Volvo Car Group (Volvo Cars) has signed a €660 million revolving credit facility with a group of leading global and regional banks, underlining growing global confidence in the Swedish car company’s financial and operational transformation. The €660 million revolving credit facility extends an existing €360 million revolving credit facility signed early in 2013. It will serve as a back-up facility for general corporate purposes and has a tenor of three years with two extension options of one year each. The new credit facility broadens the group of banks working with Volvo Cars.
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Fredrikson & Byron Represents Eurofins Scientific in Agreement to Acquire ViraCor-IBT Laboratories, Inc.
Fredrikson & Byron acted as legal counsel for Eurofins Scientific (EUFI.PA), a global leader in bioanalytical testing and genomic services, in its acquisition of ViraCor-IBT Laboratories, Inc. (VIBT), a leading specialty diagnostics laboratory partner in immunology, infectious disease and allergy testing, for $255 million, subject to post-closing adjustments. Fredrikson also represented Eurofins in its 2014 acquisitions of Merck Millipore’s pharmaceutical discovery and development solutions business in the US and UK, and Underwriters Laboratories’ consumer and municipal water testing business.
Tags: Fredrikson & Byron P.A.
King & Spalding Advises Kuveyt Turk on US$500 Million Senior Unsecured Notes
King & Spalding advised Kuveyt Turk Katilim Bankasi A.S. (Kuveyt Turk), one of the leading Turkish participation banks, on the issuance of US$500 million senior unsecured certificates due 2019. The certificates, which are listed on the Irish Stock Exchange, are issued through KT Kira Sertifikilari Varlik Kiralama A.S., the Turkish asset leasing company. The transaction was substantially oversubscribed.
Tags: King & Spalding LLP | Dubai
Akin Gump Advises Diamondback Energy on $180M Share Offering
Akin Gump served as counsel to Diamondback Energy, Inc. in the pricing of an underwritten public offering of two million shares of its common stock by certain selling stockholders at a price to the public of $90.04 per share. The total deal size is $180 million.
Tags: Akin Gump Strauss Hauer & Feld LLP | Dallas
Mourant Ozannes advises on £924 million takeover of Heritage Oil
Leading offshore law firm Mourant Ozannes has advised Heritage Oil Plc on its takeover by Energy Investments Global Ltd, a wholly-owned subsidiary of Al Mirqab Capital SPC.
The takeover, which was implemented by way of a Jersey court sanctioned scheme of arrangement, valued Heritage Oil at approximately £924 million. Anthony Buckingham, Heritage Oil’s CEO, retained a 20 per cent interest in Heritage Oil following completion of the takeover.
Tags: Mourant Ozannes
Paul Hastings Represents RBC and Credit Suisse in $850 Million High Yield Bond Offering by Sanchez Energy
Paul Hastings LLP, a leading global law firm, announced today that the firm represented RBC Capital Markets, LLC and Credit Suisse Securities (USA) LLC as joint bookrunning managers in connection with the offering of $850 million principal amount of 6.125% senior notes due 2023 by Sanchez Energy Corporation, an independent exploration and production company focused on the acquisition and development of unconventional oil resources in the onshore U.S. Gulf Coast.
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Hilton Completes $2.3 Billion Secondary Offering
The Firm represented Hilton Worldwide Holdings Inc. in connection with a $2.3 billion secondary offering, consisting of 103,500,000 shares of common stock (including 13,500,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) at a public offering price of $22.50 per share.
C&J Energy Services to Combine with Nabors’ Completion and Production Businesses in Transaction Valued at $2.86 Billion
Vinson & Elkins advised C&J Energy Services in its agreement to merge with Nabors’ completion and production businesses to create a leading diversified completion and production services provider, a transaction valued at $2.86 billion.
Baker Botts Client LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy
LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced today that LINN has signed a definitive agreement to acquire assets in five U.S. operating areas from Devon Energy Corporation (NYSE:DVN) for $2.3 billion. The asset package is comprised of approximately 900,000 net acres across the Rockies, Mid-Continent, east Texas, north Louisiana and south Texas regions with approximately 4,500 total wells. LINN has identified over 1,000 future drilling locations and over 600 recompletion opportunities. LINN has secured $2.3 billion of committed interim financing for the acquisition of Devon assets, subject to final documentation. The financing was lead arranged by Scotiabank and included Barclays, RBC Capital Markets and Wells Fargo.
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DHT Holdings Inc.’s Registered Direct Offering
Cravath represented DHT Holdings, Inc. in connection with a registered direct offering of US$227 million of common stock. DHT Holdings, Inc. operates a fleet of crude oil tankers. The shares were listed on the New York Stock Exchange. The transaction closed on February 5, 2014.
