Bohai General Capital issued the first CNY bonds issued by a PRC company outside the mainland. The Bonds due 2017 were guaranteed by Bohai Steel Group Co Ltd. (Linklaters advised the lead managers).
Financial Centre : Hong Kong Read more
28 Oct 2014
Omnicom Bankside 2 and Bankside 3, London Letting
Omnicom Bankside 2 and Bankside 3, London Letting - Macfarlanes advised Omnicom on the letting of major office space at Bankside 2 and Bankside 3, London. (Macfarlanes advised Omnicom).
10 Sep 2014
Net4Gas Reg S Issuance of CZK Bonds due 2021
Net4Gas Reg S Issuance of CZK Bonds due 2021 - Linklaters advised Net4Gas, the Czech gas transmission system operator, on a three tranche bond in EUR and CZK amounting to EUR710m. The CZK 7bn Reg S issue is one of the largest CZK denominated bond issuance.
10 Sep 2014
Tristan Capital Partners Sale of Dieterich Karree Complex
Tristan Capital Partners Sale of Dieterich Karree Complex, Dusseldorf - Clifford Chance advised CCPIII, the core plus fund advised by pan-European real estate manager Tristan Capital Partners, on the sale of "Dieterich Karree" residential/retail complex in downtown Dusseldorf's Pempelfort district.
Financial Centre : Frankfurt Read more
04 Jul 2014
Santander Consumer Bank Polish Auto Securitisation
Santander Consumer Bank Polish Auto Securitisation - Santander's Polish consumer finance business has closed a notable securitisation of auto loan receivables. Securitisation in Poland has been inhibited by a restrictive tax regime and legal complexities, however a handful of institutions have managed to issue succ Read more
03 Jul 2014
HM Treasury Inaugural Sovereign Sukuk Issuance
HM Treasury Inaugural Sovereign Sukuk Issuance - in a landmark transaction, the UK government has issued a sovereign sukuk. This means that Britain has become the first country outside the Islamic world to issue sovereign sukuk. According to the government's official statement, the sukuk maturing in 2019 have been Read more
26 Jun 2014
Emaar Malls Group 10 Year Wakala Sukuk
Emaar Malls Group 10 Year Wakala Sukuk Issuance - Emaar Malls the operator of the biggest shopping mall in Dubai, has issued a USD750m Reg S sukuk with a stipulated profit rate of 4.564 per cent, indicating a yield of approximately 182 basis points over mid-swaps. This represents a good outcome for the issuer and c Read more
26 Jun 2014
Ladbrokes plc Retail Bonds due 2022
Ladbrokes plc Retail Bonds due 2022 - The Ladbrokes Group plc has issued 5.125 per cent Sterling fixed rate bonds due 2022. Retail bonds and their sub-category mini-bonds are becoming increasingly popular with both issuers and investors, driven on the investor side by retail investors looking for higher yield than that offered by traditional savings products. The London Stock Exchange's Order Book for Retail Bonds has helped by providing additional liquidity. This is Ladbroke's first r Read more
30 May 2014
Deutsche Asset Acquisition of 1 Queen Anne's Gate Buildings, London
Deutsche Asset Acquisition of 1 Queen Anne's Gate Buildings, London - Deutsche Asset and Wealth Management has completed the acquisition of 1 Queen Anne's Gate Buildings - an eight storey, 67,000 sq ft office block, is located on Dartmouth Street close to St. James’s Park, London. (Eversheds advised Deutsche Asset and Wealth Management).
Financial Centre : London
Law Firm : Eversheds
Lawyer : Daniyal Ansari
30 May 2014
Bharti Airtel - Offering of Notes due 2021, due 2024
Bharti Airtel - Offering of Notes due 2021, due 2024 - Bharti Airtel, India's largest telecoms operator, has completed its largest capital markets to date with a Reg S/Rule 144A offering. This follows on from the company's first ever foreign currency bond in March 2014. The dual currency offering had 7 and 10 years tenors, with very good demand across regions. (Allen & Overy advised the Issuer; Milbank advised the Underwriters.)
26 Mar 2014
Unilever PLC Green Sustainability Bond due 2018
Unilever PLC Green Sustainability Bond due 2018 - Unilever has issued a GBP250 million "Green Sustainability" Bond, with a maturity of 4 years and 2% fixed rate. The landmark issuance is linked to a number of projects which improve the energy and water efficiency of the company's operations. It is unusual for an issuer not within the utility sector or a development institution to issue a sustainability bond and has been well received both by investors and the sustainable sect Read more
26 Mar 2014
A11 PPP Road PBCE Project, Belgium
A11 PPP Road PBCE Project, Belgium - The European Investment Bank has agreed to support construction of the new 12km long A11Read more
03 Mar 2014
The Blackstone Group investment in Gianni Versace SPA
The Blackstone Group investment in Gianni Versace SPA - Iconic Italian house fashion brand Versace is selling a 20 percent stake to U.S. private equity firm Blackstone for 210 million euros (USD287 million), aiming to fund new shops and build on a recent recovery in sales before an eventual stock market listing. (Simpson Thacher advised Blackstone).
Financial Centre : London
Law Firm : Simpson Thacher
Law Read more
03 Mar 2014
Dongfeng Motor Group Investment in Peugeot
Dongfeng Motor Group Investment in Peugeot - Dongfeng has signed an agreement to purchase a stake of PSA Peugeot Citroen for 800 million euros (USD1.1 billion), according to an exchange filing made Wednesday in Hong Kong. (Slaughter and May advised Dongfeng).
Financial Centre : Hong Kong
Law Firm : Slaughter and May
Lawyer : Benita Yu
14 Feb 2014
Comcast Corporation Merger with Time Warner Cable
Comcast Corporation Merger with Time Warner Cable - Comcast Corporation (Nasdaq: CMCSA, CMCSK) and Time Warner Cable (NYSE: TWC) today announced that their Boards of Directors have approved a definitive agreement for Time Warner Cable to merge with Comcast. The agreement is a friendly, stock-for-stock transaction in which Comcast will acquire 100 percent of Time Warner Cable’s 284.9 million shares outstanding for shares of CMCSA amounting to approximately USD45.2 billion in equit Read more
05 Feb 2014
Dassault Systemes Acquisition of Accelrys
Dassault Systemes Acquisition of Accelrys - Dassault Systemes, a French developer of 3D design software, agreed to buy U.S. competitor Accelrys Inc for approximately USD750 million to expand its offering in molecular chemistry and life sciences. Dassault will make a tender offer at USD12.50 per Accelrys share. (Cravath Swaine & Moore advised the Acqu Read more
03 Feb 2014
ICBC Acquisition of Majority Stake in Standard Bank plc
ICBC Acquisition of Majority Stake in Standard Bank plc - Industrial and Commercial Bank of China Limited (ICBC) announced that ICBC has reached an agreement with Standard Bank Group Limited (Standard Bank) regarding the acquisition of 60 percent of the existing issued shares in Standard Bank Plc (SB Plc). According to the share sale and purchase agreement, the purchase price to be paid by ICBC to SBLH will be determined by reference to the net asset value of SB Plc at the completion d Read more
19 Jan 2014
Republic of Panama 5.2% Bonds due 2020
Republic of Panama Bonds due 2020 - The Republic of Panama has re-opened its offering of bonds due 2020. The 2020s offered interest rate of 5.200% is amongst the lowest ever offered by the central American sovereign. (Shearman & Sterling advised the Bookrunners).
Financial Centre : New York
Law Firm : Shearman & Sterling
Lawyer : Antonia E Stolper
19 Jan 2014
Cineworld Group Combination with Cinema City International
Cineworld Group Proposed Combination with Cinema City International - The UK's biggest cinema chain is to merge with Cinema City International, listed in Warsaw with a major presence in several CEE countries. The transaction will create a combined group with 201 cinemas and almost 2,000 screens. Cinema City will receive GBP272m in cash and a 25% stake in Cineworld worth GBP231m. (Slaughter and May advised Cineworld).
09 Oct 2013
Legal DealFolio's 5000th Deal Uploaded!
Legal DealFolio's 5000th Deal Uploaded! - Premier Oil's Farm-Out of Falklands Licences has been uploaded and is officially the 5000the deal to go onto the Legal DealFolio database. We now have 5000 deals since January 2011 across 41 Financial Centres including London, New York and Hong Kong, with Corporate, Banking, Capital Markets and Real Estate deals classified by Industry, Advised Party, Value, Jurisdiction and Deal Classification and Sub-classifications.
09 Oct 2013
TFL Restructuring of Financing Agreements
TFL Restructuring of Financing Agreements - UniCredit Bank AG and other creditors have negotiated the restructring of the financing arrangements for TFL, a speciality chemicals maker for the leather industry which was acquired in September 2013 by B;ack Diamond Capital. (Linklaters advised the Creditor Group).
Financial Centre : Frankfurt
Law Firm : Linklaters
Lawyer : Sven Schelo
Practice Area : Restructuring and Insolvency
Classification : Read more
26 Sep 2013
KKR acquisition of PRA Holdings
KKR acquisition of PRA Holdings - Kohlberg Kravis Roberts has agreed to buy PRA International, a provider of clinical laboratory testing services for drug makers. The seller was Genstar Capital which bought the business in 2007. The deal demonstrates private equity's continued interest in research-for-hire firms. (Simpson Thacher advised the Private Equity Buyer).
Financial Centre : New York
Law Firm : Simpson Thacher
Lawyer : Sean D Rodgers
26 Sep 2013
Applied Materials Merger with Tokyo Electron
Applied Materials Merger with Tokyo Electron - Applied Materials announced a "merger of equals" with Tokyo Electron, in a deal worth nearly USD10bn. The combined manufacturer of equipment used in semiconductor will now be one of the largest in the world. On the day of announcement, Applied Materials share price jumped nearly 6 per cent and echoed the generally positive reception of the news. Under the terms of the deal, Tokyo Electron will receive 3.25 shares of the new Read more
07 May 2013
The Republic of Slovenia Bond Issuance
The Republic of Slovenia Bond Issuance - The Republic of Slovenia has closed a USD3.5bn dual-tranche bond at the tight end of revised yield guidance. The dual tranche offering (5 year, 10 year prints) reportedly received orders in excess of USD16bn. The bond issue was delayed on Tuesday during the bookbuilding process because of a two-notch downgrade by ratings agency Moody's, which now rates the sovereign one notch into junk territory at Ba1. However, the successful issue of thes Read more
International Islamic Liquidity Management Corporation Short-Term Sukuk Programme - the International Islamic Liquidity Management Corporation, based in Malaysia but with a number of sovereign shareholders, has sought to fill a gap in the treasury management of Islamic finance institutions by the creation of a short-term sukuk issuance programme. The programme has achieved an A-1+ short-term rating at S&P and will issue tradeable supra-sovereign paper which should be liquid, w Read more
11 Apr 2013
Sadara Chemical Company Project Sukuk
Sadara Chemical Company Project Sukuk - Sadara announced the successful closing of the sukuk issued through its subsidiary Sadara Basic Services Company SBSC. The innovatibe project sukuk received strong investor demand, resulting in 2.6 times oversubscription based on the initial offering size of SR 5.25 billion. In keeping with this demand, Sadara up-sized the issuance to SR 7.5 billion. The sukuk has a floating rate and will have a tenor of approximately 16 years. The sukuk inv Read more
05 Apr 2013
Pinnacle Foods Inc NYSE Initial Public Offering
Pinnacle Foods Inc NYSE Initial Public Offering - Pinnacle Foods Inc. has announced the closing of its initial public offering of common stock, which raised proceeds of approximately $627 million. A total of 33.3 million shares have been issued, the proceeds of which are intended to pay down existing debt. The stock priced at $20 per share (and secondary trading was strong immediately after issuance). Pinnacle is owned by Blackstone and the mood in US equity markets Read more
05 Apr 2013
Emirates NBD Tier II Subordinated Reset Notes due 2023
Emirates NBD Tier II Subordinated Reset Notes due 2023 - Dubai's largest lender, Emirates NBD, has issued a Tier II note. The 10 year (5 year call) issuance priced to yield around 5%. This follows in the footsteps of other UAE lenders such as Abu Dhabi Commercial Bank which priced a similar issuance in February 2013. The proceeds will be used to shore up the bank's capital. This issuance again highlights the current ability of new markets lenders to issue subordinated debt at Read more
11 Mar 2013
Arqiva Financing Whole Business Securitisation
Arqiva Financing Whole Business Securitisation - UK company Arqiva owns regulated terrestrial TV and radio infrastructure, wireless towers and satellite transmission services in the UK. Its comprehensive refinancing package consists of capex, working capital and liquidity facilities, a whole business securitisation and a high-yield bond offering. The high-yield bond is structurally subordinated to the securitisation. The securitisation notes are BBB by Fitch and the high-yield notes ar Read more
07 Mar 2013
Iona Energy Secured Borrowing Base Facility
Iona Energy Secured Borrowing Base Facility - Iona Energy, the Canadian Oil & Gas company, has finalised its secured borrowing base facility arranged by Bank of America Merrill Lynch, Lloyds Bank plc and BNP Paribas. The facility is related to the acquisition by Iona of Carrizo UK Huntingdon Limited, which provides various UK interests including a 15% non-operated interest in License P1114 of UK North Sea Block 22/14b. (Ashurst advised the Borrower.)
DealFolio Digest - February 2013 No 2 has been published. Notable deals in the latter half of February have included Reposl's disposal of LNG assets to Shell and the Mapletree Greater China Commercial Trust IPO, which is the largest IPO in Asia to date.
To access the Digest, please click on one of the following Practice Areas:
Repsol sale of LNG Assets to Shell - following the nationalisation of YPF by the Argentine government, Repsol has been seeking to maintain its credit rating (currently BBB- at Fitch) via a disposal and debt reduction programme. The sale of LNG assets in Peru, Spain and Trinidad & Tobago has resulted in disposal proceeds of approximately EUR2.7bn. Repsol has stated that the deal will reduce net debt to EUR2.2bn. In a press release yesterday, Fitch Ratings noted that any rating actio Read more
28 Feb 2013
Mapletree Greater China Commercial Trust IPO
Mapletree Greater China Commercial Trust IPO - the listing on the Singapore Exchange of the Mapletree China-focussed REIT - Greater China Commercial Trust - is the biggest in Singapore for over 2 years. The deal was priced at S$0.93 a unit, at the very end upper end of the indicative price guidance shown the week before of S$0.88-0.93. Mapletree is a unit of Temesak and the REIT listed includes a number of properties in mainland China as well as Hong Kong. The deal is the largest IPO t Read more
25 Feb 2013
Government of India sale of stake in NTPC
Government of India sale of stake in NTPC - The Government of India has sold a 9.5 per cent in a major state-owned company the electricity utility NTPC Limited. Partial privatisations form a key component of the Indian government's efforts to reduce the fiscal deficit. State owned companies form between 15 to 20% of the total market capitalisation on the Bombay Stock Exchange - so there could be several deals like this in the coming 2-3 quarters. (Herbert Smith Freehills advised t Read more
19 Feb 2013
DealFolio Digest February 2013 No 1
DealFolio Digest February 2013 No 1 lists the deals which have closed in the first two weeks of February 2013. In addition to the large M&A deals, there has also been a landmark corporate subordinated debt issuance and the financing of the largest Moroccan wind farm to date, which could meet up to 15% of the country's wind energy target.
To access the Digest, please click on one of the following Practice Areas:
15 Feb 2013
Berkshire Hathaway and 3G Capital purchase of HJ Heinz Company
Berkshire Hathaway and 3G Capital purchase of HJ Heinz Company - Warren Buffett and Jorge Paulo Lemann have combined with approximately USD4bn equity from their Berkshire Hathaway and 3G Capital groups respectively to purchase Heinz. The cash offer is at USD72.50 per Heinz, valuing the group at USD28bn. JP Morgan and Wells Fargo have provided committed debt financing. The deal continues this month's series of huge M&A transactions following on from the Dell Inc and Virgin Media dea Read more
14 Feb 2013
Tarfaya Wind Farm Project, Morocco
Financing for Tarfaya Wind Farm Project, Morocco - The Tarfaya Wind Farm in Morocco will have a 300MW capacity, making it the largest wind farm in Africa
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11 Feb 2013
Liberty Global acquisition of Virgin Media
Liberty Global acquisition of Virgin Media - Liberty Global has confirmed an agreed cash and stock offer of USD23.3bn for Virgin Media, with an implied price of USD47.87 per Virgin Media share. The deal will create one of the biggest broadband communications company, serving 47 million homes and 25 million customers across 14 countries, according to Liberty Global. This important deal with give Liberty Global an entry into the European market, with a potential challenge to the dominanc Read more
07 Feb 2013
Michael Dell/Silver Lake Partners take private of Dell Inc
Michael Dell/Silver Lake Partners take private of Dell Inc - The USD24.4bn take private of Dell Inc by founder Michael Dell and Silver Lake Partners is the largest private equity transaction since the onset of the financial crisis in 2008. Mr Dell and associated funds contributed USD750m with Silver Lake Partners contributing USD1.4bn. Microsoft also provided debt finance together with USD13.75bn of debt finance from a bank syndicate comprising Bank of America, Barclays, Credit Suisse Read more
07 Feb 2013
EDF Subordinated Perpetual Bonds
EDF Subordinated Perpetual Bonds - Electricite de France has issued the largest corporate hybrid bond to date. In a clear sign of the liquidity available in this segment, the print size of EUR4bn easily eclipsed the previous largest USD3.2bn deal from General Electric - which was issued in 2007 before the onset of the financial crisis. Last month was a record month for corporate hybrid debt. As a spillover of the "risk on" modus on the debt capital markets, cor Read more
26 Nov 2012
Publication of Banks and Financial Services DealFolio November 2012
Banks and Financial Services DealFolio
Major Industry Transactions January 2011-November 2012
Corporate and M&A, Debt Capital Markets, Equity Capital Markets
19 Nov 2012
Publication of German DealFolio November 2012
Publication of German DealFolio - November 2012
Major German Transactions: Corporate and M&A (German Targets, German Acquirors), Debt Capital Markets (German Issuers), Equity Capital Markets (German Issuers), Infrastructure and Project Finance (German Projects, German Sponsors).
18 Nov 2012
Publication of China DealFolio - November 2012
Publication of China DealFolio - November 2012
Major Chinese Transactions: Corporate and M&A (Chinese Targets, Chinese Acquirors), Debt Capital Markets (Chinese Issuers), Equity Capital Markets (Chinese Issuers), Infrastructure and Project Finance (Chinese Projects, Chinese Sponsors).
We have published a report on the Renewable Energy sector in Europe.
This report looks at activity in the European renewable energy sector, with information on UK, German, French, Italian and Spanish wind and solar projects. A small number of firms dominate this sector, which is critical as question marks remain about the financing model for this type of project finance, given the change dynamic of bank funding as a result of Basel III.
Infrastructure and Project Finance - the report highlights an increasing number of projects in the renewable energy sector, particularly wind farm projects. We would expect this trend to continue - notwithstanding that the entire project finance segment faces liquidity challenges.
Oil & Gas Deals - the report highlights the continued importance of this segment. Slaughter and May in London and Simpson Thacher in New Yor Read more
Editorials
01 Dec 2020 Green Bonds German Issuers Survey
Green Bonds - Our Green Bonds German Issuers Survey 2018-2020 has been completed. Please refer to our Debt Capital Markets pages for more information. This is the first in our global survey of law firms advising on Green Bonds with France being the next scheduled survey.
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10 Nov 2020 GetLink Issuance of Green Bonds due 2025
GetLink Issuance of Green Bonds due 2025 - On 9th November 2020, GetLink announced that it had successfully priced an offering of EUR700 million senior secured notes due 2025. The notes accrue interest at 3.50% per annum. The notes meet the current requirements of the International Capital Markets Association Green Bond Principles. Proceeds are to be used to refinance an existing green bond and to finance capital expenditure in relation to the Group's ElecLink project and other eligibl
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09 Nov 2020 DealFolio.NET Survey - ICMA Green Bond Database
Forthcoming DealFolio.NET Survey - ICMA Green Bond Database - DealFolio.NET will soon be launching a regular survey of the law firms most active in the burgeoning green bond market. We will assess activity in the defined universe of ICMA compliant green bonds looking not only at legal advisors but also the industry, jurisdictions and issuance types which have seen the most issuance in the last 24 months. Deals will be classified using the ICMA classification as Green Bonds, Social Bond
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26 Oct 2020 Morgan Stanley Inaugural Offering of Social Bonds
Morgan Stanley Inaugural Offering of Social Bonds - Morgan Stanley announced the issuance of a EUR1bn social bond to support affordable housing projects which aim to provide housing at affordable rates to low- or moderate-income individuals and/or families in the United States. Morgan Stanley's first green bond was issued in 2015. The bond was issued in the form of fixed-to-floating senior notes due 2025. (Davis Polk advised the Issuer).
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21 Oct 2020 Partners Group Acquisition of Equity Stake in Telepass
Partners Group Acquisition of Equity Stake in Telepass - Partners Group, the global private markets investment manager, agreed on behalf of its clients, to acquire a significant equity stake in Telepass SA, a leading European provider of toll collection services. Telepass provides these servies to approximately 7 million customers with a strong asset base of more than 12 million active payment devices. (Clifford Chance advised Partners Group).
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14 Oct 2020 Risk Free Rate Syndicated Loan Facility for Tesco plc
Risk Free Rate Syndicated Loan Facility for Tesco plc - Tesco, a leading UK supermarket chain, became one of the first companies to enter into a credit line linked to the new benchmark lending rates which are replacing LIBOR. Its new syndicated revolving credit facility will be linked to the Secured Overnight Financing Rate (SOFR) for US dollars and the Sterling Overnight Index Average (SONIA) for sterling. Additionally, the loan is also notable in that Tesco will benefit from lower in
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13 Oct 2020 BlackRock Global Renewable Power III Fund Acquisition of Windvision Assets
BlackRock Global Renewable Power III Fund Acquisition of Windvision Assets - As part of its development of its Global Renewable Power III Fund, BlackRock has invested in Windvision's portfolio of development, construction and operational assets to be built-out across Belgium, France and Spain. The investment is the first by GRP III in Belgium, and offers the opportunity to accelerate Windvision's growth. The pipeline consists of about 1GW of greenfield projects in different development
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07 Oct 2020 Climate Change Crisis Real Impact I Acquisition Corporation IPO
Climate Change Crisis Real Impact I Acquisition - The world's first Special Purpose Acquisition Company aimed specifically at carbon tach startups. The company is led by Chairperson Mary Powell, the former CEO of Green Mountain Power, and CEO and Director David Crance, the former CEO of NRG Energy. The company's business strategy is to identify, acquire and maximise the value of a company operating in a climate sector such as renewable energy, energy efficiency and green energy service
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07 Oct 2020 The Province of Mendoza Liability Management Exchange Offer
The Province of Mendoza Exchange Offer - The Province of Mendoza became the first Argentine province to complete a restructuring of its international bonds in 2020 after a proposal, amended twice, achieved enough backing to trigger the collective action clause. The exchange offer for the Province's USD590m 8.375% 2024s achieved lower interest payments and pushed out the maturity. Linklaters advised the Dealer Managers.
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08 Feb 2018 Credit Agricole - EIB French SMEs Synthetic Securitisation
Credit Agricole - EIB French SMEs Synthetic Securitisation - Credit Agricole completed a synthetic securitisation with the European Investment Bank and its subsidiary the European Investment Fund to provide over EUR1.1bn in new funding for the French SME sector. This is one of the largest disbursements to date under the EU Investment Plan for Europe (Juncker Plan). This underlines the growing importance of securitisation within the mandate of the Juncker Plan to provide new SME fi
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10 Jul 2017 FSN Capital Sale of Lagkagehuset
FSN Capital Sale of Lagkagehuset to Nordic Capital - FSN Capital announced the sale of popular Danish bakery chain Lagkagehuset to Nordic Capital Fund VIII. The bakery chain has 67 outlets and recently established a presence in the UK.
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17 Nov 2016 Reliance Industries Large Ethane Carriers
Financing for Reliance Industries Very Large Ethane Carriers - Reliance Industries took delivery from Samsung Heavy Industries of "Ethane Crystal", the first of six Very Large Ethane Carriers being built under the project. Ethane is a major byproduct and its delivery from the US to India will permit its use within Reliance refineries and processors. At 80,000 cbm, they have almost twice the capacity of older Ethane carriers. The project was financed with an 80:20 debt:equity
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17 Nov 2016 Sankofa Gas Project Ghana
HSBC France/Standard Chartered Bank L/C Facility for the Sankofa Gas Project, Ghana - The Sankofa Gas Project is a transformational development for Ghana's energy requirements in the coming decade. The project is for extraction of deepwater gas 60km off the shore of Western Ghana. Gas from the project will fuel up to 1,000MW domestic generation, equal to 40% of Ghana's current installed capacity.
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02 Nov 2016 Formation of Baker Hughes, a GE Company
Formation of Baker Hughes, a GE Company - GE and Baker Hughes entered into an agreement to combine GE's oil and gas business with Baker Hughes to "create a world-leading oilfield services provider". The combined business would have annual revenue of USD32bn per annum with operations in more than 120 countries. The business expected synergies of USD1.6bn to be realised by 2020. (Davis Polk advised Baker Hughes).
Financi
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17 Oct 2016 Cinven/Permira/Mid Europa Acquisition of the Allegro Group
Cinven/Permira/Mid Europa Acquisition of the Allegro Group - Cinven, Permira and Mid Europa announced the acquisition by funds advised by them of the Allegro Group. Allegro is the largest online marketplace and non-food destination in Poland. The seller was Naspers Limited and the consideration was USD3.253bn. Established in 1999, Allegro has more than 20 million users who carry out 14 million transactions monthly. (Clifford Chance advised the Financial Buyers).
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13 Oct 2016 Varde Partners Sale of NewDay Cards
Cinven and CVC Capital Partners announced on 11th October 2016 that funds advised by Cinven and CVC Capital Partners had agreed to acquire NewDay, a leading consumer finance provider in the UK credit card market. NewDay is one of the UK's fastest growing speciality finance companies proving credit to more than five million customers with GBP1.6 billion of receivables.
Slaughter and May advised Varde Partn
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13 Oct 2016 Abu Dhabi IA Purchase of Abertis Chilean Toll Roads Business
Abu Dhabi Investment Authority Investment in Abertis Chilean Toll Road Business - Abertis reached an agreement with a wholly owned subsidiary of the Abu Dhabi Investment Authority, which will resulted in the latter achieving a minority 20% economic stake in Abertis’ Chilean assets. The transaction valued the company at EUR3.7Bn (100% EV without a control premium).
16 Jun 2016 Datwyler Holding Recommended Cash Offer for Premier Farnell
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16 May 2016 UK M&A Deals
UK M&A Deals - We have published a brief survey of some notable deals involving UK businesses for the first few months of 2016. Available via the London Market Commentary page: http://www.legaldealfolio.com/financial_centers.php?frmFinancialCenter=1
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24 Feb 2016 Kuveyt Turk Tier 2 Subordinated Sukuk Notes
Kuveyt Turk Tier 2 Subordinated Sukuk Notes - In a year which has proved prohibitively expensive for Turkish bank bond issuers to date, Kuveyt Turk has been one of the few Turkish issuers to tap the market. The bonds were structured to be Basel II compliant and were rated BBB- by Fitch Ratings. (Clifford Chance advised the Joint Lead Managers).
Financial Centre : Dubai
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28 Jan 2016 Legg Mason Acquisition of Clarion Partners
Legg Mason Acquisition of Clarion Partners - Legg Mason announced the acquisition of 83% of the share capital of Clarion Partners, a leading diversified real estate investment firm, based in New York. Founded in 1982 and based in New York, the company has broad market reach in the Americas. (Shearman & Sterling advised Legg Mason, King & Spalding advised Clarion Partners).
Financial Centre : New York
<Read more
13 Jan 2016 Shire Combination with Baxalta
Shire Combination with Baxalta - Shire plc and Baxalta Incorporated announced their combination which would create a global biotechnology company with over EUR20bn in revenues. Rare diseases are expected to account for 65% of combined revenues and the combined portfolio will include over 30 recent and planned launches. The value of the offer, as of Shire's 8th January ADS price, represented a 37.5% premium as to Baxalta's unaffected share price as at the first public announcement date.
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11 Dec 2015 AccorHotels Acquisition of Fairmont Raffles
AccorHotels Acquisition of Fairmont Raffles - AccorHotels announced this week its acquisition of FRHI Holdings, the company which owns the Fairmont, Raffles and Swissotel chains. AccorHotels paid for the acquisition by issuing 46.7m new shares and with EUR840m cash. Qatar Investment Authority and Kingdom Holdings will become shareholders of Accor, owning 10.5 per cent and 5.8 per cent respectively. The acquisition adds 155 hotels to the group including some of the most famous hote
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08 Dec 2015 ABN AMRO - Amsterdam Stock Exchange Initial Public Offering
ABN AMRO - Amsterdam Stock Exchange Initial Public Offering - ABN AMRO completed, towards the end of November, an IPO on the Amsterdam Stock Exchange which raised EUR3.3bn. This was the largest ever IPO in the Netherlands, and represented the end of a long road back to private hands for the bank which was nationalised during the onset of the financial crisis 2008. The Dutch state sold shares for EUR17.75 each. (Shearman & Sterling advised the Underwriters).
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07 Dec 2015 Volkswagen AG - Syndicated Revolving Credit Facility Agreement
Volkswagen AG - Syndicated Revolving Credit Facility Agreement - Citibank Global Markets Limited and UniCredit Bank AG led a syndicated of 13 banks which provided an unsecured syndicated revolving credit facility for Volkswagen AG. The volume of the loan is EUR20 billion and is reported to be for 1 year extendable by a further 6 months. Volkswagen AG is rated BBB+ (Negative Outlook) by Standard and Poors and A3 (Negative Outlook) by Moody's. (Clifford Chance advised Volkswagen AG
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07 Dec 2015 Purplebricks - LSE AIM Initial Public Offering
Purplebricks – LSE AIM Initial Public Offering - Purplebricks, the hybrid estate agency, has conditionally raised GBP58.1 million before expenses from an institutional placing and is expected to be admitted to AIM with a market capitalisation of GBP240.3 million and on a fully diluted valuation of GBP255.0m. Purplebricks launched in April 2014, offering a fixed-fee service costing between GBP665 to 995 plu
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07 Dec 2015 Non-Standard Finance Acquisition of Everyday Loans
Non-Standard Finance Acquisition of Everyday Loans – Non-conforming lender Non-Standard Finance plc is to acquire lender Everyday Loans Holdings Limited from Secure Trust plc. The high street consumer credit business has been acquired in a deal worth GBP235m. John van Kuffeler, NSF Chairman, commented “Everyday Loans is a strong and differentiated business for which we have exciting expansion plans. By applying our expertise and management skills we int
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07 Dec 2015 PKO BH Establishment of Polish Covered Bond Programme
PKO BH – Establishment of Polish Covered Bond Programme - PKO Bank Hipoteczny SA (PKO BH) has completed the establishment of a rated mortgage covered bond programme. This programme, rated Aa3 by Moody’s Investor Service, has been set up to target the international covered bond market. Whereas Poland has had a mortgage covered bond market for many years, this has been purely domestic and with only a handful of issuers. The new Polish legislation still requires
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02 Dec 2015 European Additional Tier 1 CoCo Bonds Market
Allen & Overy and Linklaters Dominate European Additional Tier 1 CoCo Bonds Market - Allen & Overy and Linklaters have dominated the European Additional Tier 1 CoCo Bonds Market, according to a report published today by DealFolio.NET. In our report, we analyse this important segment of the European bank bond issuance market and get the views of Pauline Lambert, a leading credit ratings analyst at Scope Ratings. The report is available in our Debt Capital Markets pages.
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17 Nov 2015 UK Asset Resolution Sale of Northern Rock Portfolio
UK Asset Resolution Sale of Northern Rock Portfolio - UK Asset Resolution's sale of GBP13bn mortgages and unsecured loans from the legacy book of the Northern Rock mortgage business was the largest sale of financial assets by a European government to date. Cerberus Capital Man
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16 Nov 2015 IAG Convertible Bonds due 2020, due 2022
IAG Issuance of Convertible Bonds due 2020, due 2022 - International Airlines Group (via Internationa Consolidated Airlines Group SA) last week issued one of the largest convertible bonds seen in the European market in 2015. The EUR1bn bond met with strong investor demand and eventually priced at 0.25 per cent for the 5-year maturity and 0.625 per cent for the 7-year. The bonds will convert to equity if the share prices rises 62.5 per cent from the price at closing. Slaughter and May a
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02 Nov 2015 Additional Tier 1/Contingent Convertible Notes
Contingent Convertible Bonds - The European Additional Tier 1/CoCo bond market has been busy throughout 2014 and 2015. DealFolio.NET will be publishing our list of law firms which have advised on this asset class.
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30 Sep 2015 Sweden Deal Flow Survey YTD 2015
Favorable macroeconomic conditions support good year of M&A and IPO work for Sweden’s leading legal advisers
London, 30 September 2015 – Supportive macroeconoomic conditions have led to an active year for the leading law firms in t
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29 Sep 2015 BBA Aviation Acquisition of Landmark Aviation
BBA Aviation Acquisition of Landmark Aviation - BBA Aviation is a fixed base operator meaning it provides aircraft servicing facilities at airports, particularly for the corporate jet market. The UK based company, which is the largest in its field, is in the process of buying the third biggest company, Landmark Aviation. Landmark is currently owned by private equity giant Carlyle. The acquisition is being financed by a combination of debt facilities and a fully underwritten rights issue
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03 Sep 2015 DEFRA - Thames Tideway Project
Ashurst advised the Department for Environment, Food and Rural Affairs in respect of the GBP2.4 billion Thames Tideway Project which was approved in late August 2015. The Thames Tideway is described as London's super sewer and is designed to protect the River Thames from increasing pollution. It will be a 25km tunnel running under the River Thames.
<
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08 Jul 2015 Green Bonds
Green Bonds are now a separate classification within Debt Capital Markets. We follow the ICMA system and further sub-classify Green Bonds as follows: Green Use of Proceeds Bonds, Green Use of Proceeds Revenue Bonds, Green Project Bonds and Green Securitised Bonds. Where relevant, each deal will also be classified in Corporate Bonds, Project Bonds or Securitisation and Structured Finance.
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27 Apr 2015 The Government of Pakistan - Sale of Habib Bank
The Government of Pakistan - Sale of Habib Bank Stake has been classified on www.legaldealfolio.com as follows:
Financial Centre : Dubai<
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14 Mar 2015 Green Bond Classifications Added
New Green Bond Classifications Added - Legal DealFolio has added new Green Bond classifications added, within the Debt Capital Markets area.
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14 Mar 2015 Cote d'Ivoire Staggered Repayment Bond Issuance
Cote d'Ivoire Staggered Repayment Bond - The Republic of Cote d'Ivoire issued USD 1 billion Rule 144A/Reg S amortizing bonds due 2028 with an annual coupon of 6.375 percent and re-offer yield of 6.625 per cent.
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10 Feb 2015 Northrop Grumman Corporation Registered Senior Debt Offering
Northrop Grumman Corporation Registered Senior Debt Offering - Northrop Grumman Corporation, the global security company, announced that it had priced its USD600 million registered senior debt offering at 3.85%. The notes are due April 2045.
Read more09 Feb 2015 Royal Bank of Canada Issuance of Covered Bonds due 2020
Royal Bank of Canada Issuance of Covered Bonds due 2020 - Royal Bank of Canada issued the latest tranche under its Global Covered Bond Programme. The bonds were rated Aaa by Moody's Investor Service, which assigned a Timely Payment Indicator of Probable, permitting a several notch uplift from the Bank's senior unsecured rating.
Read more12 Dec 2014 Federal Democratic Republic of Ethiopia Debut Bond Offering
Federal Democratic Republic of Ethopia Debut Bond Offering - Ethiopia is Africa's fastest growing economy and this issuance (which follows those from other African sovereigns such as Kenya and Ivory Coast) is the first step in the country's attempt to fund cUSD50m in infrastructure. The republic is rated B1 by Moodys and B by both Fitch and Standard and Poors. (Linklaters advised the Lead Managers).
Financial Center: Dubai
Law Firm: Linklaters
Lawyer: Richard O'
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08 Dec 2014 Sukuk Offering by International Finance for Immunisation Company
International Finance for Imminisation Company - IFIC issued one of the largest debut offerings ever in the capital markets by a non-profit organisation. (Slaughter and May advised IFIC).
Financial Centre: London
Law Firm: Slaughter and May
Lawyer: Marc Hutchinson
Practice Area: Debt Capital Markets
Classification: Islamic Finance, Sukuk Bonds, Murabaha
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05 Dec 2014 Antin Solar Investments - PV Portfolio Project Bond
Antin Solar Investments PV Portfolio Project Bond - Antin Solar Investments refinanced a portfolio of seven solar photovoltaic plants in Italy with a combined bond and bank package. (Ashurst advised the Bookrunner.)
Financial Centre: Milan
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05 Dec 2014 Financing for 950MW CCGT Power Station, Kirikkale, Turkey
Financing for 950 MW CCGT Power Station, Kirikkale, Turkey - The Kirikkale IPP is one of the largest power projects in Turkey in recent years. ACWA of Saudi Arabia is a sponsor and EBRD and KEXIM were amongst the lending group. (Norton Rose Fulbright advised the Debt Providers).
Financial Centre: London
L
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23 Nov 2014 Raiffeisenbank a.s. - EUR Denominated Czech Covered Bonds
EUR Denominated Czech Covered Bonds - Raiffeisenbank a.s. issued EUR denominated Czech covered bonds aimed at the international market. The covered bond market has had net negative supply for the last few years as eurozone banks have been deleveraging on the one hand and utilising other sources of liquidity on the other. The ECB's announcement in September 2014 of its third Covered Bond Purchase Programme has compressed primary market yields even further for eurozone issuers. The Czech
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08 Nov 2014 Lloyds Banking Group Subordinated Tier 2 Notes due 2024
Lloyds Banking Group Subordinated Tier 2 Notes due 2024 - Lloyds Banking Group plc issued an SEC-registered offering of USD1 billion aggregate principal amount of 4.5% subordinated Tier 2 notes due 2024. The deal priced at 225bps over Treasuries.
Financial Centre : London
Law Firm : Davis Po
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29 Oct 2014 Bohai General Capital Guaranteed Bonds due 2017
Bohai General Capital Guaranteed Bonds due 2017 - Bohai General Capital issued the first CNY bonds issued by a PRC company outside the mainland. The Bonds due 2017 were guaranteed by Bohai Steel Group Co Ltd. (Linklaters advised the lead managers).
Financial Centre : Hong Kong
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28 Oct 2014 Omnicom Bankside 2 and Bankside 3, London Letting
Omnicom Bankside 2 and Bankside 3, London Letting - Macfarlanes advised Omnicom on the letting of major office space at Bankside 2 and Bankside 3, London. (Macfarlanes advised Omnicom).
Financial Centre : London<
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10 Sep 2014 Net4Gas Reg S Issuance of CZK Bonds due 2021
Net4Gas Reg S Issuance of CZK Bonds due 2021 - Linklaters advised Net4Gas, the Czech gas transmission system operator, on a three tranche bond in EUR and CZK amounting to EUR710m. The CZK 7bn Reg S issue is one of the largest CZK denominated bond issuance.
Financial Centre : London
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10 Sep 2014 Tristan Capital Partners Sale of Dieterich Karree Complex
Tristan Capital Partners Sale of Dieterich Karree Complex, Dusseldorf - Clifford Chance advised CCPIII, the core plus fund advised by pan-European real estate manager Tristan Capital Partners, on the sale of "Dieterich Karree" residential/retail complex in downtown Dusseldorf's Pempelfort district.
Financial Centre : Frankfurt
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04 Jul 2014 Santander Consumer Bank Polish Auto Securitisation
Santander Consumer Bank Polish Auto Securitisation - Santander's Polish consumer finance business has closed a notable securitisation of auto loan receivables. Securitisation in Poland has been inhibited by a restrictive tax regime and legal complexities, however a handful of institutions have managed to issue succ
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03 Jul 2014 HM Treasury Inaugural Sovereign Sukuk Issuance
HM Treasury Inaugural Sovereign Sukuk Issuance - in a landmark transaction, the UK government has issued a sovereign sukuk. This means that Britain has become the first country outside the Islamic world to issue sovereign sukuk. According to the government's official statement, the sukuk maturing in 2019 have been
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26 Jun 2014 Emaar Malls Group 10 Year Wakala Sukuk
Emaar Malls Group 10 Year Wakala Sukuk Issuance - Emaar Malls the operator of the biggest shopping mall in Dubai, has issued a USD750m Reg S sukuk with a stipulated profit rate of 4.564 per cent, indicating a yield of approximately 182 basis points over mid-swaps. This represents a good outcome for the issuer and c
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26 Jun 2014 Ladbrokes plc Retail Bonds due 2022
Ladbrokes plc Retail Bonds due 2022 - The Ladbrokes Group plc has issued 5.125 per cent Sterling fixed rate bonds due 2022. Retail bonds and their sub-category mini-bonds are becoming increasingly popular with both issuers and investors, driven on the investor side by retail investors looking for higher yield than that offered by traditional savings products. The London Stock Exchange's Order Book for Retail Bonds has helped by providing additional liquidity. This is Ladbroke's first r
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30 May 2014 Deutsche Asset Acquisition of 1 Queen Anne's Gate Buildings, London
Deutsche Asset Acquisition of 1 Queen Anne's Gate Buildings, London - Deutsche Asset and Wealth Management has completed the acquisition of 1 Queen Anne's Gate Buildings - an eight storey, 67,000 sq ft office block, is located on Dartmouth Street close to St. James’s Park, London. (Eversheds advised Deutsche Asset and Wealth Management).
Financial Centre : London
Law Firm : Eversheds
Lawyer : Daniyal Ansari
Practice Area : Real Estate Read more
30 May 2014 Bharti Airtel - Offering of Notes due 2021, due 2024
Bharti Airtel - Offering of Notes due 2021, due 2024 - Bharti Airtel, India's largest telecoms operator, has completed its largest capital markets to date with a Reg S/Rule 144A offering. This follows on from the company's first ever foreign currency bond in March 2014. The dual currency offering had 7 and 10 years tenors, with very good demand across regions. (Allen & Overy advised the Issuer; Milbank advised the Underwriters.)
Financial Centre : Hong Kong
Law
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26 Mar 2014 Unilever PLC Green Sustainability Bond due 2018
Unilever PLC Green Sustainability Bond due 2018 - Unilever has issued a GBP250 million "Green Sustainability" Bond, with a maturity of 4 years and 2% fixed rate. The landmark issuance is linked to a number of projects which improve the energy and water efficiency of the company's operations. It is unusual for an issuer not within the utility sector or a development institution to issue a sustainability bond and has been well received both by investors and the sustainable sect
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26 Mar 2014 A11 PPP Road PBCE Project, Belgium
A11 PPP Road PBCE Project, Belgium - The European Investment Bank has agreed to support construction of the new 12km long A11Read more
03 Mar 2014 The Blackstone Group investment in Gianni Versace SPA
The Blackstone Group investment in Gianni Versace SPA - Iconic Italian house fashion brand Versace is selling a 20 percent stake to U.S. private equity firm Blackstone for 210 million euros (USD287 million), aiming to fund new shops and build on a recent recovery in sales before an eventual stock market listing. (Simpson Thacher advised Blackstone).
Financial Centre : London
Law Firm : Simpson Thacher
Law
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03 Mar 2014 Dongfeng Motor Group Investment in Peugeot
Dongfeng Motor Group Investment in Peugeot - Dongfeng has signed an agreement to purchase a stake of PSA Peugeot Citroen for 800 million euros (USD1.1 billion), according to an exchange filing made Wednesday in Hong Kong. (Slaughter and May advised Dongfeng).
Financial Centre : Hong Kong
Law Firm : Slaughter and May
Lawyer : Benita Yu
Practice Area : Corporate an
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14 Feb 2014 Comcast Corporation Merger with Time Warner Cable
Comcast Corporation Merger with Time Warner Cable - Comcast Corporation (Nasdaq: CMCSA, CMCSK) and Time Warner Cable (NYSE: TWC) today announced that their Boards of Directors have approved a definitive agreement for Time Warner Cable to merge with Comcast. The agreement is a friendly, stock-for-stock transaction in which Comcast will acquire 100 percent of Time Warner Cable’s 284.9 million shares outstanding for shares of CMCSA amounting to approximately USD45.2 billion in equit
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05 Feb 2014 Dassault Systemes Acquisition of Accelrys
Dassault Systemes Acquisition of Accelrys - Dassault Systemes, a French developer of 3D design software, agreed to buy U.S. competitor Accelrys Inc for approximately USD750 million to expand its offering in molecular chemistry and life sciences. Dassault will make a tender offer at USD12.50 per Accelrys share. (Cravath Swaine & Moore advised the Acqu
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03 Feb 2014 ICBC Acquisition of Majority Stake in Standard Bank plc
ICBC Acquisition of Majority Stake in Standard Bank plc - Industrial and Commercial Bank of China Limited (ICBC) announced that ICBC has reached an agreement with Standard Bank Group Limited (Standard Bank) regarding the acquisition of 60 percent of the existing issued shares in Standard Bank Plc (SB Plc). According to the share sale and purchase agreement, the purchase price to be paid by ICBC to SBLH will be determined by reference to the net asset value of SB Plc at the completion d
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19 Jan 2014 Republic of Panama 5.2% Bonds due 2020
Republic of Panama Bonds due 2020 - The Republic of Panama has re-opened its offering of bonds due 2020. The 2020s offered interest rate of 5.200% is amongst the lowest ever offered by the central American sovereign. (Shearman & Sterling advised the Bookrunners).
Financial Centre : New York
Law Firm : Shearman & Sterling
Lawyer : Antonia E Stolper
Practic
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19 Jan 2014 Cineworld Group Combination with Cinema City International
Cineworld Group Proposed Combination with Cinema City International - The UK's biggest cinema chain is to merge with Cinema City International, listed in Warsaw with a major presence in several CEE countries. The transaction will create a combined group with 201 cinemas and almost 2,000 screens. Cinema City will receive GBP272m in cash and a 25% stake in Cineworld worth GBP231m. (Slaughter and May advised Cineworld).
Fina
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09 Oct 2013 Legal DealFolio's 5000th Deal Uploaded!
Legal DealFolio's 5000th Deal Uploaded! - Premier Oil's Farm-Out of Falklands Licences has been uploaded and is officially the 5000the deal to go onto the Legal DealFolio database. We now have 5000 deals since January 2011 across 41 Financial Centres including London, New York and Hong Kong, with Corporate, Banking, Capital Markets and Real Estate deals classified by Industry, Advised Party, Value, Jurisdiction and Deal Classification and Sub-classifications.
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09 Oct 2013 TFL Restructuring of Financing Agreements
TFL Restructuring of Financing Agreements - UniCredit Bank AG and other creditors have negotiated the restructring of the financing arrangements for TFL, a speciality chemicals maker for the leather industry which was acquired in September 2013 by B;ack Diamond Capital. (Linklaters advised the Creditor Group).
Financial Centre : Frankfurt
Law Firm : Linklaters
Lawyer : Sven Schelo
Practice Area : Restructuring and Insolvency
Classification :
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26 Sep 2013 KKR acquisition of PRA Holdings
KKR acquisition of PRA Holdings - Kohlberg Kravis Roberts has agreed to buy PRA International, a provider of clinical laboratory testing services for drug makers. The seller was Genstar Capital which bought the business in 2007. The deal demonstrates private equity's continued interest in research-for-hire firms. (Simpson Thacher advised the Private Equity Buyer).
Financial Centre : New York
Law Firm : Simpson Thacher
Lawyer : Sean D Rodgers
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26 Sep 2013 Applied Materials Merger with Tokyo Electron
Applied Materials Merger with Tokyo Electron - Applied Materials announced a "merger of equals" with Tokyo Electron, in a deal worth nearly USD10bn. The combined manufacturer of equipment used in semiconductor will now be one of the largest in the world. On the day of announcement, Applied Materials share price jumped nearly 6 per cent and echoed the generally positive reception of the news. Under the terms of the deal, Tokyo Electron will receive 3.25 shares of the new
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07 May 2013 The Republic of Slovenia Bond Issuance
The Republic of Slovenia Bond Issuance - The Republic of Slovenia has closed a USD3.5bn dual-tranche bond at the tight end of revised yield guidance. The dual tranche offering (5 year, 10 year prints) reportedly received orders in excess of USD16bn. The bond issue was delayed on Tuesday during the bookbuilding process because of a two-notch downgrade by ratings agency Moody's, which now rates the sovereign one notch into junk territory at Ba1. However, the successful issue of thes
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22 Apr 2013 International Islamic Liquidity Management Corporation Short-Term Sukuk Programme
International Islamic Liquidity Management Corporation Short-Term Sukuk Programme - the International Islamic Liquidity Management Corporation, based in Malaysia but with a number of sovereign shareholders, has sought to fill a gap in the treasury management of Islamic finance institutions by the creation of a short-term sukuk issuance programme. The programme has achieved an A-1+ short-term rating at S&P and will issue tradeable supra-sovereign paper which should be liquid, w
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11 Apr 2013 Sadara Chemical Company Project Sukuk
Sadara Chemical Company Project Sukuk - Sadara announced the successful closing of the sukuk issued through its subsidiary Sadara Basic Services Company SBSC. The innovatibe project sukuk received strong investor demand, resulting in 2.6 times oversubscription based on the initial offering size of SR 5.25 billion. In keeping with this demand, Sadara up-sized the issuance to SR 7.5 billion. The sukuk has a floating rate and will have a tenor of approximately 16 years. The sukuk inv
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05 Apr 2013 Pinnacle Foods Inc NYSE Initial Public Offering
Pinnacle Foods Inc NYSE Initial Public Offering - Pinnacle Foods Inc. has announced the closing of its initial public offering of common stock, which raised proceeds of approximately $627 million. A total of 33.3 million shares have been issued, the proceeds of which are intended to pay down existing debt. The stock priced at $20 per share (and secondary trading was strong immediately after issuance). Pinnacle is owned by Blackstone and the mood in US equity markets
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05 Apr 2013 Emirates NBD Tier II Subordinated Reset Notes due 2023
Emirates NBD Tier II Subordinated Reset Notes due 2023 - Dubai's largest lender, Emirates NBD, has issued a Tier II note. The 10 year (5 year call) issuance priced to yield around 5%. This follows in the footsteps of other UAE lenders such as Abu Dhabi Commercial Bank which priced a similar issuance in February 2013. The proceeds will be used to shore up the bank's capital. This issuance again highlights the current ability of new markets lenders to issue subordinated debt at
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11 Mar 2013 Arqiva Financing Whole Business Securitisation
Arqiva Financing Whole Business Securitisation - UK company Arqiva owns regulated terrestrial TV and radio infrastructure, wireless towers and satellite transmission services in the UK. Its comprehensive refinancing package consists of capex, working capital and liquidity facilities, a whole business securitisation and a high-yield bond offering. The high-yield bond is structurally subordinated to the securitisation. The securitisation notes are BBB by Fitch and the high-yield notes ar
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07 Mar 2013 Iona Energy Secured Borrowing Base Facility
Iona Energy Secured Borrowing Base Facility - Iona Energy, the Canadian Oil & Gas company, has finalised its secured borrowing base facility arranged by Bank of America Merrill Lynch, Lloyds Bank plc and BNP Paribas. The facility is related to the acquisition by Iona of Carrizo UK Huntingdon Limited, which provides various UK interests including a 15% non-operated interest in License P1114 of UK North Sea Block 22/14b. (Ashurst advised the Borrower.)
Financial Centre :
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01 Mar 2013 DealFolio Digest February 2013 No 2
DealFolio Digest - February 2013 No 2 has been published. Notable deals in the latter half of February have included Reposl's disposal of LNG assets to Shell and the Mapletree Greater China Commercial Trust IPO, which is the largest IPO in Asia to date.
To access the Digest, please click on one of the following Practice Areas:
Corporate and M&A
Debt Capital Markets
Equity Capital Markets
Infrastructure and Project Finance
Internationa
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28 Feb 2013 Repsol sale of LNG Assets to Shell
Repsol sale of LNG Assets to Shell - following the nationalisation of YPF by the Argentine government, Repsol has been seeking to maintain its credit rating (currently BBB- at Fitch) via a disposal and debt reduction programme. The sale of LNG assets in Peru, Spain and Trinidad & Tobago has resulted in disposal proceeds of approximately EUR2.7bn. Repsol has stated that the deal will reduce net debt to EUR2.2bn. In a press release yesterday, Fitch Ratings noted that any rating actio
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28 Feb 2013 Mapletree Greater China Commercial Trust IPO
Mapletree Greater China Commercial Trust IPO - the listing on the Singapore Exchange of the Mapletree China-focussed REIT - Greater China Commercial Trust - is the biggest in Singapore for over 2 years. The deal was priced at S$0.93 a unit, at the very end upper end of the indicative price guidance shown the week before of S$0.88-0.93. Mapletree is a unit of Temesak and the REIT listed includes a number of properties in mainland China as well as Hong Kong. The deal is the largest IPO t
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25 Feb 2013 Government of India sale of stake in NTPC
Government of India sale of stake in NTPC - The Government of India has sold a 9.5 per cent in a major state-owned company the electricity utility NTPC Limited. Partial privatisations form a key component of the Indian government's efforts to reduce the fiscal deficit. State owned companies form between 15 to 20% of the total market capitalisation on the Bombay Stock Exchange - so there could be several deals like this in the coming 2-3 quarters. (Herbert Smith Freehills advised t
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19 Feb 2013 DealFolio Digest February 2013 No 1
DealFolio Digest February 2013 No 1 lists the deals which have closed in the first two weeks of February 2013. In addition to the large M&A deals, there has also been a landmark corporate subordinated debt issuance and the financing of the largest Moroccan wind farm to date, which could meet up to 15% of the country's wind energy target.
To access the Digest, please click on one of the following Practice Areas:
Corporate and M&A
Debt Capital Markets
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15 Feb 2013 Berkshire Hathaway and 3G Capital purchase of HJ Heinz Company
Berkshire Hathaway and 3G Capital purchase of HJ Heinz Company - Warren Buffett and Jorge Paulo Lemann have combined with approximately USD4bn equity from their Berkshire Hathaway and 3G Capital groups respectively to purchase Heinz. The cash offer is at USD72.50 per Heinz, valuing the group at USD28bn. JP Morgan and Wells Fargo have provided committed debt financing. The deal continues this month's series of huge M&A transactions following on from the Dell Inc and Virgin Media dea
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14 Feb 2013 Tarfaya Wind Farm Project, Morocco
Financing for Tarfaya Wind Farm Project, Morocco - The Tarfaya Wind Farm inMorocco will have a 300MW capacity, making it the largest wind farm in Africa
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11 Feb 2013 Liberty Global acquisition of Virgin Media
Liberty Global acquisition of Virgin Media - Liberty Global has confirmed an agreed cash and stock offer of USD23.3bn for Virgin Media, with an implied price of USD47.87 per Virgin Media share. The deal will create one of the biggest broadband communications company, serving 47 million homes and 25 million customers across 14 countries, according to Liberty Global. This important deal with give Liberty Global an entry into the European market, with a potential challenge to the dominanc
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07 Feb 2013 Michael Dell/Silver Lake Partners take private of Dell Inc
Michael Dell/Silver Lake Partners take private of Dell Inc - The USD24.4bn take private of Dell Inc by founder Michael Dell and Silver Lake Partners is the largest private equity transaction since the onset of the financial crisis in 2008. Mr Dell and associated funds contributed USD750m with Silver Lake Partners contributing USD1.4bn. Microsoft also provided debt finance together with USD13.75bn of debt finance from a bank syndicate comprising Bank of America, Barclays, Credit Suisse
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07 Feb 2013 EDF Subordinated Perpetual Bonds
EDF Subordinated Perpetual Bonds - Electricite de France has issued the largest corporate hybrid bond to date. In a clear sign of the liquidity available in this segment, the print size of EUR4bn easily eclipsed the previous largest USD3.2bn deal from General Electric - which was issued in 2007 before the onset of the financial crisis. Last month was a record month for corporate hybrid debt. As a spillover of the "risk on" modus on the debt capital markets, cor
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26 Nov 2012 Publication of Banks and Financial Services DealFolio November 2012
Banks and Financial Services DealFolio
Major Industry Transactions January 2011-November 2012
Corporate and M&A, Debt Capital Markets, Equity Capital Markets
Available at:
Corporate and M&A/Market Commentary
Debt Capital Markets/Market Commentary
Equity Capital Markets/Market Commentary
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19 Nov 2012 Publication of Software and Computer Services DealFolio
Software and Computer Services DealFolio
Major Industry Transactions January 2011-November 2012
Corporate and M&A, Debt Capital Markets, Equity Capital Markets, International Finance and Bank Credit
Available at:
Corporate and M&A/Market Commentary
Debt Capital Markets/Market Commentary
Equity Capital Markets/Market Commentary
International Finance and Bank Credit/Market Commentary
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19 Nov 2012 Publication of German DealFolio November 2012
Publication of German DealFolio - November 2012
Major German Transactions: Corporate and M&A (German Targets, German Acquirors), Debt Capital Markets (German Issuers), Equity Capital Markets (German Issuers), Infrastructure and Project Finance (German Projects, German Sponsors).
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18 Nov 2012 Publication of China DealFolio - November 2012
Publication of China DealFolio - November 2012
Major Chinese Transactions: Corporate and M&A (Chinese Targets, Chinese Acquirors), Debt Capital Markets (Chinese Issuers), Equity Capital Markets (Chinese Issuers), Infrastructure and Project Finance (Chinese Projects, Chinese Sponsors).
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01 Nov 2012 Publication of Dubai DealFolio November 2012
Publication of Dubai DealFolio - 7th November 2012.
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01 Nov 2012 European Renewable Energy
We have published a report on the Renewable Energy sector in Europe.
This report looks at activity in the European renewable energy sector, with information on UK, German, French, Italian and Spanish wind and solar projects. A small number of firms dominate this sector, which is critical as question marks remain about the financing model for this type of project finance, given the change dynamic of bank funding as a result of Basel III.
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05 Sep 2012 New Reports
We have published two summary reports this month.
Infrastructure and Project Finance - the report highlights an increasing number of projects in the renewable energy sector, particularly wind farm projects. We would expect this trend to continue - notwithstanding that the entire project finance segment faces liquidity challenges.
Oil & Gas Deals - the report highlights the continued importance of this segment. Slaughter and May in London and Simpson Thacher in New Yor
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