Herbert Smith Freehills is pleased to have advised Greencross Limited (Greencross) on its A$120 million fully underwritten pro-rata accelerated non-renounceable entitlement offer and institutional placement (Offer), announced 16 June 2014.
The proceeds from the Offer will be used by Greencross to partially fund its acquisition of CF Group Holdings Pty Limited (City Farmers).
Tags: Herbert Smith Freehills Kramer LLP
Global law firm K&L Gates acted for Karoon Gas Australia Limited (Karoon) in the sale of its 40% equity interest in Browse Basin exploration permits WA-315-P and WA-398-P to a subsidiary of Origin Energy Limited. The terms of the sale include an upfront cash payment of US$600 million and deferred cash payments of up to US$200 million.
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King & Spalding represented the Government of Greece on landmark agreements for the award of the first new oil and gas exploration leases in the country for nearly 20 years. The agreements may have an estimated investment value of €700 million.
The Ministry of Environment Energy & Climate Change launched an “open door” sale of exploration rights of license areas in Western Greece in 2012, which it is estimated may have up to 300 million barrels of oil deposits. The government recently signed agreements with private sector parties for oil and gas exploration rights in three blocks, Ioannina, Katakolon and West Patraikos Gulf.
Tags: King & Spalding LLP
Linklaters has advised the Emaar Malls Group LLC, a wholly-owned subsidiary of Emaar Properties PJSC, on its inaugural $750 million 10 year debut Sukuk issue. Emaar Malls is the operator of numerous malls, shopping centres and other retail shopping developments in Dubai, including The Dubai Mall, one of the world’s largest shopping malls.
Tags: Linklaters LLP
Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in connection with an offering by CommScope, Inc., a wholly-owned subsidiary of CommScope Holding Company, Inc., of $650 million aggregate principal amount of 5.000% Senior Notes due 2021 and $650 million aggregate principal amount of 5.500% Senior Notes due 2024. The proceeds of the notes offering were used to fund the redemption of CommScope Inc.’s 8.25% Senior Notes due 2019 and for general corporate purposes.
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Willkie represented longtime client Level 3 Communications, Inc. in its stock-and-cash acquisition of tw telecom, valued at approximately $7.3 billion, including the assumption of $1.6 billion in tw telecom net debt.
Under the terms of the agreement, tw telecom shareholders will receive $10 in cash and 0.7 shares of Level 3 common stock for each share of tw telecom common stock that is owned at closing. The transaction is valued at $40.86 per share of tw telecom common stock based on market close as of June 13, 2014.
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Skadden is advising Covidien plc on the tax aspects of its $43 billion acquisition by Medtronic, Inc., announced June 15.
Tags: Skadden, Arps, Slate, Meagher & Flom LLPThe Firm represented Ozner Water International Holding Limited in connection with its initial public offering in Hong Kong and Rule 144A/Regulation S offering of an aggregate of 422,000,000 ordinary shares, which raised approximately HK$1.14 billion (approximately US$147.0 million) in gross proceeds. Ozner Water International Holding Limited is a leading water purification service provider and the largest water purification service provider to commercial end users in China. The ordinary shares of Ozner Water International Holding Limited are listed on the Hong Kong Stock Exchange. Goldman Sachs and Standard Chartered acted as jointed global coordinators, joint bookrunners, joint lead managers and joint sponsors.
Tags: Simpson Thacher & Bartlett LLPA cross-practice team that spanned Orrick, Herrington & Sutcliffe LLP’s Energy & Infrastructure, Corporate and Banking & Finance groups recently advised Southern Star Central Corp., the parent company of Southern Star Central Gas Pipeline, Inc., an interstate natural gas transportation company, in its $450 million private offering of 5.125% Senior Notes due 2022. Concurrently with the launch of the Notes offering, Southern Star launched a tender offer for its outstanding 6.75% Senior Notes due 2016 and concurrently with the closing of the Notes offering, Southern Star also entered into an amendment and restatement of its current revolving credit facility, and Central entered into a $100 million unsecured term loan facility. The proceeds from the Notes offering and the Central term loan facility were used primarily to repay or redeem the 2016 Notes, repay Southern Star’s current revolving credit facility and make a distribution to its parent company.
Proskauer London represented Banco Popolare in its recently completed €1.5 billion ($2.1 billion) capital increase in the form of a rights offering in reliance on Regulation S. The capital increase was fully subscribed and represents the largest completed equity capital markets transaction in Italy in 2014 to date.
