Shearman & Sterling represented a syndicate of 18 underwriters represented by Morgan Stanley, Barclays, Citigroup, Goldman, Sachs & Co. and J.P. Morgan in connection with Amgen’s benchmark offering of $4.5 billion of investment grade notes, consisting of $850 million of 1.250% senior notes due 2017, $1.4 billion of 2.200% senior notes due 2019, $1.4 billion of 3.625% senior notes due 2024, $600 million of senior floating rate notes due 2017, and $250 million of senior floating rate notes due 2019.

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Skadden is representing U.K.-based defense and aerospace firm Cobham plc in its approximately $1.46 billion acquisition of U.S. wireless communications company Aeroflex Holding Corp., announced May 20.
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On May 22, 2014, Unilever announced that it has signed an agreement for the sale of its North America pasta sauces business under the Ragu and Bertolli brands to Mizkan Group for a total cash consideration of approximately US$2.15 billion. Cravath represented Unilever in connection with this transaction, which is subject to regulatory approval and customary closing conditions and is expected to close by the end of June. The transaction includes two production facilities – a sauce processing and packaging facility in Owensboro, Kentucky, and a tomato processing facility in Stockton, California.

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Davis Polk advised Delek Drilling LP and Avner Oil Exploration LP, gas subsidiaries of the Delek Group, as sponsors, on the Rule 144A offering by its special-purpose vehicle Delek & Avner (Tamar Bond) Ltd.’s $2 billion principal amount of five tranches of senior secured notes, with limited recourse to the sponsors. The joint book-running managers were Citigroup Global Markets Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. The transaction is the largest USD, investment-grade project bond issuance to date.

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Kirkland & Ellis LLP advised Hess Corporation (NYSE: HES), which today announced that it has agreed to sell its retail business to Speedway LLC, a subsidiary of Marathon Petroleum Corporation (NYSE: MPC),  for total cash consideration of $2.6 billion. Hess Retail is the largest chain of company operated gas stations and convenience stores along the East Coast with 1,342 locations. The acquisition is expected to close in 2014. More >>

Latham & Watkins advised Japan Bank for International Cooperation, the Asian Development Bank and six commercial banks — The Bank of Tokyo-Mitsubishi UFJ, Ltd., ING Bank N.V., Mizuho Bank, Ltd., National Australia Bank Limited, Société Générale and Sumitomo Mitsui Banking Corporation — in the US$1.17 billion financing of the 330-MW Sarulla geothermal power project in Indonesia.

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Milbank, Tweed, Hadley & McCloy advised major underwriters of the approximately US$2 billion international dual currency debt issuance by Bharti Airtel.  It was the largest bond offering ever by an Indian company.

In what is also the first dual currency securities offering by an Indian firm, Bharti raised about US$1 billion in 5.350% notes due 2024, and €750 million in 3.375% notes due 2021. Proceeds will be used to refinance current debt.

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Davis Polk advised Goldman, Sachs & Co., J.P. Morgan Securities plc, Société Générale, Barclays Bank PLC, Commerzbank AG, Banca IMI S.p.A. and Danske Bank A/S as joint book-running managers in connection with an SEC-registered offering of €500 million of 1.75% notes due 2022 and €500 million of 3.00% notes due 2034 by Illinois Tool Works Inc.

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