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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Shearman & Sterling represented Motor Oil (Hellas) Corinth Refineries S.A. (“Motor Oil”) in its inaugural bond offering of €350 million 5.125% senior notes due 2019 (the “Notes”), issued by Motor Oil’s wholly owned subsidiary, Motor Oil Finance plc. The net proceeds from the issue and sale of the Notes will be used to refinance existing indebtedness and for general corporate purposes. The Notes are guaranteed on a senior unsecured basis by Motor Oil. The offering, which was conducted pursuant to Regulation S under the US Securities Act, closed on May 22, 2014.

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The Hong Kong office of the Firm represented the underwriters, led by Goldman Sachs (Asia) L.L.C., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and China Renaissance Securities (Hong Kong) Limited, in connection with the initial public offering and listing on the New York Stock Exchange of American depositary shares (“ADSs”) of Jumei International Holding Limited (“Jumei”), China’s leading online retailer of beauty products. The offering of 11,140,000 ADSs, representing 11,140,000 ordinary shares, raised US$245.1 million. The ADSs of Jumei are traded on the New York Stock Exchange under the ticker symbol “JMEI”.

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On May 18, it was announced that Willkie client Ardian, a leading independent private investment company formerly known as AXA Private Equity, has acquired German toy manufacturer Schleich from European private equity investor HgCapital. The transaction was facilitated through Ardian’s € 2.4 billion LBO Fund V, which the company closed in October 2013. Schleich management has acquired a substantial stake in the company as part of the acquisition. Known for its lifelike figurines, Schleich is one of Germany’s biggest toymakers with products sold in more than 50 countries. Founded in 1935, the company has more than 340 employees and posted sales of €106 million in 2013. More >>