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.
Tags: Milbank LLPDavis 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.
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.
Tags: Shearman & Sterling LLPThe 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”.
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 >>
Tags: Willkie Farr & Gallagher LLP
Davis Polk advised The AES Corporation in an SEC-registered offering of $775 million aggregate principal amount of floating-rate notes due 2019. Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated were the joint book-running managers for the offering of the notes.
Tags: Davis Polk & Wardwell LLP
Dentons has advised Majid Al Futtaim Holding LLC on the update of its U.S.$2,000,000,000 Global Medium Term Note Programme (the GMTN Programme) and U.S.$1,000,000,000 Trust Certificate Issuance Programme, both completed on 29 April. Dentons also advised the company on the issue of U.S.$500,000,000 4.750 per cent. Notes due 2024 under the GMTN Programme, completed 7 May 2014. Both programmes as well as the Notes are listed on the Irish Stock Exchange and the NASDAQ Dubai.
Tags: Dentons | Dubai
DLA Piper has advised Nam Kwong Group Company Limited, a state-owned enterprise, and its wholly-owned subsidiary, Nam Kwong Development (HK) Limited, on the acquisition of a 90% interest in Sino-French Energy Development Company (“SFED”) from Sino-French Holdings (Hong Kong) Limited (“SFH”) for US$612 million.
Tags: DLA PiperDaHui was lead counsel for formation of the first railway fund in China, launched by Jiangxi Railway Investment Group and SAIF Partners etc. with RMB 15 billion expected total capital commitment.
Davis Polk advised Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the initial purchasers on a Rule 144A/Regulation S offering by Continental Resources, Inc. of $1.7 billion aggregate principal amount of its senior notes in two series, one series consisting of $1 billion aggregate principal amount of 3.8% senior notes due 2024 and the other series consisting of $700 million aggregate principal amount of 4.9% senior notes due 2044.
