The scheme is subject to customary conditions precedent including Wotif Group shareholder approval and court approval. If the scheme is implemented, Wotif Group shareholders will receive cash consideration. The offer is valued at approximately $703 million.
Tags: King & Wood MallesonsMexican pipeline operator Fermaca, owned by Swiss private equity firm Partners Group, sold $550 million in international bonds due 2038.
NautaDutilh advised Partners Group which invested US$750 million in Fermaca in February 2014. The bond offering was used to pay back a US$140 million loan connected to Partners Group’s acquisition of Fermaca, as well as a loan taken out by a Fermaca subsidiary that operates a 381 km natural gas pipeline.
Paul Hastings LLP, a leading global firm, announced today that it advised Citigroup Global Markets Limited, Raiffeisen Bank, and Société Générale Corporate and Investment Banking, as joint global coordinators and joint bookrunners, on the €444.3 million initial public offering of Romania’s leading state-owned electricity distributor and supplier, Electrica S.A. The offering, which closed on Friday 4 July, is the largest ever Romanian IPO, valuing the company at €900 million.
Tags: Paul Hastings, LLP
Allen & Overy has advised ING and NN Group on the initial public offering of up to 77 million ordinary shares of NN Group through ING (the Selling Shareholder). This includes the exchange into NN Group shares of EUR 450 million of mandatorily subordinated notes and excluding the exercise of the over-allotment option, gross proceeds to ING at settlement of the IPO amount to approximately EUR 2.0 billion.
Tags: Allen & Overy LLP
Simpson Thacher represented Duff & Phelps Select Energy MLP Fund Inc. (the “Fund”) in connection with its $485 million initial public offering of common stock. The Fund is a newly organized, non-diversified, closed-end management investment company which trades on the New York Stock Exchange under the symbol “DSE”. The underwriting syndicate for the offering was led by Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
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Shearman & Sterling represented STMicroelectronics on its US$1 billion dual-tranche convertible bond offering which closed on July 3, 2014. The senior unsecured convertible bonds are convertible into ordinary shares of STMicroelectronics and are listed on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange. The bonds were issued in two tranches of US$600,000,000 zero coupon convertible bonds due 2019 and US$400,000,000 1.00% convertible bonds due 2021.
Tags: Shearman & Sterling LLPShearman & Sterling represented Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., as co-issuers, both subsidiaries of Ardagh Packaging Holdings Limited (“Ardagh Packaging Holdings”), in their offering of €1,155 million 4.250% First Priority Senior Secured Notes due 2022, $1,110 million floating rate First Priority Senior Secured Notes due 2019 and $440 million 6.000% Senior Notes due 2021 (together, the “Notes”). The Notes are guaranteed by Ardagh Packaging Holdings and will be guaranteed by certain of its wholly owned subsidiaries. The net proceeds from the issuance will be used to repay existing indebtedness. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on July 3, 2014.
Tags: Shearman & Sterling LLPSimpson Thacher recently represented Blackstone Holdings Finance Co. L.L.C., an indirect finance subsidiary of The Blackstone Group L.P., in its issuance and sale of $400,000,000 aggregate principal amount of 4.750% Senior Notes due 2023 and $250,000,000 aggregate principal amount of 6.250% Senior Notes due 2042. The notes are guaranteed by The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. The company intends to use the net proceeds for general corporate purposes.
Tags: Simpson Thacher & Bartlett LLPDavis Polk advised each of Goldman, Sachs & Co. and JPMorgan Chase Bank, National Association, London Branch in connection with accelerated share repurchase transactions they entered into with Monsanto Company, pursuant to which Monsanto is repurchasing an aggregate of $6 billion of its common stock. Under the terms of the transactions, Monsanto will receive an initial aggregate delivery of approximately 38.6 million shares of its common stock. The final number of shares to be repurchased under each transaction will be based on a discount to the volume-weighted average stock price during the term of such transaction. The final settlement of the transactions is expected to occur in up to nine months.
Cravath represented Martin Marietta Materials, Inc. in connection with its US$700 million 144A/Reg. S senior floating rate and senior fixed rate debt offering. Martin Marietta Materials, Inc. is the nation’s second largest producer of crushed stone, sand and gravel for the construction industry. The transaction closed on July 2, 2014.
