Willkie Paris Office Advises Bank Pools and 44 French Authorities on €610 Million Bond Issue

Monday, November 12, 2012

On November 8, it was announced that a group of 44 French local authorities, including regions, cities, and other local public institutions, successfully launched a €610 million jumbo bond at 4.30% due in 10 years. A multidisciplinary team of Willkie attorneys represented all 44 issuers and bank pools including Natixis, CACIB and HSBC. The newly announced bond issue, the first bond issue of this size in France relative to the large number of entities involved, will finance public investments that were pending due to the several months-long banking liquidity shortage. More than 30 French and international investors have already subscribed to this currently unrated bond.

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Tags:  Willkie Farr & Gallagher LLP

Davis Polk – McJunkin Red Man Corporation $650 Million Term Loan Credit Facility

Monday, November 12, 2012

Davis Polk advised Goldman Sachs Lending Partners LLC as lead arranger and Bank of America, N.A. as administrative agent in connection with the redemption of McJunkin Red Man Corporation’s (MRMC) 9.5% senior secured notes due 2016 (the “Notes”) with a new $650 million senior secured term loan credit facility. The new credit facility is secured by a security interest in substantially all the assets of MRMC, MRC Global, Inc. (MRC Global), the parent of MRMC, and MRC Global’s material domestic subsidiaries on a first-lien or, in the case of certain assets also securing MRC Global’s asset-based revolving facility, a second-lien basis. The Notes will be redeemed with the proceeds of term loans under the new facility and drawings under MRMC’s revolving facility. U.S. Bank National Association is acting as collateral trustee under the new term loan facility.

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Tags:  Davis Polk & Wardwell LLP | New York

Davis Polk Adds Top-Tier U.K. M&A Lawyer Will Pearce, Further Developing London-Based English Law Practice

Monday, November 12, 2012

Davis Polk today announces that Will Pearce, a prominent M&A and corporate finance lawyer, will join the firm as a partner in its London office. Mr. Pearce’s arrival expands Davis Polk’s London-based English law practice, which launched earlier this year with Simon Witty, one of the City’s preeminent capital markets lawyers, and Jonathan Cooklin, an equally distinguished tax lawyer. With a rapidly growing suite of premier English law capabilities to complement its unsurpassed U.S. law practice in London, the firm further expands the scope of its offerings on complex securities, mergers and acquisitions and other cross-border corporate matters in the world’s key financial centres.

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Tags:  Davis Polk & Wardwell LLP

Herbert Smith Freehills Advises CNOOC on Its Heads of Agreement to Acquire QCLNG Stake and New LNG Supply

Monday, November 12, 2012

Herbert Smith Freehills has recently advised China National Offshore Oil Corporation (CNOOC) on its entry into a Heads of Agreement (HOA) with BG Group for the acquisition of major interests in the Queensland Curtis LNG (QCLNG) project in Australia for $1.93 billion and the sale of liquefied natural gas (LNG) from BG Group’s global LNG portfolio. Fully-termed transaction agreements are expected to be executed in the first half of 2013, and upon closing, CNOOC will reimburse BG Group for its share of QCLNG project capital expenditures incurred from 1 January 2012.

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Tags:  Herbert Smith Freehills LLP | Hong Kong

Herbert Smith Freehills Advises United Breweries on the Disposal of a £1.2 Billion Stake in United Spirits to Diageo

Monday, November 12, 2012

Herbert Smith Freehills is advising United Breweries (Holdings) Limited, (UBHL) on the sale of a 19.3% interest in United Spirit’s Limited’s (USL) share capital, to Diageo plc (Diageo), which was announced on 9 November 2012. The Herbert Smith Freehills team worked very closely with a team led by Cyril Shroff and Nivedita Rao of Amarchand and Mangaldas & Suresh A. Shroff & Co.

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Tags:  Herbert Smith Freehills LLP

Shearman & Sterling Advises on Petrobras Global Finance B.V.’s Shelf Takedown of Investment Grade Global Notes

Monday, November 12, 2012

Shearman & Sterling represented lead managers Banco Santander, S.A., BB Securities Limited, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, HSBC Bank plc, J.P. Morgan Securities plc, all acting as joint bookrunners, and Mitsubishi UFJ Securities International plc and Standard Charter Bank, acting as co-managers, in connection with a shelf takedown consisting of €1,300,000,000 3.25% Global Notes due 2019, €700,000,000 4.25% Global Notes due 2023 and £450,000,000 5.375% Global Notes due 2029 by Petrobras Global Finance B.V. (PGF). The Global Notes will be unconditionally guaranteed by Petróleo Brasileiro S.A.—PETROBRAS.

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Tags:  Shearman & Sterling LLP | Sao Paulo

Shearman & Sterling Represents Underwriters on Bank of Montreal’s $2 Billion Medium-Term Notes Offering

Monday, November 12, 2012

Shearman & Sterling represented BMO Capital Markets Corp., Morgan Stanley & Co. LLC, Barclays Capital Inc., Goldman, Sachs & Co. and J.P. Morgan Securities LLC as lead underwriters in connection with Bank of Montreal’s registered public offering of $1.0 billion aggregate principal amount of 0.80% Senior Notes due 2015 and $1.0 billion aggregate principal amount of 2.55% Senior Notes due 2022 under its US medium-term note program.

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Tags:  Shearman & Sterling LLP | New York