COFCO Land $800 Million Senior Notes Offering

Davis Polk advised COFCO Land Holdings Limited and COFCO (Hong Kong) Limited in connection with the Regulation S offering by Double Rosy Limited, a wholly owned subsidiary of COFCO Land Holdings Limited, of its $800 million 3.625% senior notes due 2019. The notes are supported by a keepwell deed and a deed of equity interest purchase undertaking from COFCO (Hong Kong) Limited. The proceeds from this offering will be used for general corporate purposes and to on-lend to COFCO Land Holdings Limited for partial payment of the consideration in relation to its proposed acquisition of a target group, which is primarily engaged in the development, operation, sale, leasing and management of mixed-use complexes under the flagship brand “Joy City” in China.

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Vietnam raises USD1 billion from its first sovereign bond in four years

The Government of the Socialist Republic of Vietnam has successfully closed its USD1 billion sovereign bond offering, as part of an innovative “debt switch” liability management exercise.

The transaction comprised a simultaneous cash tender offer for certain existing bonds and an offering of new bonds, including a private placement to qualified institutional buyers in the United States in reliance on Rule 144A. Deutsche Bank, HSBC and Standard Chartered Bank were mandated as dealer-managers of the tender offer and joint lead managers of the new bond offering. Allen & Overy advised the Government of Vietnam on this transaction. Vietnam’s most recent USD-denominated bond issue was in 2010, on which Allen & Overy also advised.

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Ashurst advises on US$2.8 billion Donggi-Senoro LNG project

Ashurst has advised export credit agencies Japan Bank for International Cooperation (‘JBIC’), Korea Ex-Im Bank (‘KEXIM’), Nippon Export and Investment Insurance (‘NEXI’) and the commercial banks on the US$2.8 billion financing for the Donggi-Senoro LNG project in Indonesia, which signed on 14 November.

The lenders included JBIC, KEXIM, Mizuho Corporate Bank, Bank of Tokyo Mitsubishi, Sumitomo Mitsui Banking Corporation, Korea Exchange Bank and NongHyup Bank.

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Herbert Smith Freehills advises Huaneng Power on US$1.19 billion acquisition of Chinese power plants

Herbert Smith Freehills has advised Huaneng Power International Inc., one of China’s largest listed power producers, on its acquisition of equity interests in ten power plants in China for a total consideration of US$1.19 billion.

Beijing-based Huaneng Power is the listed unit of the mainland’s largest power producer, China Huaneng Group. The company is mainly engaged in developing, constructing, operating and managing large-scale power plants throughout China.

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Encana Acquires Athlon Energy for $7.1 Billion

Paul, Weiss client Encana Corporation closed the cash tender offer made by its indirect, wholly owned subsidiary, Alenco Acquisition Company, Inc., to acquire all of the issued and outstanding shares of common stock of Texas-based Athlon Energy Inc. Promptly following the consummation of the offer, Alenco Acquisition was merged with, and into, Athlon, with Athlon as the surviving entity and becoming an indirect, wholly owned subsidiary of Encana, a leading North American energy producer. As previously announced, the acquisition price was approximately $5.93 billion, and Encana has assumed Athlon’s $1.15 billion of senior notes, for a total transaction value of approximately $7.1 billion.

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Milbank Advises JSW Steel on its US$500M Bond Offering

Milbank, Tweed, Hadley & McCloy LLP recently advised JSW Steel Limited, one of India’s leading steel producers, on its debut international bond offering of 4.75% Notes due 2019. Citigroup, Australia and New Zealand Banking Group Limited, Credit Suisse, Deutsche Bank and Standard Chartered Bank served as Joint Lead Managers and Joint Bookrunners for the issue.

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Milbank Advises JSW Steel on its US$500M Bond Offering

Milbank, Tweed, Hadley & McCloy LLP recently advised JSW Steel Limited, one of India’s leading steel producers, on its debut international bond offering of 4.75% Notes due 2019. Citigroup, Australia and New Zealand Banking Group Limited, Credit Suisse, Deutsche Bank and Standard Chartered Bank served as Joint Lead Managers and Joint Bookrunners for the issue.

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