Mayer Brown, a leading global law firm, advised the Panama-based Global Bank Corporation as borrower in a Rule 144A/Regulation S offering of $200 million covered bonds under a $500 million residential mortgage covered bond program guaranteed by a pool of assets transferred to a guaranty trust. The transaction marks Latin America’s first-ever covered bond deal. Deutsche Bank and HSBC served as underwriters.

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On October 10, Willkie client Ryerson Inc., a Platinum Equity portfolio company, closed on its offering of $600 million aggregate principal amount of 9% Senior Secured Notes due 2017 and $300 million aggregate principal amount of 11¼% Senior Notes due 2018. The gross proceeds from the notes offering were used to (i) to repay in full Ryerson Holding Corporation’s outstanding 14 1/2% Senior Discount Notes due 2015, (ii) to repay in full the Ryerson Inc.’s outstanding Floating Rate Senior Secured Notes due November 1, 2014 and Ryerson Inc.’s outstanding 12% Senior Secured Notes due November 1, 2015, (iii) to repay outstanding indebtedness under the Ryerson Inc.’s senior secured asset-based revolving credit facility and (iv) to pay related fees, expenses and premiums. The Notes were repaid through the early settlement of tender offers (and related consent solicitations) and the satisfaction and discharge of any remaining notes.

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Shearman & Sterling represented joint bookrunning managers Citi, Jefferies and BNP Paribas on First Quantum Minerals’ debut international US$350 million high yield bond offering. The offering of the senior unsecured notes, which was undertaken by way of a private placement (including in the US pursuant to Rule 144A), closed on 10 October. The company will use the proceeds of the bond sale for general corporate purposes.

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Shearman & Sterling advised Morgan Stanley Senior Funding, Inc., Jefferies Finance LLC, KKR Capital Markets LLC and KKR Corporate Lending LLC as lead arrangers in connection with a $275 term loan facility the proceeds of which were used to finance a portion of the purchase price for the acquisition of certain assets of Collective Brands, Inc., including the Payless ShoeSource line of business by Golden Gate Private Equity, Inc. and Blum Capital Partners L.P. Concurrently with this acquisition, Wolverine Worldwide purchased other assets of Collective Brands, Inc., including the Stride Rite line of business.

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Shearman & Sterling represented InRetail Perú Corp., a multi-format retail and real estate company and the retail arm of Intercorp Perú Ltd., in connection with its Rule 144A/Regulation S offering of US$400 million of common shares (excluding an over-allotment option granted to the Initial Purchasers). The common shares are listed on the Lima Stock Exchange.

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Global law firm White & Case LLP represented Calpine Corporation in obtaining a new $835 million term loan. The first lien senior secured term loan amortizes at a rate of 1 percent per year, bears interest at LIBOR plus 3.25 percent per annum (subject to a LIBOR floor of 1.25 percent) and matures in 2019 and will be used to redeem the currently callable portion of its outstanding corporate-level senior secured notes and retire a project-level term loan facility.

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