Herbert Smith Freehills has advised Commonwealth Bank of Australia (CBA) on its exit from its property funds management and property asset management platform. The property platform provided management services to three listed trusts with over A$20 billion in property assets under management.

The trusts were CFS Retail Property Trust Group (CFX), Commonwealth Property Office Fund (CPA) and the Kiwi Income Property Trust (KIPT). The platform also included various unlisted wholesale funds and third party property mandates.

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Paul Hastings LLP, a leading global law firm, represented Alfa, S.A.B. de C.V., one of the largest conglomerates in Latin America, in its inaugural $1 billion international bond offering.  Alfa is a leading Mexican company engaged in the petrochemicals, refrigerated foods, aluminum auto parts, natural gas and hydrocarbons and telecommunications businesses.  The offering involved the issuance of US$500 million of 5.250% Senior Notes due 2024 and US$500 million of 6.875% Senior Notes due 2044.  Alfa became one of the select group of Latin American companies able to access the 30-year international bond market.  The notes were issued pursuant to Rule 144A and Regulation S in a more than four times oversubscribed offering.  The underwriters involved were Credit Suisse, Goldman Sachs, J.P. Morgan and Morgan Stanley.

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Shearman & Sterling represented Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. as the joint bookrunning managers in connection with Novartis Capital Corporation’s offering of $2.15 billion aggregate principal amount of 3.400% Notes due May 6, 2024 and $1.85 billion 4.400% Notes due May 6, 2044. Both tranches of notes were fully and unconditionally guaranteed by Novartis AG.

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Simpson Thacher recently represented the international managers in connection with the initial public offering of Japan Display Inc. on the Tokyo Stock Exchange, which included an international offering to institutional investors pursuant to Rule 144A and Regulation S.

Japan Display Inc. is one of the world’s leading display panel manufacturers, with a focus on manufacturing small- to mid-sized display panels for smartphones and tablets.

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Simpson Thacher represented Grupo Antolín in connection with a high yield offering of €400 million aggregate principal amount of its 4.75% Senior Secured Notes due 2021, a new €200 million term loan facility and a €200 million revolving credit facility. The proceeds of the notes offering together with borrowings under the new term loan facility were used by Grupo Antolín to refinance outstanding indebtedness.

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Perkins Coie provided U.S. securities advice to  Tanker Investments Ltd. (TIL) for its $175 million Norwegian initial public offering, which included equity private placements and a concurrent listing of TIL’s common shares on the Oslo Stock Exchange.  TIL was formed by Teekay Corporation and Teekay Tankers Ltd. to buy, operate and sell modern second-hand mid-size oil tankers and completed a $250 million private placement in January, for which Perkins Coie also served as U.S. securities counsel.

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Simpson Thacher represented J.P. Morgan Securities LLC, as lead arranger, and JPMorgan Chase Bank, N.A., as administrative agent, in connection with the repricing of the $1.906 billion term loan under Realogy Group LLC’s senior secured credit facilities.

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A Travers Smith team led by firm senior partner Chris Hale and senior corporate associate Adam Orr has advised management on the acquisition of Nets Holding A/S. Advent International Corp., Bain Capital LLC and Danish pension fund ATP have agreed to buy the Nordic card-payment business for 17 billion kroner ($3.1 billion).

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International law firm Milbank, Tweed, Hadley & McCloy represented Nomura, BBVA, Morgan Stanley, Deutsche Bank and HSBC as joint lead arrangers and joint bookrunners for a $4.8 billion senior secured credit facility and a $1 billion senior notes issuance for Spanish pharmaceutical firm Grifols S.A.

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Cahill represented BofA Merrill Lynch, Citigroup, J.P. Morgan, Mitsubishi UFJ Securities, US Bancorp, and Wells Fargo Securities as joint book-running managers and the co-managers in connection with the public offering of $400,000,000 aggregate principal amount of 6% Notes due 2024 by R.R. Donnelley & Sons Company, a global provider of integrated communications. Proceeds from the offering were used to refinance existing indebtedness. More >>